Tax Deductions

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Can a Boat Be Considered a Second Home for a Tax Deduction?

ying a boat can give you a new leisure activity, but it might also give you a tax break. If you've taken out a loan to buy the boat and the loan is secured by the boat, you might qualify to deduct the interest you pay on the loan as part of the mortgage interest deduction.

What Can Volunteer Firefighters Itemize for Deductions?

lunteer firefighters are emergency services personnel who assist as first responders to various situations. Fires, car wrecks and industrial accidents all require firefighters for assistance. The expenses incurred by volunteer firefighters can add up throughout the year and ...

What Qualifies as Hobby Expenses on My Tax Return?

definition, a hobby is something you do for pleasure, and the Internal Revenue Service doesn't let you exempt income from taxation because you spent it on pleasurable pursuits. This isn't to say hobby expenses are never deductible, however. The catch is whether your hobby ...

Farm Tax Write Off

erating a working farm can significantly reduce your federal income tax liability. Farmland, equipment and fuel are so expensive that the tax write-offs associated with these items are typically enough to wipe out farm earnings. Furthermore, as long as you are actively involved ...

Mileage Tax Deduction Vs. Reimbursement for Automobile Expenses

leage deductions and reimbursements each offer tax breaks and help offset the cost of driving your vehicle for certain purposes. However, the benefits of a mileage reimbursement are much better than what you get from mileage deductions. For either, you will need to keep a ...

How to Calculate the Amount of Federal Taxes to Withhold for a Self-Employed Person

a self-employed person, your federal taxes differ from those of employees. You carry more responsibility for taxes, including withholding part of your income each month so you have enough to pay your taxes. Though you don’t have an employer to estimate your taxes and ...

How to Change a Withholding So That You Don't Pay in Enough to Get a Federal Tax Refund

e amount of money you have withheld from your paycheck is an estimate. You guess how much you will owe based on the number of exemptions you choose on your W-4 form. If you consistently receive a refund, you have in effect lent the government money, interest-free, each year. ...

Cut Off Date for a Charitable Donation to Affect Tax Liability

xpayers who itemize their deductions can take advantage of year-end charitable giving to help out causes that are important to them, and save on their taxes at the same time. If you are in the 25 percent marginal tax bracket and give $2,000 to your favorite charity, you will ...

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 ...

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