Deductions | Worth Tax

Understanding the New Above-the-Line Tax Deduction for Qualified Tips

August 20, 2025August 20, 2025 by Alex Franch

Learn how the new above-the-line deduction for qualified tips under the One Big Beautiful Bill Act impacts workers, self-employed individuals, and employers in tip-based industries.

Essential Tax Benefits for the Parents of Disabled Children

Essential Tax Benefits Every Parent of a Disabled Child Should Know About

June 25, 2024 by Alex Franch

Discover tax-deductible expenses for families with disabled or special needs children, including special schooling, medical travel, home modifications, and childcare credits, to save significantly on taxes.

Is It Better to Have a Tax Credit or a Deduction?

May 22, 2024 by Alex Franch

Discover the key differences between tax credits and tax deductions, including how they reduce taxable income or liability, types of deductions, and various credits available to taxpayers and businesses.

Tax Benefits Available to Disabled Taxpayers

February 21, 2022February 2, 2022 by Alex Franch

Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several tax credits and other benefits that are available if you or … Read More

Were You Affected by a Disaster Loss?

October 29, 2021October 28, 2021 by Alex Franch

With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster area. You can also use the Address Look-Up provided by the Federal government.

Should You Opt Out of the Advance Child Tax Credit?

October 9, 2021September 16, 2021 by Alex Franch

If you have children under the age of 18, by now you likely have gotten your first advance child tax credit payment, either by check or by direct deposit. Be aware, this is money you would have gotten credit for on your 2021 tax return when you file it next year anyway. You are just receiving it in advance, meaning you may not get as much as expected when you file your tax return.

Don’t Miss Out on Year-End Tax Planning Opportunities

February 2, 2021November 11, 2020 by Alex Franch

Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More

Standard Mileage Reimbursement Rates Have Changed!

January 12, 2017 by Alex Franch

Every year, the Internal Revenue Service announces the optional standard mileage reimbursement rates. The IRS uses these rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Inflation is the primary reason why mileage reimbursement rates are have been adjusted for 2017.

Time-Share Use as a Charitable Deduction?

May 17, 2016 by Alex Franch

Have you ever considered your time-share use as a charitable deduction? If you have ever attended a charity auction, it is not uncommon. Often you may see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks do so in hoping to be able to take charitable donation deduction on their tax returns.

Made a Tax Mistake? File an Amended Tax Return

May 13, 2016 by Alex Franch

Did you forget something when you filed your tax return? Maybe overlooked something? Alimony income? Tip Income? Maybe another item of income? Maybe you forgot to claim a deduction or credit? It’s not too late! The good news! File an amended tax return.