Category Archives: Deductions
When you seek out a new job in the same occupation, you may be able to deduct some of the costs you incur through the hunting process. If you want to know how to get a little more cash back in a time when you’re trying to save, you should be aware of the following […]
— Read moreFor taxpayers who contribute to an IRA, tax time can lead to many questions regarding how those contributions may affect your taxes. If you chose to save for retirement through an IRA, there are some important things you should know. In order to contribute to a traditional IRA, you have to be under 70 ½ […]
— Read moreFor those who work from home, there is a new option for claiming the home office deduction which makes the process simpler. Figuring out the deduction for using you home as a business used to be a little more complicated, but starting this tax year, the new option will help you maintain records, and make […]
— Read moreIf you enjoy trying your luck at the tables, watching the slots spin, or hoping for your horse to win, any money you’ve won from these activities are taxable, ad must be reported to the IRS. You may enjoy a game of chance every once in a while, however, you should never gamble with your […]
— Read moreOften, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]
— Read moreThis year, there are new rules that apply to taxpayers who want to deduct any type of medical expenses on their tax return. These new rules can affect your return, and you should be aware before you file. Familiarize yourself with the following guidelines if you are seeking deductions for your medical or dental expenses.
— Read moreGiving to charity can have a lot of benefits. It helps others in need, can make you feel good, and can help you get a tax deduction. There’s all around positives to donating to charity, especially if you follow a few tips that can help you deduct the gift from your tax return. Here are […]
— Read moreIt’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]
— Read moreDespite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages, up to $1.1 million, […]
— Read moreDo you know that many donations that you give to charity are tax deductible? That’s right, you can turn your household goods that you no longer need into a tax benefit. So, as you venture into the depths of the Abyss (also known as the back of your closet), keep track of all the items […]
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