Tag Archives: Itemized Deductions
Chosing to itemize your deductions at tax time can prove beneficial in many ways. When you itemize, you list all of your expenses and amounts paid on Schedule A of Form 1040 when you file your tax return. These expenses can range from medical or dental care and state or local income tax, to mortgage […]
— 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 moreTaxpayers who seek a loan for the purchase of a home are likely aware of the tax savings that come with points deductibility. However, refinancing may afford you the same tax breaks. Typically, refinancing requires the homeowner to subtract loan points over the loan’s term. If any portion of the money received from refinancing is […]
— Read moreFor tax purposes, marital status is decided by your legal position on December 31st. Couples who have divorced or legally separated are considered “unmarried individuals” for the entire year, regardless of when the decree went into effect, as long as neither has remarried before the last day of December. Divorced or separated individuals who file […]
— Read moreAt tax time, if you have a mortgage loan on your home you should expect to receive a Form 1098 (Mortgage Interest Statement) from your lender. The Form 1098 reports the amount of interest you paid throughout the year. You aren’t required to file this form with your taxes, because a copy will automatically be […]
— 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 […]
— Read moreCertain miscellaneous expenses, like consultation fees for tax services that you incur throughout the year, may be able to be deducted at tax time. If you chose to itemize your expenses, you may even be able to lower the amount of taxes you owe. If you want to claim miscellaneous deductions on your tax form, […]
— Read moreWhen you seek out a new job in the same occupation, you may be able to deduct some of the costs you incur through the hunting process. If you want to know how to get a little more cash back in a time when you’re trying to save, you should be aware of the following […]
— Read moreOften, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]
— Read moreThis year, there are new rules that apply to taxpayers who want to deduct any type of medical expenses on their tax return. These new rules can affect your return, and you should be aware before you file. Familiarize yourself with the following guidelines if you are seeking deductions for your medical or dental expenses.
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