Category Archives: Deductions
Taxes can be one of the biggest expenses that anyone in a professional environment encounters. If you’re one of those professionals, there are many deductions that can help you save. Unfortunately, you may not know some of them exist at all, or be aware of what records you should keep to claim certain deductions. To […]
— Read moreIf your business or job require you to purchase a new computer, you may be able to deduct the cost as a business expense. It may even be possible to deduct the whole cost of the computer in a single year. Employees If you work for someone else, but you purchase your own computer for […]
— Read moreWhen business takes you on a new adventure to a great destination, you’ll probably want to spend a little time relaxing and exploring the location. If you organize your schedule right, you may be able to combine your business with a little bit of pleasure. If you want to do this, you have to make […]
— Read moreKnowing what you’re doing at tax time, especially as a businessperson, can have a big impact on your end of the year finances. Tax regulations allow deductions of certain business expenses, which can help lower the amount of taxes your business will be responsible for. Costs deducted from your gross income results in your net […]
— 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 moreFor taxpayers who contribute to an IRA, tax time can lead to many questions regarding how those contributions may affect your taxes. If you chose to save for retirement through an IRA, there are some important things you should know. In order to contribute to a traditional IRA, you have to be under 70 ½ […]
— Read moreFor those who work from home, there is a new option for claiming the home office deduction which makes the process simpler. Figuring out the deduction for using you home as a business used to be a little more complicated, but starting this tax year, the new option will help you maintain records, and make […]
— Read moreIf you enjoy trying your luck at the tables, watching the slots spin, or hoping for your horse to win, any money you’ve won from these activities are taxable, ad must be reported to the IRS. You may enjoy a game of chance every once in a while, however, you should never gamble with your […]
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