Monthly Archives: February 2016

Sometimes, in order to get a mortgage for a home, you may have to pay fees or other costs, known as mortgage points. In general, points are a type of interest that you’ve prepaid, and they may be deductible at tax time should you opt to itemize. If you qualify to deduct all of your […]

Traveling for Deductions

Some businesses require employees to travel in order to perform their job effectively. Travel expenses can be deducted, provided they are both ordinary and necessary to the job, through Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. Travel expenses incurred for personal reasons or […]

Different non-business related taxes can be deductible at tax time. There are four different types of state or local taxes that are eligible for federal deduction: Income taxes (including foreign) Real estate taxes (including foreign) Personal property taxes General sales taxes You can claim these taxes that you paid during the year on a Schedule […]

Medical expenses can be quite costly, and take a lot of money out of your hands. Instead of deducting your hard earned cash from your wallet, consider taking a deduction of your unreimbursed medical expenses at tax time. Beginning January 1, 2013, you are able to deduct your total medical expenses paid for you, your […]