How much of Social Security is taxable?
If the combined income for you and your spouse exceeds $32,000, a portion of your Social Security will be taxable. If your income exceeds $44,000 up to 85% of your Social Security will be subject to income tax.
Certain individual tax breaks have been extended this year. Do any apply to me?
It is possible if you had significant medical costs, education expenses, or made energy-efficient improvements to your home. Several popular tax breaks that expired at the end of 2017 have been renewed for tax years 2018 through 2020.
Does tax-exempt status mean I am exempt from all taxes?
No, if an organization has received tax-exempt status from the federal government, it doesn’t make them exempt from state and local taxes, property taxes, payroll taxes or other taxes.
What business expenses can I deduct?
You can deduct almost every legitimate business expense, there are some limits to the amount that you can deduct. Some expenses are not considered to be deductible for business tax purposes. Those non-deductable expenses include political contributions, capital expenses, and entertainment expenses.