Tag Archives: Standard Deduction

Generally, it is easier to just choose the standard deduction when filing your tax return, however it may not be the best method for saving you money. In some cases, opting to itemize your deductions can actually lower the amount of taxes you owe. The best option is to determine the amount you will save […]

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 […]

Do you use your own car for business purposes? If so, you may be able to deduct the costs associated with driving for the business portion, up to certain limits. If you use your car for personal reasons as well, only the business portion of costs is deductible. You can calculate the deduction using one […]

If you are disabled there is a variety of tax credits available. By using these credits and deductions you can lower the amount of taxes you may owe, sometimes this can even lead to a refund. The IRS defines as being disabled by the following two conditions: You are physically or mentally disabled that limits […]