Author Archives: admin

Interested in Interest?

February 6, 2016

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 […]

Categories: General Tags: , , , , ,

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 […]

Categories: Deductions Tags: , , , , , ,

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 […]

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Traveling for Deductions

February 3, 2016

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 […]

Categories: Deductions Tags: , , , , , ,

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 […]

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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 […]

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Education expenses can add up quickly, and any kind of financial relief can really make a difference. You may be able to deduct certain education expenses at tax time. If you pay tuition for yourself, a spouse, or another dependent, you may qualify to deduct a portion of the expenses. However, it may be more […]

Categories: Credits Tags: , , , , , ,

If you happen to entertain your customers, employee or any others in your business you may be able to deduction expenses that are deemed ordinary and necessary for doing business. Expenses such as these may be deducted if they are related or associated with your business directly. Proof of the expense must be provided and […]

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Anything you own, whether it’s something you use for personal reasons or an investment purpose, is considered a capital asset. Things like your home, furniture, and vehicle, as well as stocks and bonds are all examples of the types of capital assets many people own. If you chose to sell one of these assets, the […]

Categories: General Tags: , , ,

Not everyone is required to file a tax return. Most people are, but for those who aren’t, it may still prove beneficial to do so anyway. If you’re not sure if you have to file a tax return, you should familiarize yourself with the rules before tax season approaches. Income, age, and filing status all […]

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