Category Archives: Deductions
Taking out a home equity loan can give you a little extra cash for things you might need, such as improvements for your home or a little help with college tuition. At tax time, you may wonder if you are eligible for any tax breaks for the interest you paid on the loan. It really […]
— Read moreSo you finally purchased your home, and are excited to have something to call your own. In addition to wonderful new living space, you also get some pretty great tax breaks as well. In some cases, certain tax incentives can even be applicable to your second home. And if you’ve been in your home for […]
— Read moreTaking as many deductions as you are legally entitled to is a great idea, especially if you want to maximize your tax benefit. However, it may not be as obvious as you’d think when it comes to taking deductions legally. Avoid the following deductions, as they are often used in error. Weight Loss Deduction: You […]
— Read moreGiving to charity is a good thing, especially during times of need, such as a disaster response. However, do you know how giving to charity affects you at tax time? There’s a few things you should consider: Itemizing You need to itemize your deductions via a Schedule A in order to deduct your charitable contributions. […]
— Read moreDo you own your own home? If so, are you aware of the deductions you can take at tax time? There are three major deductions available to homeowners when they file a return that can mean big savings when it comes to taxes. Mortgage Interest: if you have a mortgage for either your first or […]
— Read moreHome Office Do you work from home? Is there a special part of your home that you use exclusively for business on a regular basis? If your home office is the place where you meet clients, customers, or other business related persons, you may qualify to deduct expenses related to the operating costs. Generally, expenses […]
— Read moreStandard Deduction You can take this deduction, which reduces the amount of income which you are taxed on, as an alternative to itemizing all of your expenses. The standard deduction is variable depending on your filing status. In 2015, the standard deduction is: Single or married filing separately: $6,300 Married filing jointly: $12,600 Head of […]
— Read moreDonating items and other noncash contributions to a charitable organization can net you a deduction up to the full market value of the assets, as long as they were in your possession for longer than a year prior to the donation. If you owned the asset for less than a year, then the deduction is […]
— Read moreRecently, Congress decided that sales-tax deductions should be a tax break that you are allotted permanently. However, it’s often forgotten about, and underutilized. As a taxpayer, if you chose to itemize your deductions on a Form 1040, you can do one of two options. You can either: Deduct state and local income taxes, or; Deduct […]
— Read moreMortgage Interest Mortgage interest of up to $1 million in debt, incurred while purchasing or building your primary residence or second home is eligible to be deducted at tax time. If you borrow from a home-equity line of credit, any interest you pay on up to $100,000 can be deducted, no matter how you spend […]
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