Tag Archives: deductions
Working as an administrative assistant means you have be organized. The same is true at tax time. Administrative assistants can expect to receive a Form W-2, Wage and Tax Statement, from their employer which documents wages earned and taxes withheld. When filing your tax return, you may be able to lower the amount you owe […]
— Read moreDo you drive a vehicle, like a school bus, semi-trailer, truck, or taxi for work? Drivers will receive Form W-2, Wage and Tax Statement, for income from wages you obtain being an employee. In the event that you received a Form W-2 and the ‘Statutory employee‘ check box in Box 13 is marked, report that […]
— Read moreTaxpayers who are disabled are still subject to income tax, except in situations where the law specifically excludes certain income. If you were using disability while you retired, you have to include the pension you receive from your employer when you file a tax return. You are required to report disability income as part of […]
— Read moreSimilar to other professions, clergy also receive a Form W-2, Wage and Tax Statement, which indicates salary received as well as housing allowances. Additional income forms, such as honoraria and fees for baptisms, funerals, marriages, and other private masses are considered self-employment. The wages are reported on Schedule C, Profit or Loss from Business. In […]
— Read moreIn order to deduct qualifying expenses as miscellaneous itemized deductions, they have to exceed 2% of your adjusted gross income. There are generally three different costs that fall under miscellaneous deductions, and therefore are subject to the 2% limitation: unreimbursed employee expenses, tax preparation costs, and certain other expenses. There are some unreimbursed employee expenses […]
— Read moreInterest is usually charged on money you borrowed. There are certain situations where interest can be claimed either as a deduction or a credit. In order to deduct interest, you have to make sure it qualifies and see how you should deduct it. Interest that you have prepaid need to be deducted throughout the tax […]
— Read moreTravel expenses are the ordinary and necessary expenses of traveling for your company, profession or job. Typically, employees deduct these expenses by using Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. You can’t deduct expenses that are unordinary or excessive or those that are […]
— 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 moreIf you itemize your deductions for a taxable year on Form 1040, Schedule A, you might be able to deduct expenses you paid that year for medical and dental take care of yourself, your partner and your dependents. For a long time beginning after December 31, 2012, you could deduct only the total amount of […]
— Read moreMortgage points refer to certain fees or costs you’ve paid in order to get a home mortgage. Basically, points are a type of interest that you’ve prepaid, and may be deductible as interest if you chose to itemize your deductions when filing your tax return. If you are able to deduct all of the interest […]
— Read more
