Monthly Archives: October 2015
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 […]
— Read moreAre you anticipating your refund? We all like a little cash back in our pockets, as more money leaves than comes in. Waiting for your tax refund can be excruciating when you desperately need the cash. At tax time, put your money back in your pocket quicker using these tips: File As Soon As Possible […]
— Read moreEach tax year, many Americans end up paying more than they have to in taxes just because they don’t claim all the deductions they qualify for. No one wants to pay more than is necessary, so before you file your taxes make sure you have taken all the deductions you can. You may be able […]
— Read moreFiling your taxes requires you to be in a certain mental state that helps you be calm, stress-free and organized. Procrastination can be the biggest detriment to tax preparation. Face it: No one likes paying taxes, but it’s something we all have to do. Might as well get it done and over with. Follow these […]
— Read moreSome people think of tax time as a bonus shopping spree. With all the “tax refund” sales and promotions that retail and media outlets bombard us with, it’s easy to understand why getting money back from a tax refund may seem like free money. However, it’s really not. When you break it down, you’re really […]
— Read morePaying for college is rough, especially if you’ve resorted to student loans to cover the cost of your education. It’s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. The deduction is phased out once you gross a specific annual income, though it may not matter […]
— Read moreCharitable donations are deductible if the amount of the donation is within a certain threshold, based off your adjusted gross income (AGI). In most cases, the upper limit is 50% of your AGI for donations, meaning a taxpayer with a $50,000 AGI can deduct up to $25,000 of charitable contributions. In order to deduct items […]
— Read moreHaving a baby means eighteen plus years of expenses related to the care of that child as they grow and develop. The IRS offers a tax credit for parents who have had a baby during the tax year. This credit is worth $1,000 per child, as long as your income is less than $110,000 (joint […]
— Read moreDid 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 […]
— Read moreThe one thing in life that’s guaranteed is that you’ll have to pay taxes. Thankfully, though, the government opts not to force you to pay on your entire amount of income. When determining the amount of income for which you shall be taxed, the IRS uses two determinations of deductions: Above the Line, and Below […]
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