Tax Deductions

The Latest

  • March 30, 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...

  • 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...

  • March 19, 2015

    If you have been looking for work this past year, you might be in luck come tax time. Certain job hunting expenses are eligible for a tax deduction. You can deduct these expenses whether or not you...

  • March 11, 2015

    Below are the tax rates and related numbers that you will need to prepare your 2014 income tax return, which is due by April 15, 2015.

    2014 Income Tax Brackets

    There are 7 tax brackets for the Federal income tax: 10%, 15%, 25%, 28%, 33%,...

  • March 5, 2015

    One of the best ways to reduce your income tax liability (and possibly increase your tax refund) is through Federal tax deductions provided by the IRS.

    There are certain...

  • March 4, 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...

  • February 27, 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.

    ...

  • February 26, 2015

    Beyond normal day-to-day business expenses, there are many other tax deductions that can help business owners reduce their tax liability. Not using all the deductions available on your tax return is...

  • February 24, 2015

    Medical expenses, especially if they are unexpected, can take a bite out of your savings. However, you may be able to find some tax relief using these tax deduction tips.

    Itemized Deduction for Medical Expenses

    If you are...