American Tax Service

Helping Americans File Their Taxes

Apr
18

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How to Determine Which Medical Expenses are Tax Deductible

Category: Deductions Tags: , , , , , , , , ,

Even if you have the best insurance plan, you still might end up paying medical bills. However, all hope is not lost.

You can still get a tax break from your medical expenses, which can help reduce your overall medical costs.

Learn what medical expenses are tax deductible.

In 2019, the IRS allowed you to deduct medical expenses that exceeded 7.5% of your adjusted gross income.

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.… Read the rest

Apr
18

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Tax Credits for New Home Construction

Category: Credits Tags: , , , , , , , ,

Are you building a new home?

There are tax breaks available for people in this situation. They come in the form of tax deductions and tax credits. A credit is used to reduce the amount you pay, and a deduction reduces your total taxable income.

Here are some of the tax write-offs available to you now.

Did You Pay Interest on a Construction Loan?

new home construction

If you took out a construction loan to build your home, then chances are you paid interest on that loan.… Read the rest

Apr
18

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Dependents – The Tax Deductions They Bring

Category: Deductions Tags: , , , , , ,

Kids can be stressful at times, but the good news is they can save your butt during tax time.

dependent tax deductions

Today we are sharing some of the tax benefits that kids and other dependents bring to you.

Dependent Tax Deductions

You may be able to claim more dependent tax deductions and credits as a family than single taxpayers.

However, if you’re not aware of these deductions and credits, you might be losing out on significant tax breaks.

Child Tax Credit

The child tax credit is better than the deductions because your taxes are reduced dollar for dollar.… Read the rest

Apr
18

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New Tax Credits and Deductions

Category: Credits, Deductions Tags: , , , , , , , ,

Do you want to reduce your tax bill this year? You can maximize your tax savings by checking to see if you’re eligible to claim any of the new expanded tax credits.

The difference between a tax credit and a deduction is a deduction reduces your taxable income, whereas credits reduce the amount of tax you pay directly.

Refundable credits are even better because they can reduce your tax bill even if the credit is worth more than you owe. Non-refundable credits are only valid up to the amount you owe.… Read the rest

Apr
18

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How To Find My W2 Form Online With H&R Block

Category: Forms, H&R Block Tags: , , , , , , , , , , ,

See below how the H&R Block w2 form Early Access finder allows you to get your W-2 online.

So What is the H&R Block W2 Finder?

h&r block w2 form early access site

H&R Block’s W-2 Finder s is one of the tools you can use to get your W2 form online and file your taxes fast.

And that ultimately means receiving your refund faster as well.

You don’t need to wait for your W-2 to come by mail when using the H&R Block W-2 Finder.

Once you pull your W-2 in electronically, it is safely stored and ready to start filing with H&R Block.… Read the rest

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