Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Personal tax’ Category

Reviewing the Innocent Spouse Relief Rules

Married couples don’t always agree — and taxes are no exception. In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s) improperly handled tax return. Although it isn’t easy to qualify, potentially affected taxpayers should review the rules. (more…)

ABLE Accounts Can Help Support the Disabled

The Achieving a Better Life Experience (ABLE) Act of 2014 created a tax-advantaged savings account for people who have a qualifying disability (or are blind) before age 26. Modeled after the well-known Section 529 college savings plan, ABLE accounts offer many benefits. But it’s important to understand their limitations. (more…)

Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. (more…)

Tax Tips on Unemployment Benefits

Taxpayers who received unemployment benefits need to remember that it may be taxable. Here are some key facts about unemployment. (more…)

Medical and Dental Expenses May Impact Your Taxes

Medical expenses may trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help you know what qualifies as dental and medical expenses.

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Understanding the Child and Dependent Care Tax Credit

Don’t overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year.

childcare (more…)

Phaseouts and Reductions: A Tax-Filing Reminder

As tax-filing season gets into full swing, there are many details to remember. One subject to keep in mind — especially if you’ve seen your income rise recently — is whether you’ll be able to reap the full value of tax breaks that you’ve claimed previously. (more…)