Tag Archives: expenses
As an armed services personnel, you will get a Form W-2, Wage and Tax Statement, like other military members. Reported on this form is your pay that is liable to assessable pay. In situations where you were paid for service in a combat zone, those wages may be excluded from taxation. Also, any appointed officers’ […]
— Read moreWorking in a factory, whether in production or warehouse can be a fulfilling career. If you are a factory worker, you’ll need to know a few things about your income taxes to ensure you are filing correctly at tax time. Your employer will provide you with a Form W-2, Wage and Tax Statement, which will […]
— Read moreYour employer should furnish a Form W-2, Wage and Tax Statement if you work in an office as an accounting or data entry clerk, secretary or administrative assistant. My deducting unreimbursed, job-related expenses you may be able to reduce the amount of your tax liability. Proper documentation should be kept for all expenses, including receipts. […]
— Read moreThere are two methods you can use to deduct expenses at tax time: you can either itemize or utilize the standard deduction. Deductions decrease your taxable income, lowering your tax threshold. The standard deduction amount is different depending on factors such as filing status, taxpayer age, and income levels, and is revised annually. There are […]
— Read moreDid you know that as an employee you could probably deduct your current work-related costs as an itemized deduction (subject to limitations) in Form 1040, Schedule a, Itemized Breaks? Though travelling expenses are not normally deductible, you may be able to claim some local commuting expenses. Deductible local travelling charges consist of the normal and […]
— Read moreSome itemized deductions have different amount limitations, depending on the type of deduction. Generally, the limits are figured on a scale based off a percentage of the taxpayer’s adjusted gross income (AGI). In order to determine what you can deduct, you will have to subtract the corresponding percentage of your AGI from the total amount […]
— 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 moreChild care can be expensive, and many parents have to arrange care around their work schedule or school breaks. When children are out of school during the summer, child care expenses can begin to add up. The federal government is stepping in to help by offering a tax credit for child care expenses for any […]
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