If your job or business requires you to use your own personal car, you may be able to deduct the entire operation costs up to certain limits. If the car is used for both business and personal use, however, you can only deduct costs relating to the business use. Generally, the amount of deduction is […]
— Read moreIn order to deduct qualifying expenses as miscellaneous itemized deductions, they have to exceed 2% of your adjusted gross income. There are generally three different costs that fall under miscellaneous deductions, and therefore are subject to the 2% limitation: unreimbursed employee expenses, tax preparation costs, and certain other expenses. There are some unreimbursed employee expenses […]
— Read moreRegardless of if you are self-employed or an employee of another business, if you use any part of your home for conducting business, you may be able to deduct certain expenses. Your home must be used in one of the following ways: Exclusively, and on a regular basis as your primary place of business A […]
— Read moreIf you pay education expenses and qualified tuition for either yourself, a spouse, or another dependent, you may qualify for a deduction of your costs. You may be able to claim different deductions by using your tuition and fees instead of taking them as a direct deduction. Consider the following: The American Opportunity Tax Credit […]
— Read moreEligible educators can deduct up to $250 ($500 if married, joint filers are both educators) for any related expenses they incur which are not reimbursed by any party. Similar to trade or business expenses, qualifying educator expenses may include things like books, supplies, technology, equipment and supplemental material you may need within the class. If […]
— Read moreInterest is usually charged on money you borrowed. There are certain situations where interest can be claimed either as a deduction or a credit. In order to deduct interest, you have to make sure it qualifies and see how you should deduct it. Interest that you have prepaid need to be deducted throughout the tax […]
— Read moreTravel expenses are the ordinary and necessary expenses of traveling for your company, profession or job. Typically, employees deduct these expenses by using Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. You can’t deduct expenses that are unordinary or excessive or those that are […]
— Read moreIf you chose to entertain customers, employees or other areas of your business, you may be able to deduct certain expenses that are deemed ordinary and necessary for carrying on business. These expenses may be deductible if they are either directly related or associated with the business. You must have proof that the expense relates […]
— Read moreDeductible non-business taxes come in four different types: State, local and foreign income taxes State, local and foreign real estate taxes State, and local personal property taxes State and local general sales taxes Taxes must have been paid during the tax year and ca only be claimed as an itemized deduction, using Schedule A of […]
— Read moreIf you itemize your deductions for a taxable year on Form 1040, Schedule A, you might be able to deduct expenses you paid that year for medical and dental take care of yourself, your partner and your dependents. For a long time beginning after December 31, 2012, you could deduct only the total amount of […]
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