Tag Archives: deductions

The 2025 tax year brings several important updates that could impact your return—from larger deductions to new tax breaks and expanded credits. Here’s a clear breakdown of the most notable changes. A Bigger Standard Deduction For 2025, the standard deduction has increased, giving many taxpayers a larger automatic write-off: Single filers: about $15,750 Married filing […]

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Often, people mistakenly use the terms “credits” and “deductions” interchangeably. However, at tax time, it’s important to understand the difference between the two, and ensure you’re utilizing them to your advantage. Generally, tax credits are the more beneficial of the two, though when used correctly, both can save you significantly when you file your taxes. […]

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Generally, it is easier to just choose the standard deduction when filing your tax return, however it may not be the best method for saving you money. In some cases, opting to itemize your deductions can actually lower the amount of taxes you owe. The best option is to determine the amount you will save […]

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If you donate to a charity, you may be eligible for a tax deduction. In order to deduct the amount, you’ll need to keep records of each contribution you make. You should always have a hard copy record as proof of your deduction. This proof can include: A canceled check A monthly bank statement showing […]

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It’s halfway through the year, and there’s no time like the present to start thinking about next year’s taxes. With six months left to accumulate and organize your tax documents, starting to prepare early will only alleviate stress and aggravation when tax season arrives. The following five tips can help you make filing your taxes […]

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Deductions for Donations

February 10, 2016

Making a donation can be rewarding, even at tax time. You can deduct donations that you make as long as you opt to itemize your taxes when you file your return. The donations you make must be to a qualified organization, as those contributed to an individual aren’t eligible for deduction. Tax deductible donations must […]

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When the time comes to file your tax return, it’s incredibly important to ensure you’ve filled out every section with the utmost accuracy. Otherwise, you risk a delay in processing and incorrect refunds. Before you click “submit” or drop your return in the mailbox, double check all sections for the most common tax filing mistakes […]

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Alimony and the IRS

August 25, 2015

If you pay alimony as part of a divorce or separation agreement, you need to know how it will affect your taxes. In order for payments to be considered alimony, they must meet seven requirements: You can’t file a joint return with your former partner You pay via cash, check, or money order The payment […]

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Even casual gambling can impact you at tax time. Don’t take the risk and forget to report any winnings from gaming on your tax return. Money you win is completely taxable and needs to be included at tax time. Lotteries, raffles, casino revenue, and money from horse races are all considered gambling winnings, as well […]

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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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