It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. P is for Personal Exemption. A personal exemption used to be an easy way to reduce your taxable income. …
Parents like me could be in store for a surprise this year. The new tax law, the Tax Cuts and Jobs Act, has a few changes for parents and those who claim dependents. First, there are no more personal exemptions. Personal exemptions are used to decrease your taxable income before you determined your tax. You…
With tax season firmly behind us (er, for those of you who didn’t file for extension), now is a good time to take a look at your current financial picture and check to see how it squares against the 2015 tax rates, adjustments and other tax items. If you aren’t expecting any significant changes, you…
Happy birthday, Mother’s Day! The holiday that you and I know as Mother’s Day turns 100 today: it was officially designated as a holiday on the second Sunday in May by U.S. President Woodrow Wilson in 1914 (you can view the proclamation here). The holiday was inspired by Anna Jarvis of West Virginia. You might…
Taxes from A to Z: P is for Personal Exemption
This week, I’m back in North Carolina to visit with my parents, albeit this time in happier circumstances. Two months ago, my mom was in the hospital for open-heart surgery; after an initially easy surgery, her right lung collapsed, causing us all a lot of concern and extending my stay a little longer than planned….
