Category Archives: Deductions
Using your personal car for business can take a toll on your vehicle. If the situation, you may qualify to deduct any expenses incurred from using your car for work. At tax time, you have the option of two methods to figure out what part of your expense is deductible. You can use either the […]
— Read moreRelocating for a new job position is becoming more common than ever. At tax time, you may be able to deduct any costs you incur from moving, or lease a significant portion of them, from your taxable income. Moving expenses have to be related to a new job in order to qualify for a tax […]
— Read moreIn 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 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 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 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 […]
— Read moreThere 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 […]
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