Monthly Archives: April 2016

Sometimes, you may find yourself having to travel for work purposes. If you are not self-employed, and you work for a company or business, you may incur expenses while traveling. While it is possible to recoup your expenses by taking a tax deduction, you may find it more pertinent to seek reimbursement from your employer. […]

An Interest-ing Deduction

If you choose to itemize your deductions by filling out a Schedule A, then you are eligible to deduct interest paid on a mortgage loan. Deductible mortgage interest falls into two categories: Interest for loan that was used to perform renovations on a primary or secondary residence, and the loan is backed by the property. […]

According to the Affordable Care Act, health care that meets the lowest requirements is called a minimum essential coverage. Having minimum essential coverage is one way for taxpayers to avoid any penalties for not having health insurance. Without it, taxpayers may be fined for each month they’re without coverage, although the coverage gap exemption is […]

There are certain education credits which exist to help Americans afford higher education. These credits help with qualified higher education expenses, like tuition and course fees. Some higher education expenses such as boarding, meals, and transportation do not qualify for these credits. Furthermore, tuition paid for classes which don’t apply credit hours to the degree […]

Any costs that you incur relating to diagnosing curing treating or preventing illnesses or diseases are considered medical expenses. They can relate to any specialty of the body and can also include amounts paid for fee to doctors, dentists, surgeons, and other staff who provided medical care. In addition, medical expenses can also include the […]

Once a divorce is finalized, a determination must be made for who will claim any tax credits relating to children that the couple had. Only one parent will be eligible to claim all of the credits. That means that credits, such as the Earned Income Tax Credit and dependency exemptions cannot be split between both […]

Save with Exemptions

Exemptions can save you a significant amount at tax time. For 2015, taxpayers can claim exemptions in three different categories, as long as they meet the requirements. Each exemption is worth $4,000, which is $50.00 greater than last year’s exemption amount. The exemption may be phased out for certain taxpayers who are considered high-income. Personal […]

Are you expecting a tax refund after you’ve sent in your return? There’s a chance your refund can be delayed or even altered if certain instances exist. Some reasons for your delay may be: You have an outstanding individual or business tax bill, which will offset your refund amount You are delinquent in child support […]

There are limits on some itemized deductions depending on type. In most cases, limits are calculated based on a percentage of the taxpayer’s adjusted gross income (AGI). To figure out what you’re eligible to deduct within the limitations, you can subtract the corresponding percentage of your AGI from the total amount of your expense. Miscellaneous […]

If you’re married but file separately from your spouse, you’ll be required to use the same deduction method as the other party. This means if your spouse chooses to itemize, you too will have to itemize your deductions and you will not qualify for the standard deduction. You may need to claim a separate returned […]