Category Archives: Deductions

Using schedule a, you can itemize your deductions when you file your tax return. Doing so allows you to deduct specific taxes that you are required to pay during the tax year. You are only allowed to deduct taxes that you yourself are responsible for, meaning you can deduct taxes you paid for another taxpayer. […]

Did you recently have to move because of work? If so you may be able to deduct some of your costs. Even if you don’t itemize your deductions, you may still be able to deduct moving expenses if you meet the following two conditions: Your commute to your new job has increased by over 50 […]

Have You Refinanced?

If you get a mortgage loan in order to buy a home, you may be able to deduct any points you spend in order to accrue some significant tax savings. The same is true for homeowners who chose to refinance. In most cases, refinancing forces the homeowner to take away loan points over the course […]

Employee business expense deductions can mean a little extra cash in your pocket at tax time, as long as you have an actual legitimate expense as an employee that is not reimbursed by your employer. If you use your personal vehicle, for example, for business purposes, you are eligible to deduct either the actual cost […]

Have you just bought your first home? Are you thinking of moving into another place, looking for some sort of upgrade from your first? Wherever you are on the home purchasing spectrum, you will likely pay some “closing costs” at the finalization of the sale. Sometimes known as settlement fees, these expenses are added to […]

Employee Training Expenses

As an employee, you may require additional training, or be expected to participate in mandatory seminars. In some of these cases, you may acquire expenses that you have to pay. Thankfully, there’s a chance these expenses may qualify for a deduction at tax time. In order to be deducted, the expenses have to be related […]

Deductions for Donations

Making a donation can be rewarding, even at tax time. You can deduct donations that you make as long as you opt to itemize your taxes when you file your return. The donations you make must be to a qualified organization, as those contributed to an individual aren’t eligible for deduction. Tax deductible donations must […]

Deductions decrease the amount of income you are taxed on, lowering your tax liability. At tax time, you can chose one of two methods to claim your deductions. You can either itemize or opt for the standard deduction. The standard deduction amount is calculated depending on factors such as filing status, taxpayer age, and income […]

If you have miscellaneous deductions that exceed 2% of your adjusted gross income (AGI) you may qualify to claim them on your tax return. Usually the different types of costs can fall under the miscellaneous deductions category, and be subject to the limitation of 2% of your AGI: Tax preparation fees, any employee expenses that […]