Category Archives: Deductions
The IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]
— Read moreAt tax time, if you have a mortgage loan on your home you should expect to receive a Form 1098 (Mortgage Interest Statement) from your lender. The Form 1098 reports the amount of interest you paid throughout the year. You aren’t required to file this form with your taxes, because a copy will automatically be […]
— Read morePeople often consider three big deduction when they think of itemizing: home mortgage interest, state and local income taxes, and charitable donations. Though, there are many additional deductions aside from the three common ones. These deductions are typically considered “miscellaneous itemized deductions” and are able to be claimed if they are more than 2% of […]
— Read moreIf you’re traveling for business, you will likely have to eat at a restaurant at some point. If you can deduct the cost of your meal from your taxes as a business expense, you’ll enjoy the meal better. It is possible to deduct business meals, but there are specific guidelines that have to be followed. […]
— Read moreTaxes can be one of the biggest expenses that anyone in a professional environment encounters. If you’re one of those professionals, there are many deductions that can help you save. Unfortunately, you may not know some of them exist at all, or be aware of what records you should keep to claim certain deductions. To […]
— Read moreIf your business or job require you to purchase a new computer, you may be able to deduct the cost as a business expense. It may even be possible to deduct the whole cost of the computer in a single year. Employees If you work for someone else, but you purchase your own computer for […]
— Read moreWhen business takes you on a new adventure to a great destination, you’ll probably want to spend a little time relaxing and exploring the location. If you organize your schedule right, you may be able to combine your business with a little bit of pleasure. If you want to do this, you have to make […]
— Read moreKnowing what you’re doing at tax time, especially as a businessperson, can have a big impact on your end of the year finances. Tax regulations allow deductions of certain business expenses, which can help lower the amount of taxes your business will be responsible for. Costs deducted from your gross income results in your net […]
— Read moreWhen you use your personal car for business purposes, or if your business has a dedicated vehicle, you may be able to deduct some of the expenses related to keeping it operational. Learning how to manage car expense deductions can be difficult, but well worth it. There are two ways you can claim a deduction […]
— Read moreCertain miscellaneous expenses, like consultation fees for tax services that you incur throughout the year, may be able to be deducted at tax time. If you chose to itemize your expenses, you may even be able to lower the amount of taxes you owe. If you want to claim miscellaneous deductions on your tax form, […]
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