Proposed Tax Legislation May Affect 2023 Filings 



The Tax Relief for American Families and Workers Act of 2024 is a tax bill that started out of the gate looking like it was on the fast track. It’s a tax bill with a rare commodity these days – broad bipartisan support. It passed the House Ways and Means Committee on January 19, 2024 with overwhelming support that continued with its approval in the full House on January 31, 2024. It then went to the Senate on February 1, 2024 . . . where it’s been eclipsed by other legislative priorities, making its future a bit murky.

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The “nanny tax” must be paid for nannies and other household workers



You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

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It’s possible (but not easy) to claim a medical expense tax deduction



One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually claim a deduction.

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