FAQs

To claim your child as a dependent, age isn’t the sole determining factor. We consider both the qualifying child and qualifying relative tests. While the former has age limits, exceptions apply for permanently disabled children. Additionally, the qualifying relative test doesn’t impose an age limit. We’ll guide you through these tests and ensure you meet the necessary criteria to claim your child as a dependent.

Determining eligible deductions is vital for optimizing your tax benefits. Whether you’re an employee or self-employed, our team will help you identify applicable deductions. From standard deductions and itemized deductions to deductions for retirement contributions, student loan interest, and business expenses, we’ll navigate the complexities of the tax code and uncover every opportunity to reduce your taxable income and increase your savings.

As a result of the Tax Cuts and Jobs Act, the Qualified Business Income (QBI) deduction offers significant advantages for business owners. Sole proprietors, S corporations, partnerships, and trusts and estates may qualify for a deduction of up to 20% of their qualified business income. We’ll assess your unique tax situation, considering income limitations, and determine if you’re eligible for this valuable deduction.

When it comes to maximizing tax savings, tax credits often outshine tax deductions. While deductions reduce taxable income, credits directly decrease your tax liability. For instance, a $1,000 tax credit would reduce your tax bill by that exact amount. In comparison, a $1,000 deduction lowers your taxable income, resulting in varying savings depending on your tax bracket. We’ll help you leverage both credits and deductions effectively to optimize your overall tax outcome.

Navigating the deductibility of medical expenses can be complex. We’ll assist you in understanding the rules set by the IRS. Qualified medical expenses, such as preventive care, treatments, medications, and travel expenses, may be deductible if they exceed 7.5% of your adjusted gross income. We’ll evaluate your situation, considering income thresholds and itemization, to determine the maximum deductible amount for your medical expenses

Keeping up with ever-changing tax laws is challenging. At N&N Tax, we’ve got you covered. Our team stays informed about the latest updates and amendments, ensuring you have accurate and up-to-date information for your tax filings. Choose us as we provide real-time tax tips, or opt for our expert assistance we’ll ensure you stay compliant and confident when filing your taxes.