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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

December 13, 2024 | 2024
2024 Simplified Methods to Save on Federal and Ohio Taxes

Federal Tax Savings: It’s pay to play now. Spend or set aside money for tax savings: Increase 401K/IRA contributions. Additional contribution allowed if over age 50. Increase Health Savings account contributions. No employer option? Set up your own fee free account at bank or brokerage. Contributions are tax deductible. Have almost enough to itemize? Prepay … 2024 Simplified Methods to Save on Federal and Ohio Taxes

August 22, 2022 | 2022
What’s in the Inflation Reduction Act of 2022?

This is the repackaged “Build Back Better Junior”, passed August 16, 2022 and WON’T reduce inflation. It’s smoke and mirrors. Little/short lived savings. Lot of Government spending and power grabs. If have time, the full text download is available here. It’s light reading– only 273 pages (Sarcasm). Summary of major provisions. Medical: Obamacare: Extends Medical … What’s in the Inflation Reduction Act of 2022?

December 30, 2021 | 2021
Year End Tax Savings. . . for 2021

Man & woman setting at desk with papwers. Man is covering face with hand head lowered. Woman is covering her mouth with her hand

The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for … Year End Tax Savings. . . for 2021

October 7, 2020 | 0
Medical Expense Tax Deduction When Don’t Have Enough to Itemize

In certain circumstances, medical expenses can be deducted on the tax return without itemizing. To see if that option is a good fit for you, some questions: Do you have medical insurance coverage through work or through a family medical insurance plan? Is the medical insurance plan deductible (out of pocket) more than $1,400 for … Medical Expense Tax Deduction When Don’t Have Enough to Itemize

October 23, 2019 | 0
What’s a COLA? Is it related to PEPSI?

Can of coca cola sitting on a stone wall

No. A COLA is not a relative of Pepsi-Cola. It refers to a special Cost of Living Adjustment (COLA) for those receiving Social Security Benefits. Once a person starts receiving Social Security Benefits, the benefit amount tends to stay the same except for COLAs. For tax year 2020 the COLA will be 1.6%. For a … What’s a COLA? Is it related to PEPSI?

May 29, 2019 | 0
Saving $ on Health Insurance?

Health Insurance costs are rising. One way to reduce health insurance premiums is to enroll in a high deductible health insurance plan and to pair that plan with a (tax deductible) Health Savings Account. For 2019 A high deductible health insurance plan has deductible of at least $1,400 (for individual coverage) or $2,750 (for family … Saving $ on Health Insurance?

Welcome

My Tax Blog

December 13, 2024 | 2024 2024 Simplified Methods to Save on Federal and Ohio Taxes

August 22, 2022 | 2022 What’s in the Inflation Reduction Act of 2022?

December 30, 2021 | 2021 Year End Tax Savings. . . for 2021

October 7, 2020 | 0 Medical Expense Tax Deduction When Don’t Have Enough to Itemize

October 23, 2019 | 0 What’s a COLA? Is it related to PEPSI?