Monthly Archives: February 2016

Generally, in order to claim a dependent child on your tax return, the child is required to have spent over half of the year in your household. If this is not the case, then the child’s dependency claim lies with the person responsible for the child’s full-time housing, which in many cases is the legal […]

If you conduct business in a part of your home, you may be eligible for tax deductions. It doesn’t matter if you are self-employed or are an employee of another business, although you must use your home as one of the following: Exclusively on a regular basis, as the home must be the primary location […]

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 […]

Do you have expenses relating to your job? If so, you may be able to deduct them on your Form 104, Schedule A, Itemized Deductions, when you file your taxes. These deductions are taken as a miscellaneous itemized deduction, and are subject to adjusted gross income limitations. Traveling expenses are generally non-deductible, however some transportation […]

Interested in Interest?

Borrowing money leads to compounded interest charges. Interest is a fee added to the money you borrowed, and is generally charged for the length of repayment. In some cases, interest can either be deducted or claimed as a credit, however it has to meet certain qualifications. Prepaid interest has to be deducted throughout the tax […]

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 […]