Deductions
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- What Seniors Must Know Before Filing Their 2011 Tax Return (Part 5)Part 5 of What Seniors Must Know before Filing their 2011 Returns explores deductions that are of particular interest to seniors. Make sure you get yours.
- Tax Deductions for Small Business OwnersAccountants and tax clinics have prepared themselves for a long siege to handle the onslaught of young business owners.
- Tax Deductions for a Freelance WriterTax season is upon us, do you know where your deductions are?
- Business Tax Deductions: 5 Tips for Entrepreneurs and Small BusinessesHow entrepreneurs and small business owners can maximize their tax deductions for five common business expenses.
Tax Checklist: Don't Overlook These Important DeductionsTo come out ahead on your taxes, you have to take all the deductions you can.- Taxes when You Sell Equipment After Claiming a Section 179 DeductionWhen you purchase equipment for use in your business, you can write off the cost by electing the section 179 deduction. If you later sell or exchange the equipment you have to recapture the section 179 deduction by reducing your basis in the equipment.
- Who Can Claim Itemized Deductions After a Divorce or Legal Separation?Generally, each spouse can claim the itemized deductions he or she individually paid and half the deductions paid from a joint account. After the divorce or legal separation special rules apply, and certain payments may be considered alimony.
- First Person: The Home Office Deduction and My Small BusinessBased on the research I did to determine whether my small business qualified for the home office deduction, the requirements are stringent, but not insurmountable. If your business qualifies, taking it could result in significant savings.
- First Person: Tax Tips to Start the New YearAs another calendar year comes to a close, if you are like me, you may be contemplating what you would like to do differently next year. Here is something that we all should add to our list – Think about how we can perk up our tax situation for 2012.
- Tax Deduction for Travel and Transportation for Medical ReasonsIf you claim itemized deductions for medical expenses, you can include the cost of travel and transportation. The expenses of an accompanying person also qualify in certain cases. Certain medical conferences and medical expenses abroad can also qualify.
First Person: 4 Ways to Cut Taxes With Non-Cash DonationsWhile most tax-deductible donations to charities are made in cash or by check, many non-cash donations can be deducted as well. Here are four ways to boost charitable deductions and cut taxes with non-cash donations.- First Person: Tax Reminders for the End of the YearEach December 31 marks the end of the year and is the last day that we can impact our tax situation for that year,
- First Person: Don’t Miss Out on the Sales Tax DeductionOne of the most overlooked income tax deductions is sales tax, possibly because whether and how to use it can be confusing. However, skipping the sales tax deduction could cost you. Here are 5 things you need to know about the sales tax deduction.
- Can You Prepay Expenses at the End of the Year to Reduce Your Taxable Income?Certain prepayments can be deducted in the year they are paid if they cover a period of not more than 12 months. Sole proprietors and business owners could also claim a section 179 deduction for the cost of machinery, equipment, and certain other assets.
- Year-End Tax Tips for Small Businesses: Save on Education SpendingIf your business has educational expenditures, now is the time to do some year-end tax planning to take advantage of valuable tax deductions and credits. Here are three ways for small business owners to save on education spending.
- IRS Audit Red FlagsEver wonder what triggers an IRS Audit? Here's a listing of the many considerations used by the IRS in looking at and selecting your tax return for audit.
Tax Savings and Changes in 2012A number of tax changes are expected to go into effect in 2012, all resulting in various savings for tax filers.- What is Rick Perry's Economic Plan?Former Texas Gov. Rick Perry, a candidate for president of the United States, has presented his comprehensive economic plan. At the center of Perry’s plan is a 20 percent flat tax on personal and corporate income.
Tax Deductions for Donating Clothes and Household ItemsArticle looks at the requirements to qualify for a tax deduction when donating clothes, household items and other objects to charities.- Cain 9-9-9 Tax Plan Moves Toward 0-0-9 Tax Plan for Poor, CorporationsCain has offered more details in the past few days about his "9-9-9 Tax Plan," with some of the taxes in the corporate and personal income categories edging more toward zero with each detail -- and some actually getting there.
- Saving for Retirement with a Tax DeductionIf you save for retirement with a pre-tax individual retirement account (IRA), you could use your deposits as a tax deduction if you earn under a certain income level.
- Deducting Charitable Gifts CorrectlyIf you're going to claim tax deductions for your charitable gifts, make sure you collect and file the correct paperwork. Otherwise, your deduction could be challenged.
- Tax Deductions on Donations for the Self-Employed PersonTaking tax deductions for donations when self-employed is relatively simple but caution must be exercised.
- Can You Deduct Costs for Your Job? MaybeYou don't have to absorb unreimbursed work expenses completely. You can recover some of this cost via a tax deduction.
- Working From a Home OfficeJust because a home office tax deduction gets scrutiny is not a reason to avoid claiming it. If you honestly use your home office for your business, you're leaving money on the table not claiming the related deduction.
Warren Buffett: Tax Promoter, Tax Evader or Tax Manipulator? How About All ThreeShould powerful people who don't pay their own income taxes be offering tax advice to the nation? They do if you live in the bizarro world formerly known as the United States.- Three Volunteers—Who Gets a Charitable Tax Deduction?Three situations illustrate whether volunteers may deduct their out-of-pocket expenses as charitable contributions on their income tax returns.
- HUD Homes and Homeownership Tax BenefitsPeople who buy a home through HUD or other avenues share long-term tax benefits.
Tax Dos and DontsLearn more about Schedule A documentation. Learn what you can and can't itemize.- Is My Island Vacation a Tax Deduction?If you are self-employed, then your business likely takes you away from your home. In some cases, it may take you very far away, say, to a tropical island for a conference built around midday buffets, snorkeling and all-inclusive drinks.
- Tax Deductions and How They Benefit YouAnybody can claim a tax deduction on their income tax filings, and, if done right, they can result in significant savings.
- The Alternative Minimum Tax Problem We All HaveThe AMT looms over every middle class family and taxpayer, with no immediate relief in sight. Intended to make sure the higher income paid taxes, it now takes a bite out of the average taxpayer too.
Can You Claim a Tax Deduction for a Computer when You Work from Home?If you use a computer when you work from home, you may be able to claim a tax deduction for using the computer in your business, as an employee, or to manage your investments. The rules for claiming a deduction are different in each case.- 3 Creative Strategies You Can Use to Reduce Taxes for Your Home-Based BusinessFinding adtional income in this economy is challenging enough, so reward yourself financially by cutting into your taxes.
- How Much Will My Tax Deduction Be If I Donate My Car?Often one of the first questions a person has when deciding what to do with a car they no longer want is 'What will my tax deduction be if I donate it to charity?' The answer depends of several thing.
- The ABCs of Car Donation - B is for BewareBeware of the many false claims. Beware of any charity or car donation center that uses any of theses phrases; '..."full fair market value', '..."maximum value', '..."maximum deduction' '..."huge tax deduction', '..."fully tax deductible' or '..."tax
- House Mortgage Tax Deductions Misled UsWe believed everyone who told us buying a house would save us a bunch of money through income tax deductions. What an expensive mistake that was!
Income Tax Deduction for Reforestation or Forestation of FarmlandIf you reforest part of your farmland, you may be able to deduct up to $10,000 of your reforestation costs the year you incur the costs. And you can amortize the balance over seven years.- Who Can Claim the Mortgage Interest Tax Deduction when There Are Co-Owners?As a co-owner of a home, you can claim a tax deduction for the home mortgage interest you actually pay, provided you have an ownership interest in the property. You do not necessarily have to be directly liable on the mortgage loan.
- 6 Ways to Maximize Your Tax RefundIf you are looking for ways to get a bigger tax refund, then you certainly are not alone. In fact, you are practicing something the IRS encourages: Tax avoidance. Here are six ways to avoid paying more tax than you need to.





