Kelly Tax Pros

The IRS is making identity protection pins (IP PINs) available to taxpayers other than just those with a compromised Social Security Number (SSN).

Wednesday Wisdom

This video will detail the important difference between tax deductions and tax credits. In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Watch to learn more.

Generally, home improvements are not deductible except to offset home gain when the home is sold. However, a medical expense deduction may be claimed for costs of medically necessary home modifications, but only to the extent that the expenses exceed any resulting increase in the property's value. To benefit, the taxpayer must itemize deductions, and the total medical expenses must exceed 10% of the taxpayer's AGI.

Tax Accounting Humor Friday