Category Archives: Deductions

Taking out loans to pay for your education is the only option to afford college for some students. This can get expensive quickly, depending on your interest rate. However, any interest you pay on certain student loans may be deductible when you file your tax return. You are able to deduct up to $2,500 in […]

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Sometimes, our job may require us to relocate to a new location. That can get costly, especially if you are paying for it yourself. You may qualify to deduct a significant portion of your relocation expenses if you’ve moved as a result of a change in your job. While you can’t deduct meals, other expenses […]

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If you travel for business you know that sometimes it can take you on a new adventure to unknown places that you may like to explore a little more. If you take advantage of organizing your schedule correctly you may be able to get the most of your business trip by mixing in some pleasure. […]

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When you are traveling for business, at some point you will likely have to eat at a restaurant. Deducting the cost of your meals from taxes will make the food taste that much better. You may be able to deduct business meals, but there is a specific set of guidelines you have to follow. According […]

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If your job or business requires you to buy a new computer you may be able to deduct the cost as a business expense. It may be possible to deduct the whole amount in a single year. Employees If you are employed by someone else and are required to purchase a new computer, most time […]

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If you have a mortgage loan on your home you should expect to receive a Form 1098 Mortgage Interest Statement at tax time from your lender. Form 1098 will report the full amount of interested you paid on your load throughout the year. The lender will also send a copy of Form 1098 to the […]

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As a business owner knowing what you are doing at tax time can have a large outcome on your end of year finances. There are tax regulations that can help lower the amount of taxes your business is required to pay, these deductions can be applied to certain business expenses. The amount of money deducted […]

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A lender is required to provide you with a 1098-E if you have paid more than $600 during the year in student loan interest. You are not required to do itemized deductions to take advantage of the student loan interest deductions. When you file your taxes student load interest will be subtracted from your total […]

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If you happen to use your personal vehicle for business purposes or you have a vehicle dedicated to you by your business you may be able to deduct some of the expense need to keep it road worthy. While learning how to effectively manage your auto expenses the deductions can be well worth the time. […]

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Often times when people consider itemizing it is for the three big deductions; home mortgage interest, state and local taxes and charitable donations. Although there are numerous more deductions in addition to the big three. These types of deductions are generally considered miscellaneous itemized deductions and are claimable if they exceed 2% of your adjusted […]

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