Unreimbursed Medical Expenses

It’s possible (but not easy) to claim a medical expense tax deduction

Federal Taxes, Itemized Deduction, Medical Deductions, Medical Expenses, Qualified Medical Expenses / Douglas Freeman

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually […]

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Taking distributions from your traditional IRA

Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Required Minimum Distributions (RMDs), Retirement, Roth IRA, Simplified Employee Pension (SEP), Tax, Tax Planning, Tax Savings / Douglas Freeman

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

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