Tag Archives: deduction

Know How to Figure Your AGI

Learning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]

Being a Parent Can Be Extra Rewarding

Taxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips: […]

Deductions and Dependents Save You Money

At tax time, anything that can help save you money off your tax bill is highly welcomed. These two tax items can put more money in your wallet, where you need it most. Deductions Deductions are a great way to reduce the amount you owe in taxes at the end of the year. Expenses that […]

The cost of special tools or equipment for work can be expensive. Thankfully, the IRS allows you to deduct these expenses in most cases. The government considers these deductions to be ordinary and necessary for your job. The term “ordinary” refers to any expenses that are commonly accepted in your trade or industry. The term […]

Technology is all around us. More and more people are using mobile devices and electronic gadgets at work to improve productivity. Because we are connected just about anywhere anymore, workers are no longer bound to an office or stationed at a desk. Instead, many employees can work basically wherever they want. In order to be […]

Using your personal car for business can take a toll on your vehicle. If the situation, you may qualify to deduct any expenses incurred from using your car for work. At tax time, you have the option of two methods to figure out what part of your expense is deductible. You can use either the […]

Relocating? How to Deduct the Cost

Relocating for a new job position is becoming more common than ever. At tax time, you may be able to deduct any costs you incur from moving, or lease a significant portion of them, from your taxable income. Moving expenses have to be related to a new job in order to qualify for a tax […]

In case you needed another reason to lose weight, you may find a tax deduction this season if you use certain treatment options to lose weight. It’s statistically proven that individuals are five times more likely to lose weight if they have something to gain from it financially. In order to claim a deduction, the […]

Did you know that even if you don’t have an expense account at your job, you may still be able to deduct some expenses you incur while working? The only catch is that your expenses must be greater than 2% of your adjusted gross income. That means that things like taxi fares, fees paid for […]

Tax Exemptions Add More to Your Wallet

Understanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]