Riding the tax break train: Maximizing employee transportation fringe benefits

Riding the tax break train: Maximizing employee transportation fringe benefits

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employee transportation benefit

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits.
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Financial relief for families: The benefits of the Child Tax Credit

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Child Tax Credit benefit

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, here’s what you need to know about the CTC for 2024, 2025 and beyond.
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Looking ahead to 2025 tax limits as you prepare to file your 2024 return

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2025 tax limits

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension).

However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2025 due to inflation. Not all tax figures are adjusted annually for inflation, and some amounts only change when Congress passes new laws.

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Is your home office a tax haven? Here are the rules for deductions

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home office tax deduction

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home.

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What might be ahead as many tax provisions are scheduled to expire?

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future tax changes

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections.

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

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medical expense tax deduction

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 claim a deduction.

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When can seniors deduct Medicare premiums on their tax returns?

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Medicare tax deduction

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying the premiums.

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You can only claim a casualty loss tax deduction in certain situations

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casualty loss tax deduction

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these deductions harder to take.

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Can investors who manage their own portfolios deduct related expenses?

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investment expenses

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible?

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Conduct a “paycheck checkup” to make sure your withholding is adequate

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paycheck withholding

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free loan.
Withholding changes

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