Tax Deductions

The Latest

  • September 19, 2014

    Starting a new business is an exciting adventure, but also a major undertaking. Although, as a new business owner, you may be an expert in your field or industry, you may be new to paying taxes...

  • September 18, 2014

    As you may already know, the IRS provides tax deductions for charitable contributions that you make to a qualified organization. However, it is not just direct cash and property donations that are...

  • September 16, 2014

    Members of the U.S. Armed Forces, particularly those deployed in combat zones, are faced with unique tax situations and are eligible for special tax benefits.

    For Federal tax purposes, the U.S. Armed Forces includes the following:

    ...
  • September 8, 2014

    Gambling — whether it’s at the racetracks, the casino, or the lottery — is a source of entertainment for millions of people. It is also a source of income, whether you win the Powerball...

  • September 2, 2014

    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...

  • August 11, 2014

    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.

    ...

  • March 28, 2014

    NEW YORK (MainStreet) — Over the years many clients have asked me, most of them jokingly, if they can deduct the costs of keeping their dog or cat. One would think the obvious answer is no (...

  • March 25, 2014

    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 have been asked by one of my police or firefighter clients.

    Unfortunately,...

  • December 30, 2013

    It is in your best interest to take advantage of every tax credit and deduction available to you. With tax laws constantly changing and the short-term nature of most tax relief, timing is crucial when it comes to claiming tax breaks on your...

  • September 13, 2013

    Tax deductions lower your taxable income and they are equal to the percentage of your...