Tax Deductions

The Latest

  • June 30, 2015

    This article gives you the tax rates and related numbers that you will need to prepare your 2015 income tax return. In general, 2015 individual tax returns are due by April 15, 2016.

    If you are looking for 2014 tax rates, you can find them...

  • June 25, 2015

    A change in life circumstances, whether good or bad, can affect your tax return.

    Here are some instances where you will need to reevaluate your tax situation:

    Job Changes

    If you lose your job, you should be aware that unemployment...

  • June 24, 2015

    Millions of people enjoy having hobbies — whether it’s photography, antiquing, craft making, collecting coins, or breeding horses. It usually costs money to support a hobby, but in some cases, your hobby can also make you money.

    ...

  • June 10, 2015

    If you have to move because of your job — whether you’re starting a new job or working at the same job in a new location — you may be able to deduct some of your moving expenses on your income tax...

  • June 8, 2015

    The ability to work for yourself and be your own boss is an exciting prospect. Becoming self-employed in your field of expertise can give you the freedom to find a work-life balance that is hard to achieve when you are employed by a someone else...

  • May 15, 2015

    If you owe taxes, it may feel as though you’ve been cast adrift upon a sea of uncaring bureaucracy. Don’t despair—you have rights! In fact, there is a new “Taxpayer Bill of Rights” that was...

  • April 8, 2015

    Raising a child is expensive, but you can partially offset some of the expenses by utilizing tax deductions and tax credits that are available to...

  • April 2, 2015

    Generally, taxpayers are allowed to claim exemptions on their tax returns that reduce their amount of taxable income. There are two main types of exemptions: personal exemptions and exemptions...

  • March 27, 2015

    When it comes to tax returns, you will often hear two different terms regarding income: Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI).

    Both AGI and MAGI are important in calculating the amount of...

  • March 25, 2015

    Are you wondering if you need to file a tax return? While most people who earn an income must file a Federal income tax return, that is not true for everyone.

    Depending on your...