According to United States law, legally blind is defined as a person who has no eyesight at all, a person whose good eye has a vision measure of 20/200 and uses corrective lenses, a person whose vision falls at or below 20 degrees. American citizens who are legally blind qualify for exclusive tax deductions to benefit from a substantial tax break, including work expenses and medical deductions.
Be sure to mark of boxes 39A and 23A on tax forms 1040 and 1040A, respectively. Discuss your options with a trustworthy accountant if you are 65 and older or are married to a visually impaired individual, as savings may increase. The medical deduction benefit represents the highest tax deduction.
If you qualify, medical deduction perks include: deducting transportation to and from the doctor’s office and pharmacies, and expenses based on the prevention, diagnosis and treatment of the illness. If legally disabled, you may also be able to deduct any optical surgical procedures, home modifications and nursing services, to name a few.
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For superior tax services in your community, contact our dependable accountants from Gonzalez & Arrambide, Inc in McAllen. Visit us or contact us at 956-447-9009 to file your tax return today.
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The art of procrastination is blissful– until the deadline arrives. Frantic procrastinators are, at this second, gathering papers and praying to make the deadline, fully aware that every minute passing means less money in your Individual Retirement Account (IRA) and Health Savings Account (HSA). Jump on the speeding bandwagon of worried retirees and health savvy Americans, or get left in the dust.
Studies show that 1 in 5 Americans procrastinate in filing their tax return. And reports indicate that procrastinators pay 33% more in tax preparation fees and receive smaller refunds than fellow early-bird taxpayers. They also miss out on non-cash charitable contributions, the American Opportunity Credit, medical expense deductions, etc. Why wait longer to only pay more? Cash in by filing earlier.
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Don’t wait any longer. Visit us today to file your tax return with our expert CPAs in McAllen from Gonzalez & Arrambide, Inc. Or call to schedule a last minute appointment at 956-447-9009.
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New data in an article of The New York Times, provided by Gallup Politics, indicated a shift in opinion on whether or not the wealthy pay enough taxes. Often attacked for “getting off easy,” the wealthy are now gaining approval from the general public in regards to paying their fair share. The poll illustrated how the majority of Americans now believe high-income people are paying their fair share of federal taxes as opposed to previous decades.
Prime example, 77 percent of Americans believed the wealthy got off easy and “paid too little” in the years 1992 and 1993, whereas today’s data demonstrated only 61 percent maintain the same opinion. Meanwhile, it seems the poor are losing support. In 1992, only 8 percent of Americans felt low-income people paid too little in taxes. The percentage more than doubled, jumping to 19 percent.
The above data ceases to match data from last fall’s New York Times data analysis, which shows how the tax rate paid by taxpayers of all income levels has “fallen since the mid-1990s.” Therefore, posing questions as to how it is the wealthy seem to be paying their fair share. Analyzers attribute the growth of the share of the nation’s total tax bill to their recent increase in yearly income. Are they paying enough or just earning more?
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For expert assistance with your tax concerns, contact the professional CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.
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Wednesday could be the day Senate passes the Marketplace Fairness Act, forcing online retailers to collect sales tax for the state their merchandise is being shipped to, according to WashingtonPost. The online sales tax would only apply to businesses raking in annual revenue of $1 million or more, a mark many businesses fear.
Previously, states required retailers to collect taxes only if their business expanded to their state (i.e., if they had physical presence in that specific state). Now, the businesses would be responsible for collecting sales tax for every sell. It is estimated that state and local governments will see a jump in tax revenue of up to $11 million.
Affected businesses will have to invest thousands of dollars to incorporate systems and software that efficiently track and record all sales taxes. One business owner, Shannon Schmidt-Hidalgo, owner of Green Light Fire Bag, stated, “We’re meeting with our attorneys and CPAs as we speak to discuss budget cuts and analyze the financial forecast.”
While many large businesses dread the new law, small businesses embrace it, as it could potentially help their business grow. Small businesses (those who rake in under $1 million in annual revenue) will not be affected, appealing to out-of-state customers who prefer to purchase non-taxable merchandise.
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Discuss your tax and financial concerns with our experienced accountants in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009 to ensure your business continues on the path to success. We offer financial planning services formulated to suit your business needs.
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Tax season 2013 is a thing of the past, but many have begun to worry about what the future holds for 2014 and beyond. The question that often haunts taxpayers: Will my taxes go up? The answer is: Yes, and high-income households will likely bear the brunt of it. According to Howard Gleckman, contributor of Forbes.com, President Obama’s 2014 budget is responsible for the future spike.
In contrast to Obama’s pledge, it was reported that individuals and couples with an average household income of $200,000 and $250,000, respectively, would also pay a little more than previous years. Households in the $100,000 to $200,000 bracket would see a $150 added to their existing tax amount. And middle-income households ($50,000-$70,000) will see their taxes increase by up to $60 come 2015.
As mentioned, high-income households of $1 million or more will carry most of the weight. The new tax plans entails an average of $83,000 spike in their taxes, along with limitations on itemized deductions. Reportedly, by 2023, taxes would have increased by an estimated $1 trillion with households of $200,000 to $1 million and over paying the most.
According to analysts, everyone’s taxes will go up, regardless of individual or household income.
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For financial guidance in legitimate tax documentation and preparation for next tax season, contact our expert CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.
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