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Tax Deductions

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…


Tax Tips for the Affordable Care Act (ACA)

Learn How the New Health Care Law Impacts Your TaxesBeginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This…


IRAs and Your Taxes

Tax Information for Individual Retirement Arrangements (IRAs)Saving for your retirement through individual retirement accounts (IRAs) can have a significant impact on your taxes. IRAs are…


Should You Itemize Your Deductions?

Tax Tips for Claiming Itemizing Deductions vs. the Standard DeductionWhen you are filing your 1040 tax return, right before you compute your final taxable income,…


The Foreign Tax Credit

There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in…