Tag Archives: insurance
Taxpayers who run their own businesses, or freelancers should look for any way possible to save money at tax time. There are three different deductions that can help put more hard earned cash back in your pockets. Business Expenses Self-employed taxpayers can deduct certain business expenses that meet the following criteria: An accepted and usual […]
— Read moreLife as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]
— Read moreNo matter what type of skilled trade you work in, whether you are a computer service technician, a mechanic, a laborer, or any other job which requires a unique skill-set, you may be able to reduce the amount of taxes you owe each tax year by claiming certain deductions. If you work for a specific […]
— 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 […]
— 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 moreSome itemized deductions have different amount limitations, depending on the type of deduction. Generally, the limits are figured on a scale based off a percentage of the taxpayer’s adjusted gross income (AGI). In order to determine what you can deduct, you will have to subtract the corresponding percentage of your AGI from the total amount […]
— 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 moreIt’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]
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