How to Reduce Your Virginia State Income Tax

How to Reduce Your Virginia State Income Tax

What is it they say? There are two things you can count on in life, death, and taxes? Paying taxes is part of the American and Virginian way. While all 50 states in the US must pay the same federal income taxes, Virginian residents benefit from favorable income tax...
The Medical Expense Deduction in 2018

The Medical Expense Deduction in 2018

If you itemize, you should note the reduced medical deduction threshold for 2018. This year, you can deduct qualified medical expenses exceeding 7.5% of your adjusted gross income. Next year, the threshold for the medical expense deduction returns to 10% of AGI. (The...
Which Tax Documents Should You Keep?

Which Tax Documents Should You Keep?

Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto for the future. Is it okay to shred more of them? Maybe not. The Internal Revenue Service has...