Tax Warrior Chronicles

Is Your W-4 Optimized for You?

Posted on Thu, Jan 23, 2020

By: Kelly Ha

 

The W-4 is the IRS form you complete when starting a new job to let your employer know how much federal tax to withhold from your paycheck.  Even though you’ve given your employer a W-4 in the past, with the many changes to the tax code, you should consider revisiting this form. There are specific times when you should consider refiling it to optimize take-home pay, while still fulfilling your tax obligations. Today’s post will look at how you can optimize your W-4 for you and your family—and when you should do it.

 

As we mentioned, Form W-4 lets your employer know how much money to withhold from each paycheck for federal tax purposes. Accurately completing your W-4 is

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Tax Help Taking Care of Elderly Parents

Posted on Mon, May 01, 2017

By: Lauren O'Byrne, CPA

 

As average life expectancies rise, and more and more American couples both work outside of the home,  the costs related to the care for elderly parents is a significant factor in the family budget.  The Internal Revenue Code provides some tax relief…at least it does for now. Here are some benefits to consider.

 

Medical expenses incurred by you, your spouse, and dependents exceeding 10% of adjusted gross income (AGI) may be deductible as itemized deductions for a qualifying individual.  For individuals 65 and older at the end of 2016, the deduction is the excess over 7.5% of AGI.  If you not sure what your AGI is, think total taxable income and you should be close.

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