Is Homeowners Insurance Tax Deductible?
Homeowners enjoy a number of tax benefits and deductions at tax time, but unless you home includes rental property, you're out of luck. The Internal Revenue Service allows only ...
Tax Deductions
Are Mortgage Discount Points Tax Deductible?
When you have a hefty mortgage payment to make, saving money may be top on your list. Becoming a homeowner comes with more benefits than being able to paint your walls whatever ...
Can You Claim Groceries on Your Taxes?
Everyone can claim groceries on their taxes. However, most of the time, the IRS sends a very personal note indicating the deduction was disallowed and requesting more money. There ...
Is Moving Tax Deductible?
Moving can be expensive. The cost of the truck, movers and materials add up quickly. Even if you do the move yourself, it can put a dent in your wallet. Wouldn't it be great ...
More Tax Deductions Picks
Tax Deduction for a Home Mortgage
In preparation for filling out your very first tax return as a bona fide homeowner, it's important to learn about possible tax deductions you can take related to your ...
What Mortgage Fees Are Tax Deductible?
When you purchase a home and get a mortgage, or refinance an existing home loan, some of the mortgage fees are tax deductible. This is good news if you and your partner have been ...
Tax Deductions for Homeowners
Other than pride of ownership, there's nothing better than tax write-offs when it comes to owning a home. Economic recovery packages in 2009-10 brought exciting new tax ...
Home Owner Tax Deductions
Now that you’ve upgraded from renter to homeowner, you're probably starting to enjoy all the benefits of having a place that’s truly yours–you know, things ...
Tax Deductions for Energy Saving Appliances
If you've been transforming your house or condo into a green-friendly haven by installing energy-efficient appliances, you may qualify for credits on this year's taxes. ...
Can I Deduct My Work Clothes From My Taxes?
Very few people have the luxury of wearing their favorite jeans and sweatshirts to their workplace. If you find that your workplace clothing restrictions are inflating your ...
Are Moving Costs a Tax Deduction?
You can deduct reasonable expenses directly related to a move only if you move for a new job, or if you current job requires you to move. The Internal Revenue Service is pretty ...
Are Homeowners Association Fees Tax Deductible?
Homeowners associations -- people either love them or hate them. The lovers feel protected from a neighbor painting her home purple and yellow. The haters feel constrained from ...
Doing Your Own Taxes
Income tax time can be stressful, and the thought of preparing your own income taxes can be even more nerve-racking. Although the world of taxes consists of several thousand laws ...
Most Important Deductions to Remember When Filing Income Taxes
You take pains to save money all year long, brewing your own joe instead of purchasing fancy coffee shop brews, clipping coupons and renting a DVD instead of visiting the cinema ...
Are Charitable Tax Deductions Based on Tax Bracket?
Give what you can, and you can get a benefit from Uncle Sam regardless of your tax bracket. Charitable deductions are not based on the bracket into which your income falls. In ...
Pre-Tax Deduction Vs. Post-Tax Deduction
When you get paid, numerous deductions can taken out such as taxes, 401(k) payments, insurance, Flexible Spending Accounts, Heath Savings Accounts and wage garnishments, among the ...
Annuities Loss & Tax Deduction
Your annuity value took a dive and now you're looking for someone to help console you over your losses. While Uncle Sam might not be able to give you a hug, he may be willing to ...
Tax Rules to Rent Your Home
Buying a home is one of the first major financial steps new couples take when starting their lives together. While home ownership is expensive, it can offer the opportunity to ...
What Items Qualify as Deductions on Your Tax Return?
The Internal Revenue Service gives you the choice between taking the standard deduction or itemizing your deductions when you file your federal income tax return. Most taxpayers ...
Ways to Increase Tax Deductions
The words "tax return" can invoke a sense of dread for couples who would rather avoid the sticky subject of personal finance. It can, however, present an opportunity to ...
Am I Allowed to Claim Fuel on My Taxes?
As fuel costs continue to rise, many people are searching for a way to reduce the cost of driving. Deducting fuel on your annual taxes is one possible way to recoup fuel costs. ...
What are Deductible Work Expenses?
Working to maintain your own home and personal life can be strenuous if your expenses exceed your income. Fortunately for you, the very work you do may make you eligible for tax ...
How to Donate a Boat & Deduct it From Taxes
When you own property that you no longer use, donating the property to a charity is a kindhearted gesture. By helping others in need, you give the less fortunate the chance to ...
Can You Deduct Renovations on a Rent House That Is Rented?
The IRS taxes the rental income you receive if you own a house and rent it to another party. But the IRS also recognizes that property owners spend a good deal of their own money ...
What Expenses From a Natural Disaster Are Tax-Deductible?
When a natural disaster strikes, the result can be devastating, not only emotionally but also financially. The Internal Revenue Service sympathizes with taxpayers who lose ...
TSA vs. Roth TSA
Tax-free retirement distributions sounds great, but it isn't right for everyone. If your employer allows you to save for retirement through a tax-sheltered annuity, such as 403(b) ...
How to Buy a House as a Tax Deduction
Whether you already own a home or are a first-time homeowner, buying a house can be an exciting investment. But before you start picking out curtains, you should think about the ...
Prepping Your Own Taxes
Prepping your own taxes involves gathering records, receipts, statements and pertinent documents that pertain to your individual income tax situation. Generally, many of us claim ...
How to Claim Work Expenses on Taxes
Your ungrateful boss makes you get your own passport for your next overseas trip, pay for your own liability insurance and subscribe to three trade journals just to keep up with ...
Can I Claim My Son's Education Expenses When He Is Not a Dependent?
When parents are paying for a child's college or graduate tuition, who gets to claim the education tax credits can become a heated discussion. With significant tax incentives, ...
Tax Deductions for Solar Power
Solar power not only saves you money on your power bill, it can help shrink your taxes. Rather than giving you a tax deduction, the federal government offers a tax credit for ...
About Tax Deduction Software
Doing taxes ranks right up there with root canals and sewage clean-up for most people. Along with gathering a year’s worth of receipts and paperwork, deciphering the dense ...
Limitations on Federal Income Tax Deduction for Contributions
Giving to charity doesn't have to be totally selfless. The federal government encourages you to give by allowing you to claim contributions as a tax deduction. To do this, you ...
Tax Deductions for Residing and Re-roofing My Home
Sooner or later, every house is going to need a new roof. Most, at some point, will need at least some new siding. These are major expenditures and a natural question is: Can I ...
How Much Tax Is There When Withdrawing a 403(b)?
If you've been working for a nonprofit, such as a school or hospital, you've probably been building up your nest egg in a 403(b). You might also have a 403(b) if you inherited the ...
What Will Amending My Taxes Do for Me?
With all the forms and number-crunching that go into filing a tax return, it’s easy to make mistakes. The Internal Revenue Service lets taxpayers make alternations to ...
Can I Claim Firefighter Uniform Items on My Taxes?
The Internal Revenue Service allows a tax deduction for a firefighter's out-of-pocket uniform costs -- but don't go looking for a line on your return marked "Firefighter ...
Can You Deduct Stolen Property on Your Income Taxes?
If you have property stolen, you have approximately a one-in-four chance of getting it back, according to the Federal Bureau of Investigation. In the more likely event that your ...
Advice on How to Reduce Taxes
Taxes may be inevitable, but you don't have to pay more than you are legally obligated to pay. The famous Gregory v. Helvering case, argued before the U.S. Supreme Court in 1934, ...
How Far Can I Go Back to Amend Income Taxes?
An income tax return amendment corrects a previously filed return. You can amend a return if you discover credits or deductions you’re eligible to claim but missed on your ...
Can I Defer My Loss on My Rental Property Until I Sell the House?
The ownership of a residential rental property by a couple or individual is subject to various IRS rules that describe the tax implications of renting the property. Losses related ...
Can an Overlooked Past Tax Deduction Be Claimed Presently?
Tax deductions come in so many flavors that it can be easy to overlook one. If you forgot to claim, say, some tuition expenses or a tax-deductible portion of your auto ...
What Are the Rules for 401(k) Accounts?
A 401(k) is a company-sponsored retirement plan that allows you to make contributions directly from your paycheck. Your 401(k) money grows tax-deferred until you take it out, ...
Tax Deductions on Stocks Donated to Charity
If you're planning to make charitable contributions this year, you may want to consider a gift of stock. Donating appreciated stock can save you money on your taxes in two ways: ...
HSA Vs. HMO
Health Savings Accounts, which are known as HSAs, and Health Maintenance Organizations, which are known as HMOs, are both vehicles designed to help you keep your health care costs ...
Tax Deductions for Uniform Cleaning
The prices of many services in 2012 have gone up, and dry cleaning is no exception. If you have to wear a uniform and the responsibility of keeping it clean falls on you, you and ...
How to Avoid Owing the IRS
When you owe money to the IRS, you can't escape the debt. You have heard the horror stories about the IRS garnishing wages, levying bank accounts and even seizing assets to cover ...
Things That Raise Audit Flags
Finding a letter from the Internal Revenue Service in your mailbox is the stuff of nightmares for many taxpayers. While only a relatively small percentage of Americans are audited ...
Crazy Tax Deductions
Tax deductions can save you money, so it pays to know what Uncle Sam will allow you to write off on your tax return. Some deductions are so unusual that few taxpayers qualify or ...
Tax Deductions for Reroofing
Putting a roof over your head is often costly, but a necessity. Making repairs comes along with owning a home. Roof repair, restoration and roof recovering fall into the reroofing ...
Tax Deductibility of Designated Gifts
Designated gifts and contributions you make may be tax deductible, depending on how you designate the gift. The IRS allows a deduction for certain earmarked contributions you ...
How to Contribute Pre-tax Dollars to Your HSA
Health savings accounts are designed to help people with high-deductible health insurance plans pay for their medical expenses with pre-tax dollars. To make contributions to the ...
Can You Deduct Trips to a Doctor?
Medical expenses are a necessary cost of life, even for the young and healthy. While you may not be able to escape medical bills, you can at least use them to reduce your taxes. ...
What Expenses Can I Deduct When Calculating My Taxable Income?
Your taxable income is the cornerstone of your potential tax due, so you’ll want to take every deduction possible. Looking for possible expense deductions may not seem like ...
How to Do a Budget When My Husband's Income Changes Week to Week
Creating a budget on variable income can be difficult. When your monthly income remains a mystery, it’s not always easy to tell how you’ll pay all your bills. The ...
What Deductions Can I Use if I Am in the Military?
Military service certainly requires personal sacrifices, but a few beneficial tax deductions are available to service personnel that are not available to the general public. Some ...
What Are the Differences Between Pre-Taxed & Non Pre-Taxed Payroll Deductions?
If you’re fortunate enough to have an employer who offers several types of benefits, you’ll want to know how the treatment of these benefits affects your paycheck. ...
Do Tax Advisers Really Catch Things TurboTax Doesn't?
Despite TurboTax's popularity, many taxpayers still rely on a tax professional for preparation of their federal income tax returns. Sixty percent of participants in the ...
Hazards of Claiming Tax Deductions
All federal income tax returns get checked. Any with obvious mistakes, such as wrong forms or mathematical errors, get examined and questioned by the Internal Revenue Service. The ...
How to Determine the Tax Bracket for Your Salary Plus Monthly Commission
Politicians, financial experts, economists and everyday workers all talk about it – the tax bracket. A tax bracket includes a rate that is used to calculate the tax on your ...
What Deduction Do Church Offerings Fall Under?
Putting money in an offering plate is a traditional way to support religious institutions and it can also save you money on your tax return. The Internal Revenue Service lets you ...
How Much of an Annual Salary Is Taxed?
The federal and many state governments require employees in the United States to pay taxes via the withholding process. This means that your employer takes the mandated taxes out ...
Does Meeting With a Good CPA Make a Difference for Taxes?
Doing your taxes yourself will save you money on professional fees, but can end up costing you money if you pay more than you need to in taxes. A certified public accountant ...
Do Braces Count as an Itemized Deduction on Taxes?
Wearing braces to resolve orthodontic issues can be painful, but here’s something that may alleviate the pain in your pocketbook -- your expense for braces is an eligible ...
Is Sales Tax on Home Repair Purchases Deductible?
Your home is your castle, and of course it is important to keep your castle in good repair. The problem is, the cost of repairs can get pricey. You might wonder if the Internal ...
How to Deduct Church Tithing From Taxes
Many people pay a tithe, or 10 percent of their income, to a church or other religious organization. The Internal Revenue Service encourages Americans to help others with a ...
Can I Deduct Full Year's Property Tax if I Bought a Home in August?
Buying a home is expensive, but it can also bring you some tax savings. The Internal Revenue Service offers tax breaks for home ownership, including a deduction for real estate ...
Is Donating Books to Library Tax Deductible?
If you've decided your personal library is getting too large, donating books to a library can not only reduce the clutter in your home, but also reduce your income taxes. Most ...
What Can You Claim as an Educational Expense?
If you're going to college for the first time, getting trade certification, taking work-related courses or going back for a graduate degree, Uncle Sam likely has a tax incentive ...
Do Gifts to Family & Friends Lower Tax Liability?
Giving gifts is a way to show love and support for friends and family on special occasions, but gifts can also have an effect on your personal tax situation. The Internal Revenue ...
Can You Claim Dental Crowns for a Tax Deduction?
A trip to the dentist is painful enough, but as soon as you're out of the chair, the real pain sets in: that broken tooth that required the crown is going to cost you an arm and a ...
Are Escrowed Real Estate Taxes Deductible?
Buying a home involves more than just the cost of the house and land. Real estate taxes are collected by local authorities from homeowners. The tax amount varies based on factors ...
How Many Creditors Can Garnish Someone's Wages at One Time?
Garnishment forces your employer to pay your creditors a portion of your disposable earnings before she pays you. "Disposable earnings" are the part left after your ...
How Do I Amend My Personal Return for a Pre-Tax Deduction Error?
When you discover an error in the pre-tax deductions you claimed on your tax return, you’ll need to correct the issue with the IRS on Form 1040X. The 1040X form seems a ...
How to Deduct Depreciation When You Own a Home and Rent a Room
Depreciation refers to the wear and tear or obsolescence of a property. Depreciation allows you to recover the cost of certain property over the time you use it. The Internal ...
Can I Deduct Mold Remediation Expenses?
Mold is important in the natural environment, helping break down dead organic material such as limbs or leaves, but it is a health hazard inside a house. It can cause problems ...
How Many Cents Per Mile Can I Deduct on My Taxes?
You normally don't get a federal tax break for something you do every day. However, some lucky road warriors get a deduction for business mileage. If you don't drive for your job, ...
Can I Deduct a Loss on My Second Residence?
Tax rules for second homes are complicated. A lot depends on how you use your second home. That will affect how you claim any losses, whether it's from storm damage, an accident ...
Can I Get Penalized for Not Claiming a Second House on Taxes?
Whether or not you must report a second residence on your federal tax return depends on several factors: What type of property is it? Is the home for personal use or is it a ...
Is Uninsured Theft Loss Tax Deductible?
Theft comes in variety of forms. The U.S. Bureau of Justice considers both property crimes, such as burglary and larceny, and cyber-crimes, such as identity theft, as examples of ...
Is a Teaching Certificate Renewal Tax-Deductible?
Each state has its own requirements for both teacher certification and renewals. Generally, renewing your teaching credential involves taking continuing education classes as well ...
How to Find Union Deductions on a Pay Stub or a W-2
Your employer shows the union dues deducted each pay period on your pay stub, and notes the annual amount you pay on your W-2 earnings statement at the end of each year. Your ...
What Qualifies for Job Tax Deductions
When you take a new job, you might expect your employer to provide you with everything you need to do your work, but employees sometimes have to pay job-related expenses out of ...
Ways to Prove Tax Deductions If Your Records Are Lost
The Internal Revenue Service does not require you to have proof of your deductions to prepare a return, but it’s a wise plan to gather documents that support your deductible ...
Can Your Therapy Sessions Be Tax Deducted?
Relationships, finances and anxieties are three reasons to seek therapy -- and so is a fractured arm or a stiff neck. As with any medical expense, it pays to save up your receipts ...
Does Tithing at Church Count as a Charitable Donation?
Federal law allows you to enjoy a tax break in the form of a deduction for charitable contributions, including donations of goods or money. You can claim the deduction for ...
Can You Deduct Taxi Rides?
A taxi ride is not an economical means of transportation. The cost of using a taxi to run errands can really add up. However, there are certain circumstances where the cost of ...
What Are Normal Home Business Expenses You Can Claim on Federal Tax?
The business expenses incurred through operation of a business are tax-deductible for businesses, including home businesses, when the expenses and the business meet IRS ...
Can I Claim My Adult Child as a Deduction?
Your child may be living at home while pursuing a Ph. D., or perhaps he returned to the nest after losing a job thanks to economic conditions. Even if you are providing your adult ...
Tax Deductions Related to Jointly Owned Property by Unmarried Individuals
More and more couples are living together these days, either before or instead of getting married. Owning property jointly may lead to complications at tax time, however, since ...
What Is Needed for Proof of a Home Business for Tax Deductions?
We’ve all read about Fortune 500 companies where the founders started the operation in a garage. If you’re one of the many who work from home incubating a business -- ...
W4 Form Explained
When you start a new job, your employer will have you fill out an employee's withholding allowance certificate, or Form W-4. The W-4 is how you employer knows how much income tax ...
Can I Claim New Carpeting for Rental Home Expenses?
In addition to deducting depreciation for your rental property, you can deduct expenses related to its upkeep. Renting a house is very much like running a business in that you ...
Can I Put My Unreimbursed Partner Business Expenses on Schedule A?
If you're associated with a partnership, you do what needs to be done, including pay expenses from your own pocket when the occasion calls for it. But that doesn't mean that you ...
Can I Discontinue Pretax Payroll Deductions?
If you work for an employer, you have money taken out of your paycheck each pay period. Some of your withholding is required by the government and is involuntary. This includes ...
How Do I Receive Charitable Donations for Medical Expenses?
There are a number of paths you can take to accept charitable donations to help you defray medical costs. Ideally, you will provide a way for your donors to get a tax deduction ...
Are Over-The-Counter Drugs Tax-Deductible?
There's good news and bad news if you use over-the-counter medications. IRS rules for medical expense deductions do not allow non-prescription drugs to be deducted on Schedule A. ...
Is a Health Insurance Premium Tax Deductible?
Health insurance premiums can take a major bite out of your budget. This is especially true if you pay for private health insurance. The Internal Revenue Service does provide some ...
Tax Deductible Ways to Give to Your Grandchildren
Grandparents often have an interest in ensuring the financial security of their progeny. They may prefer to assign gifts to their grandchildren while still alive instead of ...
Tax Deduction for Mileage Due to Voluntary Work
In addition to the good feelings you get from volunteering, you can also deduct the mileage going to and from the volunteer site on your federal income tax return. The Internal ...
Do You Need to Claim Income Earned From Renting Out a Room in Your Home in the United States?
If you’re looking for a way to generate some extra income without investing any cash or adding extra hours at a job, renting a room in your home could be the plan for you. ...
Can You Deduct Gifts to Your Family From Taxable Income?
While giving gifts to your family is a generous gesture, it won't do you any good come tax time. Not only does the IRS not offer any sort of tax deduction for gifts to family ...
Can Annual Fees Paid to Brokers Be Deducted on a Tax Return?
Investing your money with a broker isn't free. Depending on the type of investment and the firms you deal with, you may have to pay commissions, brokerage fees or mutual fund ...
Is Roof Replacement Tax Deductible?
In general, home improvements such as a roof replacement do not qualify as a tax deduction. However, installing solar panels or "green" technology on your roof will ...
Are Worthless Stocks Tax-Deductible?
Watching your investments plummet in value is never fun, but if things get really bad and you wind up holding worthless stock, you can at least realize a tax break. However, to ...
Tax Deduction for Temporary Housing Out-Of-State
The Internal Revenue Service allows you to deduct housing expenses for lodging your company does not reimburse you for, while on out-of-state work assignments. A temporary ...
Tax Deductions Everyone Should Take
As a young couple just starting out, you can use all of the deductions you can find when tax season rolls around. Whether you’re married or just living together, there are ...
How to Estimate the Tax Deduction for Donating Kitchen Cabinets
Itemizing deductions on your tax return can help you reduce your tax liability. When you donate items to a qualified 501(c)(3) organization, you can take a deduction for these ...
Tax-Deductible Gifts & Trusts
Making a gift to a charity helps a worthy cause and also can give you a tax deduction. You can give cash, investments, property or other assets, but you must give them to an ...
Can I Deduct a Contribution to My Thrift Savings Plan on My Tax Return?
If you've contributed money to your thrift savings plan, you are entitled to some tax breaks. Traditional TSP accounts offer pretax savings while Roth TSP accounts offer after-tax ...
What Money Do You Need to Disclose on the FAFSA?
If you plan to pursue post-secondary education and hope to receive financial aid from the U.S. government, you need to complete the Free Application for Federal Student Aid, ...
How to Identify Tax Deductions
Tax deductions reduce the amount of income you pay tax on. When you file your tax return, you have the option of claiming the standard deduction or itemizing deductions using ...
U.S. Government Authorized Mileage Allowance for Tax Deductions
The Internal Revenue Service is the governmental authority that issues standard mileage rates each year. These rates specify the amount per mile that can be deducted from taxable ...
Tax Laws on Computer Expenses & Deductions
Today’s world is technology driven. We use computers to draft documents, search the Web, create presentations, and meet with remote co-workers through video conferences and ...
Long-Term Debt Vs. Leasing
Buying a big ticket item, from a car to business equipment, usually requires taking on debt, often for many years. As an alternative, you could lease the item you need. When you ...
Is the Interest Expense on a Vacation Home Tax-Deductible?
If you have a vacation home, or are considering purchasing one, the Internal Revenue Service might allow you to deduct the interest paid on the loan. This depends on whether the ...
How to Understand Straight-Line Depreciation
When you buy a piece of property for your business, you can use its purchase cost as a deduction against your business income. However, the IRS doesn't let you take this deduction ...
Can Home Improvement Costs Be Used as a Federal Tax Deduction?
Home improvement costs can be very expensive, and smart homeowners look for ways to save money. One place that homeowners may be able to recoup some money is through tax breaks ...
Can I Claim Foster Kids on My Income?
Fostering a child in need can be rewarding, and it can also help you save on taxes. Depending on who placed the child in your home, the IRS may consider her your dependent for tax ...
Can Prescriptions Paid With Taxed Dollars Be Deducted on Federal Taxes?
Today’s medicines can do wonders to restore and maintain your health, but the cost can leave your bank account in dire need of emergency treatment. If you have to pay for ...
How to Recover a Tax Deduction From a Previous Year
If you have ever received a state tax refund after you deducted state income taxes you paid, or deducted mortgage interest that was later adjusted by your lender, you may have a ...
S Corporation Tax Deductions
Small businesses must vote to operate as S corporations. Companies forming under corporate rules, including S corp status, have different legal and tax recognition than other ...
What Does It Mean When a Cost Is Deductible on Taxes?
Every time you get a paycheck, the amount of money you actually receive is less than your stated wage or salary because your employer takes money out to cover income taxes. While ...
Are Cable and Phone Services Considered Utilities for the IRS?
The Internal Revenue Service, or IRS, does not consider cable or telephone services as utilities for the taxpayer looking to claim these items as a deduction. However, cable ...
Can I Claim State Sales Tax Deduction if I Do Not Pay State Income Tax?
When you have enough itemized tax deductions to exceed the standard deduction, a whole new world of tax advantages is possible. Your federal tax is lowered with each additional ...
How to Avoid an Audit When You're Self-Employed
The threat of a tax audit is enough to strike fear into the heart of even the most honest taxpayer. The good news is most people won't have to deal with one in a given tax year. ...
Which Loan Origination Fees Are Tax-Deductible?
One of the perks of home ownership is writing off mortgage interest on your taxes. If you prepay some of the interest when you close, you can write off that money -- known as ...
What Deductions Can I Claim on My Income Tax for a House I Own?
Home ownership is usually a pretty good reason to itemize your deductions at tax time. You can claim a great many of your costs as deductions if you elect not to take the standard ...
Is PMI Tax Deductible?
Thanks to private mortgage insurance, you can get a house by putting up as little as 3 to 5 percent of the price. In fact, your lender will require you to have PMI if you don't ...
IRS Tax Deductions for Church Work
If you are a regular volunteer at your church, you might be able to claim a few extra deductions. While you won't get anything for your time, many of the expenses that come from ...
What Are Some Easy Deductions I Can Claim on My Taxes?
Everyone loves a tax deduction: Tax deductions can encourage you to save for your future, give to charity, borrow for college, or even buy a home. While the amount of potential ...
Can I Deduct Work Expenses on My Tax Return Without Itemizing?
The Internal Revenue Service has one general rule about deductions: if you spend money to make taxable income, you can take a deduction for it. However, in the case of work ...
403(b) Tax Deduction Rules
Nonprofits such as schools, churches and hospitals cannot set up 401(k) plans for their employees. However, they can set up a similar plan called a 403(b). These plans offer a ...
What Does It Mean When You Claim Married?
"Claiming married" refers to your tax filing status with the Internal Revenue Service. Although whether or not you are married may seem like a simple matter, you may ...
Can I Claim a New Roof as a Tax Deduction?
If you pay for a new roof this year, don't expect to write it off on your taxes. Other than a few special cases, you can't deduct home improvements on your 1040. If you reroof a ...
Tax Deductions That Don't Require Itemizing
Certain types of expenses reduce your taxable income without you having to itemize deductions. For example, you’re allowed to deduct costs related to a business, farm or ...
Tax Planning for the Little Guy
Federal taxes can account for a real chunk of your annual income -- as much as 35 percent, based on your marital and dependent status. Tax planning in the early stages of your ...
Tax Deductions for Investments Commissions
The Internal Revenue Service allows tax filers to write off expenses for activities that generate taxable income. That's good news for investors because there are several costs ...
How to Use Form 1098-E for My Taxes
Qualifying for certain tax credits and deductions will reduce your federal tax bill and might even bring you a refund. The Internal Revenue Service offers many tax-saving rewards ...
What Can Freelancers Deduct From Taxes?
Working as a freelancer gives you the freedom to set your own hours and choose the type of work you do, but self-employment often involves paying a variety of expenses that ...
How to Estimate Donation Values for Taxes
Charitable contributions are voluntary donations made to nonprofit organizations. The IRS allows deductions for donations made to nonprofit organizations that are tax-exempt under ...
What Can I Claim on My Taxes When Itemizing?
When you file your taxes, you have the option to claim either the standard deduction for your filing status or the sum of your itemized deductions. If you only have a few small ...
Can You Claim a Girlfriend as a Dependent on Income Taxes?
Your love and devotion to your girlfriend might be admirable, but it won't convince the Internal Revenue Service that you are entitled to claim her as a dependent on your tax ...
Surprising Tax Deductions
The only thing certain besides death, taxes are an inevitable part of our lives. The United States tax code takes up thousands of pages and includes hundreds of different ...
What States Have the Lowest Tax Rates?
Everyone in the U.S. faces the same federal income tax laws, but your total tax burden also depends on the state you live in. State governments can impose a variety of taxes on ...
How Much of a Tax Deduction for Donating My Appliances?
Your favorite charity may be happy to get your old microwave, but you may not be as pleased with the tax benefits. In-kind donations aren't as simple to write off on your taxes as ...
401(k) Tax Deduction Contribution Annual Limit
Putting money into your 401(k) is a win-win: you build a retirement fund and you pay a little less in taxes. The government doesn't want you paying too little in taxes, however, ...
1040EZ Eligibility
Form 1040EZ is the simplified version of the Form 1040 annual federal tax return. Form 1040EZ, as its name indicates, is designed to be easy enough that the average taxpayer can ...
Tax Deductions for Renting Out a Room in Your House
If finances are tight you may get a bit of additional income by renting out that extra room in your house. The Internal Revenue Service expects you to report the rent received, ...
How to Calculate Income Tax After Pre-Tax Deductions
As an employee, unless you meet the qualifications for exempt status as stated on Form W-4, you must pay federal income tax. Most likely, you must also pay state income tax, and ...
What Percentage of Income Tax Is Deducted From Bonus Checks?
To reward you for excellent service, your employer might give you bonuses, which are also called supplemental wages, as they are not regular income. Bonuses are subject to federal ...
Does Buying a Travel Trailer for Living Purposes Count as Tax Deductible?
Buying a home as a personal residence, including a travel trailer that meets the Internal Revenue Service's definition of a home, does not by itself qualify you for a tax ...
Can Depreciation Expenses Be Tax-Deductible?
Over time, most property used by your business will decrease in value. Fortunately, in many cases you are allowed to partially offset this loss in value by claiming depreciation ...
How Much Do You Get Back for a Child on Your Taxes?
Children bring you a collection of tax breaks to help offset their cost. The amount you get back for a child on your taxes depends on how many of these tax benefits you qualify ...
Tax Deduction Vs. Exemption
Every industry has its own jargon, and the income tax establishment is no different. Some of the terminology might have more than one meaning depending on its usage, and some ...
How to Compute FICA Taxes
The Federal Insurance Contributions Act allows the Internal Revenue Service to collect Social Security tax. Along with Medicare tax, FICA tax is computed and deducted by employers ...
What Are Federal & FICA Tax Rates?
The federal government collects a lot of different taxes on income, and each has its own formula and rates. If your income comes only from wages paid by an employer, federal and ...
Maximum Non-Cash Deduction for Income Taxes
If you itemize deductions, you can write off donations to charity, including non-cash, "in-kind" contributions. There's no absolute dollar limit on the size of your ...
Are Donations to Non-United States Organizations Tax-Deductible?
The IRS allows tax deductions for charitable donations made to nonprofit organizations, such as those granted 501(c)(3) tax-exempt status. Taxpayers who itemize on their annual ...
Tax Deductible Medical Expenses for Qualifying Relatives
Paying hospital bills is no fun. Writing off the costs on your taxes can be. You can deduct your medical expenses as well as your dependents' -- both qualifying children and ...
How to Calculate Your Paycheck After Retirement Deduction
Your employer deducts your contributions to your retirement plan from your paychecks, and forwards the payments to the plan provider. But if your employer doesn’t do the ...
Tax Deductions for Visually Impaired Individuals
The visually impaired can qualify for certain tax breaks from the Internal Revenue Service. Some of these tax benefits require you to itemize, but you may also qualify for tax ...
Can I Deduct Taxes on a Time Share Mortgage?
Uncle Sam might not have laws forcing you to use your vacation time, but you can use the tax code to have your timeshare subsidized by the government. The mortgage interest ...
Are Prescription Co-Payments Tax Deductible?
Even with a good insurance plan, you might still shell out money for the co-pays on your prescriptions. If so, some or all of these expenses could be deductible. However, the ...
Tax Deductions for Donating to a University
Whether you give a few bucks or enough to have a building named after you, donations to universities are tax-deductible. This includes nonprofit private and state colleges, ...
Can You Deduct Photography Props on Taxes?
When your love of snapping pictures becomes a regular weekend hobby and your garage is filled with photography props, evaluate your passion. Is your camera work becoming a side ...
IRS Form 2106 / 2106-EZ Requirements
If your employer doesn't reimburse your work-related travel and other necessary business expenses, you may qualify for a tax break. File Form 2106 for travel, meals, lodging and ...
Are SEPs Tax Deductible?
Simplified employee pensions offer larger contribution limits than traditional or Roth individual retirement arrangements and allow employers to make contributions on behalf of ...
How Much Can You Deduct When You're Married & Have One Dependent?
The amount you can deduct for yourself, your spouse and your dependent often varies from year to year. Even if you've always taken the standard deduction in the past, your ...
Are Government Savings Bonds Tax-Deductible?
U.S. savings bonds are debt obligations of the United States government, and as such are one of the safest and most widely held securities you can own. U.S. savings bonds have ...
What Can You Deduct on Your Taxes as a Homeowner With Rental Income?
Owning rental real estate opens the possibility for certain write-offs and deductions for expenses that you can't write off for your personal residence. You are still allowed to ...
How Much of Non-Cash Donations Are Deductible on Income Tax?
Whether its some old clothes or an old car in your garage, most people have items they don't use on a regular basis. If you decide to give these items to charity, you can claim a ...
Is a New Refrigerator Tax-Deductible on Rental Property?
A new refrigerator will do more for your rental than it will for this year's tax bill. Repairing an old appliance is deductible but installing a new refrigerator or stove is an ...
Are Medical Journal Subscriptions Tax Deductible?
A subscription to a medical journal or two could be necessary for a doctor to keep up with his profession. That means a subscription could be part of a tax deduction. The ...
Can Homeowners Deduct Property Tax?
As any real estate agent will be happy to tell you, home ownership comes with certain financial benefits. Besides the iffy prospect of profiting from the eventual sale of your ...
Family Expenses and Taxes
Raising a family can be an expensive endeavor. According to the United States Department of Agriculture, it costs $300,000 to bring up a child for 17 years, and this figure does ...
Red Flags on Income Tax Deductions
Your risk of being audited in any given tax year is only about 2 percent, according to Forbes Magazine. But your chances of being audited by the IRS increase when you take certain ...
How to Be Audit-Proof
If the prospect of an tax audit has you reaching for the panic button, you're not alone. Every year, the IRS selects a small percentage of Americans for an audit. A set number of ...
Is the Interest on Sally Mae Educational Loans Tax Deductible?
Because of the high cost of higher education, people graduating debt-free are the exception rather than the rule. Students often tap private loans because of the limits on ...
What Makes a Student Loan Qualified for Tax Deductions?
You're among the majority if you need to take out student loans in order to afford college. Two-thirds of students graduating with a bachelor's degree had some form of student ...
Tax Deductions for Donations Made to the Same Organization on Different Dates
You can write off multiple donations to one charity just as easily as deducting donations to a dozen different groups. As long as the organization qualifies for tax-deductible ...
Taxes and Living Spaces
It seems like no matter what you do, the Internal Revenue Service is going to find some way to tax you. This counts for anything that qualifies as living spaces, be it the place ...
Must I Report Earnings from a 401(k) on My Income Tax?
The IRS doesn't worry about your 401(k) earnings as long as they're sitting in your account. No matter how much your investments are earning, the money accumulates tax-free: You ...
Are City Property Taxes Deductible on Your Federal Tax Return?
If you're in the market to purchase a home, you've probably realized there are a lot of costs involved. But home ownership also provides a few federal tax deductions. Property ...
Tax Deductions for Allergies & Chemical Sensitivities
If you spend money diagnosing, treating, or managing an allergy or sensitivity, that may pay off come tax time. The IRS lets you deduct a variety of expenses related to health ...
Is Donating a Laptop Tax-Deductible?
You can reduce clutter and get a federal tax deduction at the same time by donating your old laptop to a qualifying charity. In most cases, a used item must be at least in good ...
Can You Do an Itemized Deduction of Sales Tax or Property Tax?
If you itemize tax deductions on Schedule A, you may be able to write off sales tax and property tax you've paid during the year. It's the only place you can claim a deduction for ...
Can I Deduct Mileage to Doctors & Pharmacies for Tax Deductions?
Medical expenses can take a big bite out of your finances. In addition to doctor and pharmacy bills, there’s the cost of getting to and from those appointments. The IRS ...
How to Deduct State Income Tax
When you're filing your taxes, Uncle Sam lets you take a deduction for the state income taxes that you paid during the year, but only if you itemize your deductions. Depending on ...
Can Health Insurance From Payroll Deductions Be Deducted From Federal Income Tax?
You can only write off your medical bills if you itemize tax deductions. The rules for your health insurance premiums are a little different. If your boss takes your ...
Are Children Tax-Deductible the Year They Turn 18?
Having children brings joy, complications, worries and an extra tax deduction into your life. Though the exemption for children doesn’t approach the cost of actually raising ...
Is It Tax-Deductible if a Business Makes a Donation?
Giving to charity improves your company's public image, and possibly its tax treatment. The charity must be one qualified by the IRS to accept tax-deductible contributions; you ...
Tax Deduction on Realized IRA Losses
Whether you picked bad stocks or your mutual fund underperformed, it's frustrating to see your individual retirement account balance tank. However, you've got to do more than just ...
Cars and Personal Tax Deductions
The federal government gives you a few tax breaks that help you meet the high costs of keeping your car on the road. Most of these deductions apply only for business or work use ...
IRS Domestic Partner Regulations
If you're in a domestic partnership, the Internal Revenue Service lets you combine income for tax purposes in some states, but you still have to file separate federal returns. ...
Cars and Business Tax Deductions
The Internal Revenue Service rules to deduct car and other vehicle expenses differ widely depending on whether you run the business or if you're the employee. Self-employed ...
What Educational Expenses Are Tax Deductible?
If you're paying for school, chances are you'll take any extra tax deductions you can get to lower your tax bill. The IRS offers two education-related deductions: the tuition and ...
About Pell Grants
If you're a low-income undergraduate student, a Pell Grant can provide financial assistance that you don't have to pay back. However, the federal government places strict ...
Taxes and the Lottery
No one wants to think about paying taxes after winning the lottery, but the reality is that you have no choice. The Internal Revenue Service views lottery prizes as taxable ...
Can I Deduct Vehicle Registration Fees on a Federal Tax Return?
That pesky vehicle registration notice has come around once again, meaning it's time to write a check to the DMV just for the privilege of putting your wheels on the public roads. ...
Are the Wages Deducted for a Cafeteria Plan Tax-Exempt?
A cafeteria plan, also called a Section 125 plan, must meet Section 125 of the Internal Revenue Code to allow you to pay for qualified benefits with pretax dollars. As a ...
Are Travel Expenses for Educational Conferences Tax-Deductible?
IRS rules for business travel expenses come laden with "if." If you travel for a conference related to your business, and if your trip is purely for business, you may be ...
How Much Taxes Do I Need to Pay Per Deduction on My Check?
Knowing your tax amounts per paycheck comes in handy during financial planning and budgeting. The amount you must pay per tax depends on various factors, such as whether ...
Education Credit Vs. Tuition Deduction
Paying for college means you can shave a bit off of your tax bill for the year. The IRS has three college tuition benefits, in addition to a deduction for student loan interest. ...
Tax Deduction for Food & Business Meals
We all have to eat, and if we can get a tax deduction for doing so, all the better. Better think again before you start charging off all your meals as business expenses, though. ...
Federal Income Tax Payroll Deductions
Federal income tax payroll deductions are taken only when you’re an employee. Unlike Medicare and Social Security taxes, which are withheld at flat percentages of your ...
Things to Know About Rents and Taxes
According to the 2010 Census, homeowners outnumber renters by a 2-to-1 margin. It's no surprise that all the best deductions go to homeowners. In fact, as of 2012, there are no ...
Some Things To Know About Income Tax Deductions
Your income isn't just your wages. It's also any other way you earn your living, such as interest, dividends and rental properties. Although you usually have to claim all your ...
Home Mortgages and Tax Deductions
A mortgage is one of your largest expenses, so you naturally want to take some tax deductions for it. However, not all of your mortgage-related costs are deductible. While you can ...
Is a Car Donation Made in Michigan Tax Deductible?
When you claim charitable donations on your income tax, it doesn't matter where you live. The rules for federal income tax deductions apply throughout the country: you can write ...
Can You Take Tax Deductions for Gifts?
You hear it everywhere -- “Your gift is tax-deductible!” -- but that isn't always true. Everyone looks for a break on their taxes – especially couples just ...
Can a Boat Be Considered a Second Home for a Tax Deduction?
Most home-ownership expenses are not tax-deductible. For example, you can't deduct any portion of your mortgage that goes to pay your principal or homeowner's-insurance premium. ...
What Kind of Tax Deductions Are for a Single Person With No Dependents & No House?
The Internal Revenue Service isn't particularly generous toward single taxpayers who have no children or other dependents and who aren't homeowners. If you fall into this ...
Can I Deduct My House Rent on My Personal Income Tax Return?
Some advantages of renting your home include not having to worry about the bottom falling out of the housing market and the lack of responsibility for paying property taxes. On ...
Tax Deduction Rules for Business Related Expenses
Young entrepreneurs filing taxes for the first time often wonder what they can actually claim as business-related expenses. If you don’t know the IRS’s requirements ...
Facts About Parents, Children and Finances
Whether you're planning to have children or have kids now, parenthood will have a significant impact on your finances. Even if you -- and your pocketbook -- successfully navigate ...
Federal Tax Deduction for Children
Raising children can prove an expensive endeavor. From diapers, food and clothing to medical care, and eventually, college expenses, children require a major and ongoing ...
Tax Deduction for Physician Recommended Weight Loss
Being severely overweight can affect your health, but losing weight isn’t easy, and enrolling in a weight loss program can be expensive. Fortunately, if your doctor ...
Can Gas & Vehicle Expenses for Work Be Counted as Tax Deductions?
Driving from job site to job site or to visit clients is a normal part of the job for many people, contributing to high gas bills and wear and tear on your car. The good news is, ...
Pennsylvania Income Tax Details
New couples might consider a move to a different state to start their married life. Check into the state's tax details and discover how they would affect income before making the ...
Tax Deductions on Meal & Entertainment Expenses
If you spend money entertaining a business client or taking her out to dinner, it's a potential tax write-off. This type of deduction is easy to abuse, though. For that reason, ...
Things to Know About College Financing
Going to college or graduate school can be an exciting adventure, but paying for it -- not so much. Especially if you have a job or family obligations, you may feel like you have ...
How to Get Tax Deductible Status for a Donated Item
Donating to charity isn't a slam-dunk tax write-off. You can't take the deduction at all unless you itemize. You also must give to a group that can accept tax-free donations. The ...
How to Set Up a Quarterly Estimated Tax Deduction From My Account
Many people are required to pay quarterly taxes as opposed to a single payment in April. Self-employed individuals such as independent contractors and business owners are most ...
How Much Tax Taken From Scratch Ticket?
The Internal Revenue Service considers lottery prizes taxable income. Depending on how much you win with a scratch ticket, there might not be any taxes taken out of your prize ...
Tax Deductible Donations to American Cancer Research
Donating to cancer research increases the odds of finding a cure and often decreases your tax liability. The Internal Revenue Service recognizes multiple American cancer research ...
Are State Tax Stamps Tax Deductible for Home Refinance?
When mortgage interest rates are low, you might be eager to refinance your home loan. Refinancing at a lower interest rate will reduce your mortgage payment, but getting that ...
What Are Some Overlooked Income Tax Deductions for Teachers?
As school budgets get slimmer, teachers often take up the slack, purchasing supplies for their classrooms with their own money. If you’re a teacher, you may be able to ...
Are Multiple Moves to a New Job Tax Deductible?
Moving for work isn't cheap or easy, but it may be tax deductible. Unlike many tax deductions, you can write off moving costs on your 1040 even if you don't itemize. Your ...
Are Mortgage Refinancing Fees Tax Deductible?
Refinancing your mortgage may be a smart move, but it's not much of a tax loophole. Most of your refinancing fees -- appraisal, inspection, loan origination -- don't give you any ...
Tax Deduction If You Paid Back Owed Taxes
Not keeping up with tax payments can land you in a difficult financial situation. If you owe the IRS for past years, it's a debt that doesn't go away, even in bankruptcy. Another ...
Can Taxes You Pay on Your House Be Deducted on Your Federal Return?
Allowable deductions on your federal income tax return include state, local or foreign real estate taxes. Whether you are a single or married homeowner, the real estate taxes you ...
Can You Take a Tax Deduction for Donating Books?
Whether your donating books because they too heavy to pack and move or out of the kindness of your heart, Uncle Sam rewards you with a deduction on your tax return. However, it's ...
Tax Implications of Gifting Money
Making a significant cash gift to someone is a generous move, but it may have serious tax implications for the giver. That's because the IRS has specific regulations regarding ...
Are Medical Expenses for Having a Baby Tax-Deductible?
The federal government knows having babies isn't cheap. The medical bills that come with pregnancy and childbirth are a legitimate tax deduction, just like your other medical ...
Shared Custody and a Child Care Tax Deduction
Sharing custody of a child means figuring out more than pickup and dropoff schedules and where the child will stay on holidays. You also have to negotiate which parent will claim ...
Tax Deductions for Donating a Horse to a Nonprofit Group
When you got your horse, you may not have thought about what you would do if you could no longer keep it. Although selling your horse is one option, there is another: donating it ...
Spousal Support As a Tax Deduction
You get married with the highest of hopes, so it can be a real blow to find out that not only has your marriage failed, but the court expects you to support your spouse ...
Tax Deduction for Investment Property
Investing in real estate offers a boatload of tax deductions. Even in years when you don't spend any money on the property, you can still claim deductions that reduce your taxable ...
Advice on Claiming Charitable Deductions
Whether it’s a check to the American Cancer Society or a pile of clothes to Goodwill, charitable donations benefit everyone involved. If you're the giver, it can mean the ...
Is the Money I Paid for My Children's Health Insurance Tax-Deductible?
Health insurance premiums can be a staggering monthly expense for most couples when their employers don't cover them as a job perk. Even if your employer does offer a plan, it may ...
If Federal Taxes Were Not Withheld, Do I Qualify for the Standard Deduction As Head of Household?
The head of household filing status is just that -- a filing status to claim on your tax return. If you need to file, you'll use the filing status you're eligible for even if you ...
Equity Line Tax Deductions
Borrowing against your home can be risky because you could lose your home if you default. In addition to obtaining a lower interest rate, however, you might be eligible to deduct ...
Tips for Income Tax Mileage Deductions
When gas prices creep upward, it's good to know that the Internal Revenue Service has your back -- at least to some extent. Not all miles are deductible, and the tax break ...
Health Care Tax Deductions
If you're covered by a good health insurance plan, you might not give too much thought to the annoying little co-pays and extras you must pay yourself. If you're married and have ...
What Is the Union Dues Deduction From Income Tax?
If you itemize deductions, you can deduct the amount of the dues you pay for union membership on your federal income tax return. Generally, your employer will withhold your union ...
Tax Deductible Health Savings Plans
Paying for health insurance can take a divot out of any budget. The least expensive plans ask you to assume a greater share of the upfront costs of your care in exchange for lower ...
How to Calculate the RRSP Deduction Limit
Registered Retirement Savings Plans are the Canadian equivalent of the Individual Retirement Accounts and 401(k)s used by Americans. It's not a bad arrangement: Invest for your ...
The Maximum Deduction for a Health Savings Plan
One of the neat things about a health savings plan is you can save money for out-of-pocket medical expenses. Health savings accounts (HSAs) are tax-exempt, so you don't pay income ...
Tax Deduction for a Loss in a 401(k) Plan
When you lose money on your normal investments, you get to claim a deduction in the year you sell the stock. However, just because your 401(k) plan balance went down doesn't mean ...
Can I Deduct a Professional License on My Taxes?
Deductible business expenses cover more than just paper for your office printer. If your job requires you to obtain a license for your trade, business or profession, you can often ...
Are IRA Losses Tax Deductible?
Not every investment performs well, even in an individual retirement account. Unfortunately for you, you can’t claim a deduction if the value of your IRA goes down or you ...
Can Legal Expenses in Tax Amnesty Be Claimed as a Tax Deduction?
In order to avoid expensive tax litigation, the Internal Revenue Service offers tax amnesty to delinquent taxpayers. In exchange for protection from prosecution, the IRS requires ...
Can a YMCA Membership Be a Medical Tax Deduction if Used for Medical Therapy?
When tax time rolls around, everyone wants the greatest return possible. As they search their receipts for anything that could be turned into a deduction, chances are a membership ...
Can Dues to a 501(c)(3) Sports Club Be Tax-Deductible?
Few people -- other than CPAs and masochists -- like tax time. You pull out a list of every expense from the past year, light a candle to the gods of deductions, and hope that you ...
Tax Handling of a Non-Deductible IRA
Taxes on traditional IRAs are usually simple: you put pre-tax money in the account, and then you pay taxes when you take money out. When some of your contributions are taxable, ...
Is Sales Tax Deductible as an Itemized Deduction?
The next time your mate says you shop too much, explain that you're trying to cut your tax bill. Every time you pay sales tax, you can save your receipts and deduct sales tax off ...
Can 1099 Employees Deduct Car Expenses on a Tax Return?
If you get a 1099-MISC in the mail instead of a W-2, you're not really an employee. Businesses send out the form to independent contractors who do more than $600 worth of work for ...
What Can I Prepay for Better Tax Deductions?
Many tax deductions and credits are figured based on how much you paid during the calendar year. By prepaying certain expenses, you can accelerate your deductions for those ...
Can I Deduct College Tuition on My Taxes When Paid by a Tuition Savings Plan?
Qualified tuition plans offer you two ways to save for college: prepaying expenses at today's rates or contributing money to an account that grows tax free and, as long as you ...
List of Tax Deductions for Hair Stylists
As a hair stylist, you can deduct business expenses that are "both ordinary and necessary" in the words of the IRS. Expenses are ordinary if they're standard for a ...
Can I Take a Federal Tax Deduction for My Son While Away at College?
If you’re helping your son get through college, you don’t need to be reminded that an education comes with a hefty price tag. While families must bite the bullet and ...
Tax Deductions for My Kid's Recreation
Keeping your kids entertained isn't cheap -- and it isn't usually tax deductible. If your child is able to turn dance, music or athletics into a paying gig, you can treat the ...
Are Dance Fees for a Child Tax Deductible?
Fees for dance classes, cash for leotards and dollars for dance shoes aren't normally tax write-offs. Even if you're straining to provide your kid with the dance classes she ...
Are Kids' Sports Fees Tax-Deductible?
Children's sports are a serious -- and often expensive -- business. Not only fees for playing on a teams, but equipment, uniforms and hotel rooms for long-distance away games. ...
The Pre-Tax Health Insurance Deduction for Employees
Uncle Sam has his ways of collecting your hard-earned money, but you may be able to keep a little more in your hands by paying for your health insurance with tax-free dollars. The ...
Are FHA Refinance Closing Costs Tax Deductible?
The Federal Housing Administration insures home loans made to borrowers with credit challenges, low and moderate incomes and minimal cash. FHA insurance protects lenders against ...
Can I Deduct Dance Tuition From My Federal Taxes?
If you or your child majors in dance, you can usually write off at least some of the college costs on your taxes. When your money pays for dance classes at a local studio, ...
Can a Jobless Parent Claim Kids as Dependents?
It’s not a lot of fun to be out of work when you have children to take care of, but you may get some help when you file your taxes. Jobless parents can still claim kids as ...
HUD Statement: Tax Deductions
Buying or refinancing a home is expensive: In 2012, a $200,000 mortgage transaction cost $3,754 on average to close. Most buyers need a mortgage to buy a home, and refinancing ...
If the Seller Pays Closing Costs, Are These Tax-Deductible?
In a real estate sales transaction, the buyer can negotiate certain concessions. A seller may agree to pay a portion or all of the buyer's closing costs, up to a certain amount. ...
Which Is Better for Health Insurance: Deducted Pretax or After Tax?
Health insurance doesn't always come easy -- several decisions need to be made. You may have picked the best plan for you and now you will need to decide the best way to pay your ...
Are Co-Pays Deductible Medical Expenses on a Tax Return?
Many health insurance plans require copays that vary in size. Even if the individual copays aren't overly high, over the course of the year they can add up. If they end up ...
Can I Have an FSA & an HSA at the Same Time?
Health care coverage changes every year. As insurance companies change what services their policies cover, they also change what they don’t cover. Flexible spending accounts ...
FHA Definition of Gross Income and Untaxed Income
A number of first-time home buyers and borrowers of modest means opt for Federal Housing Administration (FHA) loans because of the flexible qualifying guidelines. Borrowers with ...
What Is the Maximum Upper Limit for Charitable Federal Tax Deductions in the United States?
Some people get so much joy and fulfillment out of giving to charity that the good vibes themselves are reward aplenty. Others could use a little extra encouragement to open their ...
Real Estate Tax Deduction Limits
One of the benefits of owning your own home is the ability to write off some of the expenses. Since you'll want to take this deduction as long as you own the place, it's important ...
Eight Real Estate Tax Deductions to Improve Your ROI
Purchasing real estate can be a great financial investment. That said, there are many financial burdens that come with real estate ownership, from the mortgage payment to property ...
Political Donation Tax Deduction
Campaign spending has hit new highs and most of those dollars come from individuals. Hundreds of thousands of people contributed at least $200 or more to the 2012 presidential ...
Can Long Term Care Insurance Premiums Be Deducted on Income Tax Returns?
Long-term care insurance can be expensive, particularly if purchased later in life. However, without long-term care insurance, many individuals who need home care or skilled ...
Can PTA Donations Be Deducted on Taxes?
Before you try to write off that donation you made to your local PTA, it's important to know if your contribution is tax-deductible. Under Internal Revenue Code 501(c)(3) PTAs ...
Are Education IRAs Tax Deductible?
It's never too early to begin saving taxes on Junior's college education. Parents looking to get a jump start on college tax breaks can begin early by opening what amounts to an ...
Is Building a Basement Home Office Tax Deductible?
Getting the Internal Revenue Service to foot the bill for your home improvements might sound like one of those things that's just too good to be true. Depending on what you do ...
How Long to Keep Records & Receipts
You might be tempted to throw out those receipts cluttering your file cabinet, but you do need to think of the ramifications. Business owners and individuals should keep receipts ...
Are Disbursements to Beneficiaries Deductible to a Trust Fund?
Whenever money changes hands, it's a safe bet that the Internal Revenue Service will want a piece of the transaction. The IRS takes a higher percentage in income taxes from trusts ...
Are Baby Diapers Exempt or Taxable?
The endless amount of expenses parents have to pay for can be truly daunting, and diapers are high up on that list. Diapers are generally taxable under the federal income tax ...
Real Estate Tax Deduction for Non-Itemizers
If you don't itemize your deductions, you probably can't claim the write off for your property taxes. However, you enjoy many other opportunities for deductions and for tax ...
Is a Tummy Tuck Tax-Deductible?
Tummy tucks are relatively expensive, with many costing well over $10,000. The Internal Revenue Service allows you to write off medical expenses along with your other itemized ...
Taxes on a Lump Sum Payment From a 401(k)
Instead of letting a 401(k) provide a steady stream of retirement income, you can empty the account in one lump-sum withdrawal. Some plans do this automatically when you turn 70 ...
Can I Claim a Tax Deduction on Money Paid to a Handyman for Home Repairs?
Home repairs can be expensive, and it'd be nice if you could defray some of the cost by writing them off on your taxes. Unfortunately, the Internal Revenue Service generally looks ...
Tax Deductions for Land Held for Investment
One of the best parts about owning land is you get generous tax deductions. The Internal Revenue Service lets you write off just about everything you spend to own or care for the ...
Can I Count Paying for Insurance as a Medical Expense on My Taxes?
If you don't mind going to the trouble of itemizing at tax time, you can take a deduction for health insurance premiums you've paid, as well as for many medical expenses not ...
Are Deductions to a Cafe Account Tax-Deductible?
A cafeteria plan allows you to pay for certain benefits with pretax money. Because your payments for the benefits are made with pretax income, you may not deduct them when you ...
Are Real Estate Taxes on Raw Land Deductible on Schedule A?
The Internal Revenue Code allows you to claim deductions for several categories of taxes, including real estate taxes. As long as the real estate tax meets the requirements, it ...
Are Real Estate Commissions Tax Deductible?
Some real estate commissions are tax-deductible and some aren't. The Internal Revenue Service looks at the commission in context. If you pay it to sell your house, it's not ...
Is Attending Conferences Tax-Deductible?
In general, you can deduct "ordinary and necessary expenses" for attending business meetings and conferences when the expenses directly relate to your business, job, or ...
Recovery & Reinvestment Act Tax Deductions
The American Recovery and Reinvestment Act of 2009 was a part of the stimulus measures passed to deal with the post-2007 recession and economic meltdown recession. The act ...
What Is Not Income Tax-Deductible During Retirement?
In and of itself, retirement doesn't change the way you get treated under the tax code. You still pay tax at the same rates and the laws that govern your deductions generally ...
Pretax vs. After-Tax Medical Premiums
The IRS allows employers to offer medical savings accounts that accept pretax contributions from employees. This offers a deduction to income and significant savings on your ...
Tax Deduction for Pre-Retirement CSRS Contributions
Federal employees who participate in the Civil Service Retirement System, or CSRS, can build up a retirement fund and receive a number of tax-related benefits in the process. Some ...
How Much Tax Should Be Deducted for Married?
If you're married, you are entitled to take certain deductions on your tax return. You may choose whether to file separately or combine your finances on one joint return. Because ...
Tax-Deductible Investment Advisory Fees
Since the Internal Revenue Service makes you pay tax on your investment earnings, it's only fair that it lets you write off what you spend to make money. As long as you itemize ...
Can I Claim My 401(k) as a Deduction on My Taxes?
You make 401(k) contributions with pretax dollars, so you don't get to write them off on your taxes. When you sign up for a 401(k) plan, your employer takes your contributions out ...
Tax Deductions for Investing in Property in Canada
Low corporate income taxes, a stable banking system, business-friendly laws, a fiscally prudent management and consistent economic growth are just a few of the advantages that, ...
Can I Claim FICA Deductions on Personal Income Tax?
The Federal Insurance Contributions Act imposes both a Social Security tax and a Medicare tax on income you earn from working during the year. When you work as an employee, you ...
Are Refinance Fees & Points Tax Deductible?
When you buy a home, points are a write-off but closing costs aren't. Taking out a refi is no different: you can't write off the closing costs but you can deduct points in many ...
The Teacher Retirement System of Texas and Tax Deductions
With more than 1.3 million members, the Teacher Retirement System of Texas is the largest public retirement system in Texas and the sixth largest in the United States. According ...
Marital Gift Annual Tax Deduction
The IRS allows you to make an unlimited number of tax-free transfers to your spouse. The idea behind the marital gift deduction is that spouses shouldn’t be forced to pay ...
Gift to Child Tax Deduction
If you’re like a lot of parents, you want to do more for your child than just give him holiday and birthday gifts. You may want to give him gifts throughout the tax year. ...
Are Mutual Fund Commissions Tax-Deductible?
Mutual funds offer individual investors two primary advantages. With a single investment you get professional management of your money and an instantly diversified portfolio of ...
What Is a Non-Deductible Contribution on a Tax Return?
The cool thing about IRAs is that they let you invest for retirement and take a tax write-off at the same time. In some cases, including if your income is higher than the cutoff ...
IRS Estate Closing Letter
Just because someone dies doesn’t mean his tax liability ends. If the decedent’s estate is large enough, the Internal Revenue Service (IRS) will tax it. If ...
What Can I Deduct on My Taxes if My Company Relocated Me?
The U.S. Postal Service reports nearly 38 million change-of-address requests each year. That shouldn't be surprising, considering around 40 million of us relocate each year, ...
Is Landscaping Tax Deductible?
You can landscape your property front and back but in most cases, you don't get to deduct the cost on your taxes immediately. Instead you have to wait until you sell your home to ...
Are Reinvested Profits Tax-Deductible?
The Internal Revenue Service doesn't care how you receive income. You can work for an hourly wage or a salary, have self-employment income, receive interest on your savings or ...
Can HOA Fees Be Used as a Tax Deduction for a Second Home?
Homeowners association fees on your first home are almost never deductible. If you own a second home and nobody uses it but you and your family, fees for that house aren't ...
Can a Canceled Check Be Used as a Receipt for Tax Purposes?
When you prepare your tax return, you'll need records for deductions, expenses or credits you want to claim. Canceled checks serve as proof of amounts you paid. You won't need to ...
Are the Fees for a Financial Planner Tax Deductible?
Setting up a financial plan can be tricky. Even if you are comfortable making your own money decisions, sometimes getting fresh insight from a pro can pay big dividends, ...
IRS Tax Deduction for Child Programs
If you're lucky, your community offers a million ways to keep your kids busy. There's day care, arts and music programs, sports, summer camp, and so on. No matter how pricey it ...
Are Personal Liability Insurance Premiums Tax Deductible?
Anyone who thinks you owe him money or injured him can sue you in court. If the judge finds you personally liable, the injured party may be able to put a lien on your house, ...
