Tax Deductions

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Tax Deductibility of Designated Gifts

To be deductible, a gift or donation has to be given so that the organization has full control over it. If you specify a project or person you want the money to go to, it generally becomes a designated gift and it is no longer deductible.

Can Mortgage Interest Be Carried Forward?

The mortgage interest deduction is one of the most valuable tax deductions available to American taxpayers. According to the Joint Committee on Taxation, it's projected to reduce tax liabilities by $379 billion over the five-year period from 2013 to 2017. Unfortunately, the ...

Standard Deductions in Oklahoma State

Taking advantage of every possible deduction on your tax form can take a big bite out of your tax bill. While many municipalities and the federal government allow taxpayers to itemize deductions based on expenses, more than two-thirds of all filers take the standard deduction ...

Tax Breaks for Grandparents

The role of grandparents has changed over time, and many have an active and responsible role in the financial support of their grandchildren. Those who can track their financial support to grandchildren can help reduce tax liability by receiving all of the exemptions, ...

What Kind of Deduction Do You Get When You Buy a Home?

Purchasing a new home can be exciting -- and stressful. So much paperwork must be completed, and then, when it is done, you must move in. It can be easy to forget about the tax benefits that you receive from the purchase. Every home purchase transaction uses a HUD-1 form, which ...

Tax Deductions on Meal & Entertainment Expenses

A business owner or partner may have to wine, dine and entertain clients, customers, business contacts or other business associates. If the expense of business meals and entertainment isn’t reimbursed to you, the Internal Revenue Service allows you to deduct half the cost. But ...

Can I Deduct My Mortgage Interest Even if I Didn't Work During That Year?

The mortgage interest deduction allows you to write off the mortgage interest on up to $1.1 million of mortgage debt as long as you itemize your deductions. Depending on the amount of other income you have, you can still claim some or all of the deduction on your taxes, but if ...

The Tax Write Off Limit

The Internal Revenue Service limits your ability to write off many different expenses against your taxes. Some limitations, like the Pease Limitation, are tied to your income where the more you make, the less you can deduct. For many families, though, the Alternative Minimum Tax ...

How to Deduct Attorney Fees on an Income Tax Return

Following the passage of the 2018 Tax Cuts and Jobs Act, deductible legal expenses have changed significantly. Understanding how to assess which deductions you qualify for will help ensure that you prepare your tax return with the right information on hand. This will help you ...

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