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Understanding tax exemptions

What Are Tax Exemptions? Everything You Need to Know

You may be wondering, what are Tax Exemptions?

Before 2018, Tax exemptions were a monetary amount given to help reduce your taxable income.

Prior to 2018, taxpayers were able to deduct a specific amount for each personal exemption claimed on their tax return for that particular year.

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exemption vs deduction what is the difference

Tax Exemption vs. Tax Deduction: What’s the Difference?

Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”

Don’t worry, you are not alone.

Most taxpayers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.

Now let’s break down the difference between a tax exemption and a tax deduction!

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Lasik surgery with lady with blue eye

Is Lasik Surgery Tax-Deductible? The Surprising Secrets You Must Know!

Knowing if your Lasik surgery is tax deductible is just the first question to ask yourself.

There’s quite a bit of complexity when it comes to elective medical procedures, especially with insurance. These operations can often cost a lot out of pocket, so taking advantage of potential savings and recuperation is important.

Lasik surgery is an extremely useful procedure that can eliminate the need for glasses or contacts. This in itself can save quite a bit of money over time, but it may be able to reduce your tax burden as well.

So is Lasik tax deductible?

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Is YMCA Tax Exempt front entrance

Is YMCA a Tax-Exempt Organization? (Complete Guide)

You may be wondering, Is the YMCA a tax-exempt organization? Can I donate to it and can I use my donations as a tax write-off?

The YMCA is one of the leading charitable organizations in the United States. For more than 150 years, The Y has worked to improve the lives of its members.

In order to help the community stay active and healthy, this organization provides exercise facilities, pools, and gyms. It also provides child, family services and job placement services.

Today I will take you through everything you need to know about the YMCA Tax-Exempt Status, how to donate to the organization and how it will affect your taxes.

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Tax Deductions for nurses and health care professionals

IRS Form 8965: Do You Have to Pay a Penalty for Not Having Health Insurance?

Are you trying to figure out if the IRS Form 8965 applies to you?

The Affordable Care Act requires every American to have qualified healthcare coverage. If you didn’t have coverage, you may owe a penalty for the months you went without insurance. Fortunately, there are exemptions many Americans can take advantage of to avoid the penalty.

Please note, this applies only to taxpayers completing tax returns for previous years (2018 and prior), as the Tax Cuts and Jobs Act eliminated the requirement.

If you qualify for an exemption, you must include IRS Form 8965 with your tax returns. Here’s how it works.

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