Tag Archives: deductions

Retain Your Records

Once you have submitted your taxes, you should keep all your records and supporting documents safe if you have to refer to them or if you are audited. But how long do you have to keep your records? The IRS has some tips to help you figure out how long your documents should be stashed. […]

It’s tax time again. Be sure you’re prepared to file by gathering all the forms and documents you’ll need. Here are the most common things taxpayers use to complete their taxes, starting with the most basic: Last year’s tax return – federal and state. Not a requirement but used to compare what you filed last […]

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 […]

The Standard Deduction Decoded

The standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]

You shouldn’t have to spend money to make money. However, sometimes you need to purchase items say you can perform your job more effectively. There are different types of work-related expenses such as extra uniforms, electronic gadgets, special tools, and other supplies. While you may be shelling out a lot of cash for these expenses, […]

Looking For a Job? Deduct Search Expenses

Are you on the hunt? Looking for that perfect new job? While it may not seem too costly to perform a full on job search, little and the expenses can really add up over time. When you combine postage, cost of printing your resume, travel, and work samples you can really have a hefty expense. […]

No one enjoys paying taxes, however the fact that you’re entire salary isn’t taxed by the federal government should make it a little bit easier to swallow. During tax time, you’re required to report your entire income, but the IRS deducts certain amounts, like education costs and retirement plan contributions, before determined the amount of […]

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 […]

There are three different ways you can save money at tax time: by claiming exemptions, credits, and deductions. Oftentimes, taxpayers confuse the three and sometimes think the terms are interchangeable. There is a difference between each of the three, however, and it’s important to understand how they work and if you qualify before claiming any […]

Not only can making a donation to those in need feel great, it can also benefit you at tax time. Depending on a few requirements, you may be able to deduct your charitable gift from your taxes. If you’ve made a contribution, consider the following tips to see if you are eligible to claim a […]