Monthly Archives: October 2015

Deducting Care For Dependents

Ensuring that you have adequate care for your children when you have to work can really put a damper on your budget. This type of expense may be deductible through the Child and Dependent Care Credit, which is a tax credit available to working parents. This credit can save you Up to $3000, which is […]

When going through a divorce, you’re likely not thinking of your taxes. However, alimony and child support will affect your taxes. It’s important to understand how they factor into your return. Alimony If you are required to pay alimony, the amount you are responsible for isn’t accounted into your taxable income. This means your tax […]

What is the Qualifying Widow(er) Status?

Did you know the IRS allows a tax break for those taxpayers whose spouse has died in the last tax year? These taxpayers can file using qualifying widow(er) with qualifying child filing status. If you have lost your spouse this past tax year, here are some things you’ll need to know about this special filing […]

You shouldn’t have to spend money to make money. However, sometimes you need to purchase items say you can perform your job more effectively. There are different types of work-related expenses such as extra uniforms, electronic gadgets, special tools, and other supplies. While you may be shelling out a lot of cash for these expenses, […]

The cost of special tools or equipment for work can be expensive. Thankfully, the IRS allows you to deduct these expenses in most cases. The government considers these deductions to be ordinary and necessary for your job. The term “ordinary” refers to any expenses that are commonly accepted in your trade or industry. The term […]

Technology is all around us. More and more people are using mobile devices and electronic gadgets at work to improve productivity. Because we are connected just about anywhere anymore, workers are no longer bound to an office or stationed at a desk. Instead, many employees can work basically wherever they want. In order to be […]

Wear a Uniform? Deduct Its Cost!

Many industries require their employees to wear certain work clothes or uniforms. As long as you can’t wear these clothes every day as street wear, and donning the uniforms is mandatory at your place of employment, you’ll likely be able to deduct the cost of these work clothes on your tax return. In order to […]

Looking For a Job? Deduct Search Expenses

Are you on the hunt? Looking for that perfect new job? While it may not seem too costly to perform a full on job search, little and the expenses can really add up over time. When you combine postage, cost of printing your resume, travel, and work samples you can really have a hefty expense. […]

Using your personal car for business can take a toll on your vehicle. If the situation, you may qualify to deduct any expenses incurred from using your car for work. At tax time, you have the option of two methods to figure out what part of your expense is deductible. You can use either the […]

Relocating? How to Deduct the Cost

Relocating for a new job position is becoming more common than ever. At tax time, you may be able to deduct any costs you incur from moving, or lease a significant portion of them, from your taxable income. Moving expenses have to be related to a new job in order to qualify for a tax […]