Tax Deductions

The Latest

  • 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 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 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 27, 2015

    Saving for your retirement through individual retirement accounts (IRAs) can have a significant impact on your taxes. IRAs are designed to give people incentive to save for their retirement, potentially offering greater tax benefits over other...

  • January 22, 2015

    When you are filing your 1040 tax return, right before you compute your final taxable income, you have the option to either claim...

  • December 23, 2014

    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 the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...

  • December 18, 2014

    Giving to charity has two major benefits: it helps those who receive it, and it can be claimed as a deduction on your income tax return.

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  • October 16, 2014

    When you’re getting married, taxes are probably the last thing you want to think about. However, it is still important to understand the tax consequences of marriage. This article explains some basic tax considerations for newlyweds.

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