Beginning with 2013, thanks to the Affordable Care Act, if you are under age 65 medical expenses are deductible only to the extent that the total exceeds 10% of your Adjusted Gross Income (AGI). But there's more.
Do not fail to claim a legitimate and documented tax deduction just because you read somewhere that it is an IRS "red flag" and claiming it will substantially increase your chances of being audited.
These deductions reduce your Adjusted Gross Income and are the most important. Let's take a look.
Generally to be able to claim someone as a dependent on your tax return the person must be either your qualified child or a qualified relative.
Here is another choice you may be faced with when preparing a 2013 tax return.
Married Filing Joint or Married Filing Separate? Take the Standard Deduction or itemize? These options can wear on you. Let MainStreet help you decide.
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