Mortgage points refer to certain fees or costs you’ve paid in order to get a home mortgage. Basically, points are a type of interest that you’ve prepaid, and may be deductible as interest if you chose to itemize your deductions when filing your tax return. If you are able to deduct all of the interest […]
— Read moreThere are two methods you can use to deduct expenses at tax time: you can either itemize or utilize the standard deduction. Deductions decrease your taxable income, lowering your tax threshold. The standard deduction amount is different depending on factors such as filing status, taxpayer age, and income levels, and is revised annually. There are […]
— Read moreDid you know that as an employee you could probably deduct your current work-related costs as an itemized deduction (subject to limitations) in Form 1040, Schedule a, Itemized Breaks? Though travelling expenses are not normally deductible, you may be able to claim some local commuting expenses. Deductible local travelling charges consist of the normal and […]
— Read moreIf you required additional training, or attended seminars for your work, you may be able to deduct any expenses you paid throughout the tax year when you file your return. These expenses have to have been incurred in order to maintain or improve your skills and performance at your job, or is required by law […]
— Read moreAre you a student? Paying for your education can be taxing, especially if you’ve resorted to student loans. However, you may be eligible to deduct interest you paid on certain student loans. Typically, you are able to deduct either $2,500 or the actual amount of interest you paid, depending on which is less. The deduction […]
— Read moreWe do what it takes for the job, right? Even if it means changing locations. If you’ve recently moved as a result of a change in your job or business location, you may qualify to deduct a reasonable amount of moving expense. You cannot deduct meal expenses, but other moving costs may be deducted if […]
— Read moreBad debt accrues when someone owes you money and you don’t have a way to collect it. In order to deduct bad debt at tax time, you have to have previously included the debt amount in your income. Taxpayers are not able to deduct expected amounts that they never received, such as rent or payment […]
— Read moreIf you are divorced or separated, you should know how your alimony payments factor in at tax time. Any payments made in accordance with a divorce or separate maintenance decree, or written separation agreement from both parties is considered alimony at tax time provided the following are met: You do not file a joint return […]
— Read moreThere are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or […]
— Read moreDebt includes any incurred, whether personally liable or only to the limits of the property that secures the debt. Debts secured by property that are canceled, either in whole or in part, are typically the result of foreclosure, repossession, property abandonment, loan modification or voluntary surrender of the property. You will receive a Form 1099-C, […]
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