Tax Deductions

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Tax Deductions for Caregiver of Elderly Parents

Taking care of your elderly parents can be a time-consuming and expensive task regardless of your desire to do it. If you find yourself in the situation of financially supporting your elderly parents, there's the chance you may qualify for some tax breaks to help lighten your ...

What Deductions Can You Claim for Being a Disabled Person?

Living with a disability requires making adjustments to your environment. From specialized equipment to additional medical care, coping with a disability can get expensive. The IRS recognizes this and lets you deduct from your income taxes some of the extra costs associated with ...

Can Condo Fees Be Deducted for the Federal Tax?

Condominium fees cover the operation of the association that controls the common areas of a condo project. Depending on your project, the fees could pay for vacuuming hallways, painting the exterior of your building or keeping the pool clean. Since your condo is considered a ...

Are Sales Commissions Deductible on Mutual Funds?

Mutual funds are sometimes broken down into two camps: loaded funds and no-load funds. Loaded funds include a sales charge, commission or fee, usually when you buy your shares but sometimes when you sell. No-load funds don't have a sales charge, although they might have other ...

Can I Deduct Mortgage Interest on a Home That Is Owned by My Wife?

A home is the largest single purchase most Americans will ever make, and home equity is the largest single source of wealth for most American households. Owning your own home comes with a number of tax benefits, including the option to write off your real estate taxes and your ...

Tax Write-Offs for Homeowner's Expenses

Homeowner tax write-offs come in three flavors: tax deductions, refundable tax credits and non-refundable tax credits. Tax deductions lower your taxable income, and the amount of income taxes you pay. Refundable tax credits directly reduce the tax due, dollar for dollar, and are ...

Can You Deduct a Medicare Premium as Self-Employed Health Insurance on a 1040?

Tax law is confusing enough; when it comes to health care deductions, however, the IRS rules can enter the realm of total bewilderment. The IRS normally allows you to deduct medical expenses, including Medicare premiums, from your income, even if you are self-employed. Of ...

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 ...

Can a YMCA Membership Be a Medical Tax Deduction if Used for Medical Therapy?

The IRS gives you a lot of latitude in taking the medical deduction. Breast pumps, acupuncture, and fertility treatments all qualify -- but health club memberships don't. Even you need to lose weight, joining the YMCA or a for-profit health club to get the pounds off doesn't ...

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