Each year you have to pay tax on any investment income you earn. For instance, a savings account earning $2,000 in interest has to be added to any taxable income and you’ll be required to pay tax on it. There are some types of investments that can be partly, or even entirely tax free, meaning […]
— 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 moreThere’s a chance that you may have children who are required to file a tax return, even if they are a dependent of yours. Typically, the child is held accountable for filing the return, as well as paying any taxes owed, along with penalties and interest. In some cases, if the child fails to pay, […]
— Read moreThere are a wide variety of tax credits available for those who are disabled. These credits and deductions can lower the amount of taxes that you owe, and can even lead to a refund. According to the IRS, you are considered disabled under two conditions: You have a psychical or mental disability that limits your […]
— 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 […]
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