Category Archives: Deductions

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. […]

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 […]

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 […]

It may seem like it takes a little more effort to itemize your deductions, but doing so can save you a tax time. By itemizing your deductions, you list all of your expenses and what you’ve paid on a Schedule A, which you file with your Form 1040. There are a range of expenses that […]

Using schedule a, you can itemize your deductions when you file your tax return. Doing so allows you to deduct specific taxes that you are required to pay during the tax year. You are only allowed to deduct taxes that you yourself are responsible for, meaning you can deduct taxes you paid for another taxpayer. […]

Did you recently have to move because of work? If so you may be able to deduct some of your costs. Even if you don’t itemize your deductions, you may still be able to deduct moving expenses if you meet the following two conditions: Your commute to your new job has increased by over 50 […]

Have You Refinanced?

If you get a mortgage loan in order to buy a home, you may be able to deduct any points you spend in order to accrue some significant tax savings. The same is true for homeowners who chose to refinance. In most cases, refinancing forces the homeowner to take away loan points over the course […]

Employee business expense deductions can mean a little extra cash in your pocket at tax time, as long as you have an actual legitimate expense as an employee that is not reimbursed by your employer. If you use your personal vehicle, for example, for business purposes, you are eligible to deduct either the actual cost […]

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 […]