Tax Deductions

The Latest

  • 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.

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  • 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...

  • February 23, 2015

    It’s the age-old question: Should you take the standard deduction, or should you itemize your deductions?

    To properly answer this question, you must first understand what the standard deduction is.

    The Standard Deduction

    The...

  • February 18, 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...

  • February 13, 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...

  • February 6, 2015

    Itemizing your deductions (as opposed to claiming the standard deduction) means that you may be able to deduct certain miscellaneous expenses on your income tax return.

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  • February 4, 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...

  • February 2, 2015

    Beginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also called “...

  • January 28, 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...