Financial Advice

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  • Advice

    Ordinary and Necessary Expenses

    When deducting career-related expenses on your tax return, remember that you must have paid or incurred them during the tax year for which you're filing, and they must be "ordinary" and "necessary" in your line of work.

  • Advice

    Preparing Your Own Return

    Every year, I caution people to be careful about preparing their own tax returns. Coming from a tax preparer, this advice may appear self-serving, but it isn't. Just the other day, something happened that called into question the idea, so heavily promoted in TV ads, that doing your own ...

  • Advice

    It Ain't Over 'Til...

    Yes, the income tax filing season is over—for those of us who are in the income tax preparation line of work and for you, too. Or is it? You have put together all those slips of paper reflecting wages or independent-contractor income or interest income or dividend income, and ...

  • Advice

    Audit- Da-Fé

    I am sure you are aware that the Internal Revenue Service audits tax returns. This is just to make sure we are telling the truth on our returns. The IRS uses these audits to collect data on how honest the public is in filing its tax returns. If there are ...

  • Advice

    Unemployment Lines

    Between jobs? Here are some things you should know regarding your taxes and not being employed.

  • Advice

    Saver the Feeling

    It is time to save money for yourself and have Uncle Sam help you with your savings account by giving you a credit for money you have "invested" in yourself. The Internal Revenue Service has come up with a good deal for those of us who can put some money ...

  • Advice

    Reporting Your Income

    One of the most important forms you will need for filing your taxes is your W-2 form. Your employer is required by law to provide you with a statement of your earnings and taxes withheld. This statement comes in the form of a W-2, which must be provided to you ...

  • Advice

    Sick Savings

    In the category of medical expenses, just about every dollar you spend can be deducted, but there are some exceptions and income limitations to consider. All doctors' visits are deductible: medical doctors, dentists, eye doctors, psychiatrists, psychologists, physical therapists, chiropractors, and even acupuncturists.

  • Advice

    Taking Control

    Welcome to the Actor's Finance Workshop. For the next eight weeks, this column will explore the basics of personal finance.

  • Advice

    Warm in the Winter Years

    You've worked so hard, you've had a good life, you are ready to relax a bit and enjoy yourself. But wait! You have nothing to retire on. You've not had a plan in place.