How do the tax brackets work? If you earn enough money to enter a higher tax bracket, do you take home less than if you stayed in a lower bracket? While this is a common question I answer, it is absolute fiction. Unfortunately our tax code is so complex that we have trouble wrapping our minds around this concept. The …

Business owners to hire residents of Brown or Atchison County may be eligible to receive a federal tax credit called the Work Opportunity Tax Credit (WOTC). The WOTC provides a tax credit to employers who hires an employee that is a resident of a rural renewal county; Atchison and Brown Counties are two of the counties that fall under this …

Taxes Paid Taxpayers can deduct certain taxes paid throughout the tax year on schedule A (itemized deductions). These taxes must be paid between January 1st and December 31st if you are a calendar year taxpayer. Some of the taxes deductible are: ● Real estate taxes (can include multiple properties) ● Personal property taxes ● State income tax / sales tax …

Taxpayers are allowed to deduct qualified medical expenses on schedule A of a personal tax return. These expenses are subject to a 10% adjusted gross income floor (7.5 percent if you are over age 65). For example, if you have adjusted gross income of $50,000 you would be unable to deduct the first $5,000 in qualified medical expenses. Qualified medical …