If you're considering switching from renting to owning a home or buying a bigger house, you could be in for a larger tax break because of the tax deductions for property taxes and mortgage interest. However, the effect on your income taxes isn't always as simple as a dollar for ...
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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, ...Read More
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 ...Read More
Whether you regularly donate the extra food inventory from your business to a local food bank or just want to lend a helping hand with some cash or food you purchase at the grocery store, you may be ...Read More
In order for you to be able to claim a tax deduction for your boat, there are certain criteria that must be met. The IRS treats a boat as a second home if it has sleeping, cooking and bathroom ...Read More
Incentive fees you pay to your broker or investment manager often count as a deductible expense at tax time, depending on the type of investment and how you pay the fees. Most investment firms ...Read More
If you use your car for business, you can write off car insurance on your income tax form. You must keep accurate records to satisfy the IRS. Under the new tax law, this write-off is limited to ...Read More
Traditional individual retirement accounts, or IRAs, make it possible for you and your spouse to put away money for your retirement. Your contributions are tax deferred, meaning you will not have to ...Read More