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Tax Deductions

Tax Breaks for Parents

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…


Adjusted Gross Income (AGI) vs. Modified Adjusted Gross Income (MAGI)

What’s the Difference Between Your AGI and MAGI? When it comes to calculating your taxes, you will often hear two different terms regarding income: Adjusted…


How to Deduct Your Job Hunting Expenses

Job Search Expenses Can Be Tax-DeductibleIf you have been looking for work this past year, you might be in luck come tax time. Certain job…


2014 Federal Tax Rates, Personal Exemptions, and Standard Deductions

IRS Tax Brackets and Deduction Amounts for Tax Year 2014Below are the tax rates and related numbers that you will need to prepare your 2014…


5 Tax Deductions for Businesses

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…


Tax Deductions for Medical Expenses

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…


Understanding the Standard Deduction

How the Standard Deduction Can Reduce Your Federal Tax BillIt’s the age-old question: Should you take the standard deduction, or should you itemize your deductions?To…


7 Facts About Miscellaneous Deductions

Tips for Claiming Miscellaneous Deductions on Your Income Tax ReturnItemizing your deductions (as opposed to claiming the standard deduction) means that you may be able…