Tag Archives: deduction
Filing your tax return doesn’t have to be stressful. Many people worry about making a mistake when filing, and surprisingly, mistakes do happen. It’s not the end of your tax world. It does mean that the IRS may take longer in processing your return, leading to a delay in your refund. Mistakes are less common […]
— Read moreDeductible non-business taxes come in four different types: State, local and foreign income taxes State, local and foreign real estate taxes State, and local personal property taxes State and local general sales taxes Taxes must have been paid during the tax year and ca only be claimed as an itemized deduction, using Schedule A of […]
— Read moreBad debt accrues when someone owes you money and you don’t have a way to collect it. In order to deduct bad debt at tax time, you have to have previously included the debt amount in your income. Taxpayers are not able to deduct expected amounts that they never received, such as rent or payment […]
— Read moreThere are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or […]
— Read moreThose who like to gamble should be aware of how casual gaming can affect your taxes. Any money you win through gambling is fully taxable and must be reported to the IRS at tax time. There are several types of gambling winnings: lotteries, raffles, horse races, and casinos. Along with straight cash winnings, gambling income […]
— Read moreWhen you complete Schedule A for your federal tax return, you are able to deduct any home mortgage interest in two categories: Loan interest for monies used to significantly improve a primary or secondary residence, which is backed by the property. The loan must not exceed $1,000,000. Loan interest that is secured by your home, […]
— Read moreUsing your personal car for business reasons can lead to a deduction come tax time. You may qualify to deduct the actual operating expenses or you can opt to take the standard mileage rate of deduction. Remember though, you can’t deduct expenses you incur while commuting back and forth to work. You may also be […]
— 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 moreDespite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages, up to $1.1 million, […]
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