Tax Deductions

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Can I Include Social Security Withheld as a Deduction?

en you prepare your annual federal tax return, it's important to remember deductions. These are expenses you can subtract from your gross income. The result of taking deductions (and claiming exemptions) from your gross income is your net taxable income. By claiming all the ...

Can I Claim Business Expenses for a Business With No Taxable Income?

tting a business off the ground takes time, and the IRS recognizes this. In your first few months or year of operation you may not bring in any income. Even without income, you may be able to deduct your expenses, as long as you meet certain IRS guidelines. Your business loss ...

Tax Deductions Everyone Should Take

u can save taxes by itemizing your deductions if their total value exceeds the value of your standard deduction. Some taxpayers take the standard deduction instead of itemizing simply because they are unaware of deductions that they qualify for. Although no deduction except the ...

Can You Deduct the IRA Management Fees?

individual retirement account is a smart way to save for your post-employment years. The traditional IRA allows you to deduct contributions from your income taxes; you don't pay taxes on any earnings in the account until you withdraw the money, when your (in theory) reduced ...

Maximum Deductions for Work Expenses Without Receipts

e Internal Revenue Service isn't big on "trust me!" as an explanation for tax deductions. If you're self-employed, you can write off business expenses. As an employee, you can itemize unreimbursed work expenses, after subtracting 2 percent of your adjusted gross income ...

How Much of a Tax Deduction Do I Get From Donating Furniture?

ether you're moving and don't want the hassle and cost of packing and shipping your old furniture or your year-end bonus is allowing you to upgrade, donating your old furniture to charity is a benevolent act and a tax-saving strategy. The furniture must be in "good used ...

Can I Deduct Children's School Tuition?

you send your children to private school, it can amount to a hefty bill each year. The IRS commiserates with you to some extent, but it can be stingy with its available deductions for education-related expenses. Depending on how much you earn, you may not be eligible for these ...

Can an Overlooked Past Tax Deduction Be Claimed Presently?

u aren't automatically out of luck if you've discovered that you missed a deduction after you filed your federal income tax returns. You can claim a tax deduction that you overlooked on your tax return for the present year and for previous years. You must file the proper form, ...

Tax Deduction for a Car Accident

sses arising from a car accident might be deductible from your federal taxable income. Deductible losses can include both property losses and medical expenses. A number of limitations apply to these tax deductions, however, and in some cases you might not be entitled to deduct ...

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