Author Archives: admin

Couples who file their tax return together, aka married filing jointly status, commonly get the best rate of taxation, along with taxpayers who qualify to file using the qualifying widow(er) status, as they get similar rates as married taxpayers. Using the status married, filing separately have the highest rates of taxation, generally, though using the […]

Categories: Filing Status Tags: ,

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 […]

Categories: Deductions Tags: ,

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 […]

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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 […]

Categories: General Tags: , , ,

Employee Training Expenses

February 11, 2016

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 […]

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Deductions for Donations

February 10, 2016

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 […]

Categories: Deductions Tags: , , , , , ,

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 […]

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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 […]

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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 […]

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