FileTax.com

Is your military pay tax-free? The answer may surprise you.

Eligible combat-zone compensation may qualify for an exclusion, and certain housing, living and travel allowances are generally nontaxable even outside a combat zone. Some bonuses, special pays, reimbursements, and benefits have their own rules.

Before filing, review:

• Combat-zone pay and hazardous duty pay
• Basic pay
• Allowances and bonuses
• Your W-2 and applicable state tax rules

Keeping W-2 forms, pay statements, and military orders organized can help you separate taxable and nontaxable income and avoid reporting mistakes.

Get Started with Filing.

Sold an investment at a loss? Don’t overlook the tax implications.

A realized capital loss may offset capital gains. If your total capital losses exceed your gains, you may generally deduct up to $3,000 against taxable income each year ($1,500 if married filing separately), with additional losses carried forward. Wash sale rules may apply and can defer or limit an expected deduction.

Keep your trade records, report every sale, and check whether you bought substantially identical investments within 30 days before or after the sale.

Get Started with Filing.

How we make self-employed taxes easier:

Set aside a few minutes each week to keep your tax records current.

• Track total payments received
• Record estimated tax payments
• Keep business and personal transactions separate

Staying organized throughout the year can make filing easier and help you avoid a last-minute records scramble.

File DIY Taxes Now or File Taxes with a Pro.

What part of self-employed taxes is hardest to keep organized?

Your business bank account isn’t the whole tax record.

Keeping business and personal transactions separate is important, but you should also keep receipts and other records that show what an expense was for and why it was business-related.

A clean paper trail can make filing easier and help support the deductions you claim.

FileTax.com gives you DIY filing tools or CPA support when you want extra help.

Get Started with Filing.

🏥 Had a medical procedure in December but didn't pay the bill until January?

Many taxpayers assume the treatment date determines the deduction. In many cases, what matters is when you actually paid the expense (along with other IRS requirements).

Before claiming a medical deduction, review:

✔️ Payment date
✔️ Insurance reimbursements
✔️ Whether you itemize deductions

A small timing delay can affect your tax return.

"The hospital said I could 'write it off', so why does my tax return still show basically nothing?"

We hear this every spring. A client had a $15,000 surgery, insurance covered most of it, and they expected a big refund. Then nothing.

Here's the part that rarely gets explained:

• The Sticker Price, what the hospital billed. You can't deduct that.
• What Insurance Actually Paid, not deductible either.
• Your Out-of-Pocket Costs: Travel to appointments, copays, and prescriptions may count if you itemize your deductions and your allowable medical expenses, combined with your other itemized deductions, exceed the standard deduction.

The catch: medical expenses only help if you itemize deductions, and only the portion exceeding 7.5% of your adjusted gross income.

If yours add up, it might be worth the extra step. If they don't, it's probably not.

Not sure whether yours stack up? Get Started with Filing, and let a pro check your numbers.

🏥 "I hit my out-of-pocket max, so I'm done thinking about taxes."

Not necessarily.

Your medical expense deduction depends on more than reaching your insurance limit. What you actually paid, your Adjusted Gross Income (7.5% threshold), insurance reimbursements, and whether you itemize all play a role.

Before filing, review your qualifying expenses so you don't miss important details.

🏥 Kept every medical receipt?

That's a great start—but receipts must be for qualified medical expenses related to the diagnosis, treatment, and prevention of disease.

Before filing, review:

✔️ What you paid out of pocket
✔️ Insurance reimbursements
✔️ Whether you itemize deductions

A little review now can help you avoid costly mistakes later.

👴 Retirement doesn't always mean simpler taxes.

Before filing, check:

✔️ Whether your Social Security benefits are taxable
✔️ How IRA/401(k) withdrawals affect your income
✔️ Whether you need withholding or estimated tax payments

A quick review now can help prevent surprises later.

Did you know Social Security benefits can be taxable?

🏠 Bought a home this year?

Don't assume your mortgage interest and property tax deductions automatically carry over to your tax return.

Before filing, review:

✔️ Form 1098 and verify your home's address
✔️ Mortgage interest actually paid (Box 1 on Form 1098)
✔️ Property taxes you paid (Box 5 on Form 1098)
✔️ Mortgage Insurance Premiums paid (Box 9 on Form 1098)
✔️ Any prorated amounts at closing

Your closing documents are a great starting point—but they aren't your tax return.

Did you buy or sell a home this year?