Itemized Deductions

MEDICAL AND DENTAL EXPENSES Deductible expenses include: Prescription medicines and drugs (including insulin) Medical, dental, and nursing care, including amounts paid for unreimbersed qualified long-term care services Medical and hospital insurance premiums, including amounts paid for eligible long-term care (subject to certain limitations based on the insured person’s age) Prescription eyeglasses, hearing aids, crutches, wheelchairs, […]

Setting up a Business

Choosing the right legal entity for conducting business requires the consideration of several factors.  The following table has basic information on the different types of legal entities.  Be sure to consult your L&B Tax Service, Inc. representative to determine the best legal structure for your business. Control Liability Taxes Administration Sole Proprietorship Sole Proprietor has […]

Top 10 Overlooked Credits

Select an item from the list below: Adoption Credit Child and Dependent Care Credit Child Tax Credit The Additional Child Tax Credit Earned Income Credit Hope and Lifetime Learning Credits Tuition and Fees Deduction Retirement Savings Contributions Credit Credit for Excess Social Security Tax or Railroad retirement Tax (RRTA) Withheld Foreign Tax Credit   Adoption […]

Most Overlooked Deductions

  Please select a deduction from the list below: Business Casualty & Theft Loss Contractors (Home Improvement, Builders, Painters) Daycare Services Entertainers(Musicians, Comedians, Dancers) Fire Fighters Flight Attendants Food Servers & Bartenders Hair Stylist/Barbers (Salon Owners) IT/Computer Services Lawn Service Medical Doctor Medical Doctors Military Personnel Network Marketing Nurses/Traveling Nurse Office (Home) Deductions Personal Police […]

Things to Bring for Tax Preparation

Things to Bring for Tax Preparation To ensure the highest quality of tax preparation, we recommend bringing the following information with you to your appointment. Click here to find the L&B Tax Service, Inc. location nearest you. PERSONAL DATA Social Security Cards (including self, spouse & children)  Driver License or ID Card  Child Care Provider: Name, Address, […]

Tax Law Changes for 2018

IRA Contributions The maximum contribution amount for tax year 2017 is $5,500. The catch-up contribution increases to $1,000. Therefore, taxpayers age 50 and older can contribute up to $6,500 (from $6,000). Filing Status AGI Begin Phaseout AGI Fully Phased Out: Single (or Married Filing Separately and lived apart from spouse for all of 2017) $62,000 $ 72,000 […]