Deductions

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.

Accountants and tax clinics have prepared themselves for a long siege to handle the onslaught of young business owners.

Tax season is upon us, do you know where your deductions are?

When 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.

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.

Based 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.

As 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.

If 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.

Each December 31 marks the end of the year and is the last day that we can impact our tax situation for that year,

One 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.

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.

If 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.

Ever 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.

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.

Cain 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.

If 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.

If 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.

Taking tax deductions for donations when self-employed is relatively simple but caution must be exercised.

You don't have to absorb unreimbursed work expenses completely. You can recover some of this cost via a tax deduction.

Just 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.

Three situations illustrate whether volunteers may deduct their out-of-pocket expenses as charitable contributions on their income tax returns.

People who buy a home through HUD or other avenues share long-term tax benefits.

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.

Anybody can claim a tax deduction on their income tax filings, and, if done right, they can result in significant savings.

The 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.

Finding adtional income in this economy is challenging enough, so reward yourself financially by cutting into your taxes.

Often one of the first questions a person has when deciding what to do with a car they no longer want is 'œWhat will my tax deduction be if I donate it to charity?' The answer depends of several thing.

Beware 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

We 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!

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.

If 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.