- Alcoholism & Drug Addiction
- Taxpayers are allowed a deduction for medical expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, the taxpayer's spouse, or a dependent.
- Charity Purchases and Auctions
- A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and partly of consideration for goods or services provided to the donor.
- Hiring Family Members in a Family Business
- In today's tough job market, students seeking part-time employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for some family members to find work, even if only temporarily until another opportunity arises. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided of course the family member is suitable for the job—and not all are.
- Inheritances Can Be Tricky
- If you have received an inheritance or anticipate receiving one in the future, this article may answer many of your questions. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and be aware of potential tax liabilities.
- Home Modifications for Disabilities
- Generally, home improvements are not deductible except to offset home gain when the home is sold. But a medical expense deduction may be claimed when the home modification is a medical necessity. The modification expense is only deductible as a medical expense to the extent it exceeds any resulting increase in the value of the property.
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