Category Archives: Deductions

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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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 […]

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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 […]

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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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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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Get a Deduction Just For Your Kids If you’re a parent, you may find some comfort in the fact that your children can actually save you money. While most of your parenthood is spent, spending, the IRS offers you a tax deduction just for having kids. The following tax savers may come in handy for […]

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The IRS offers some tax breaks that can help you recover some of the money you spent on higher education, such as tuition costs or interest you’ve paid on student loans. This can help make your college education a bit more affordable in the long run. Tax Credits There are two different tax credits that […]

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