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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 […]

Deducting Taxes on Your Taxes

February 2, 2016

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 […]

Categories: Deductions Tags: Federal income taxes, Income taxes, itemized deduction, local taxes, Personal property taxes, Real estate taxes, sales tax, tax deductions

Medical Expenses Add Up to Deductions

February 1, 2016

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 […]

Categories: Deductions Tags: adjusted gross income, deductible medical expenses, health care facility, itemized deduction, medical care, medical condition, medical expense, medical expenses, medical facility, medical insurance, medical supply, smoking cessation, travel expenses, unreimbursed medical expenses

Going to School? Deduct Your Expenses

January 31, 2016

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: American Opportunity Tax Credit, business expense, business expenses, education expense deduction, Education expenses, Lifetime Learning Credit, tuition and fees

Deducting Entertainment Expenses for Business

January 30, 2016

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 […]

Categories: Deductions Tags: employee business expenses, entertainment expenses

Dealing with Capital Assets at Tax Time

January 29, 2016

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: capital asset, Capital Assets, capital gain, capital loss

How to Tell If You Should File a Tax Return

January 28, 2016

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 […]

Categories: General Tags: American Opportunity Credit, child tax credit, Earned Income Tax Credit, Estimated Tax Payments, Health Insurance Marketplace, Health Insurance Marketplace Statement, premium tax credit, tax return

Health Care Coverage and Your Tax Return

January 27, 2016

Since the enactment of the Affordable Care Act, your taxes are now affected by your health care coverage status. The new policy states that all Americans must have qualified health insurance, though there are a few circumstances in which an exception may apply. Generally, 3/4ths of the taxpayers who file a return will only be […]

Categories: General Tags: Affordable Care Act, health care coverage, Health Insurance, health plan, military health benefits, tax credit, tax return, your health care coverage status

The Individual Shared Responsibility Provision for 2015

January 26, 2016

A special provision of the Affordable Care Act, which requires each taxpayer to have qualifying health care, comes into effect when you file your tax return. Unless you meet a certain exemption, you are expected to have a health care plan which meets the minimum requirements of the Affordable Care Act. The Individual Shared Responsibility […]

Categories: General Tags: Affordable Care Act, health care, health care coverage, health care plan, Shared Responsibility, tax return

Unemployment Compensation & Taxes

January 25, 2016

Do you receive unemployment benefits? Depending on which program the benefits are distributed from, you may be responsible for paying taxes on the income. Taxable compensation amounts include money received from any of the following programs: State unemployment insurance Federal Unemployment Trust Fund Railroad unemployment compensation Disability compensation Allowances paid in accordance with the Trade […]

Categories: General Tags: Disability compensation, income tax, State unemployment insurance, Taxable compensation amounts, Unemployment, unemployment benefits

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