Tax Deductions
The Latest
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April 5, 2013NEW YORK (MainStreet) — Were you unemployed in 2012 and looking for work? If you itemize, you can deduct job search expenses to look for a job in your...
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April 5, 2013NEW YORK (MainStreet) — If you can itemize, you can deduct as a “Miscellaneous Deduction” the expenses required to...
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April 4, 2013NEW YORK (MainStreet) — Most taxpayers are aware that state and local income taxes are deductible if you can itemize on Schedule A.
But many fail to claim a deduction for a special state...
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March 25, 2013NEW YORK (MainStreet) — Internal Revenue Code Section 213(a)(1) tells us that you if you itemize, you can deduct as a medical expense amounts paid for the “diagnosis, cure, mitigation,...
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March 15, 2013NEW YORK (MainStreet) — One medical deduction that is often overlooked is the cost of...
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March 11, 2013NEW YORK (MainStreet) — An actor emailed me to ask if he could deduct his gym membership as a business expense, since staying in shape leads to more roles.
The same question could...
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March 7, 2013Yes, if you play it right. Some 4.6 million small businesses are based at home, according to the Small Business Administration, yet only about 3.4 million of these taxpayers are writing off their costs. Some of you are leaving money on the table...
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March 3, 2013NEW YORK (MainStreet) — You can claim up to $2,500 in interest paid on qualified student loans used to pay for post-secondary education — college or vocational school — for yourself, your...
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March 1, 2013Most working parents have only one way of getting a tax break on the expenses they pay for childcare – the special tax credit allowed by law. You get a credit against expenses of up to $3,000 for the care of one child and $6,000 for the care of...
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February 28, 2013When you receive a windfall — whether it’s an inheritance from a relative, winnings from the lottery or gambling, or proceeds from a legal settlement...