Tax Deductions

The Latest

  • November 5, 2012
    We all like to get extra money, especially when it comes to our tax returns. Unfortunately, there are many people that don't take advantage of tax deductions even though some are pretty common. However, there are some deductions that are downright...
  • January 23, 2012

    Tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket. For instance, if you are in the 25% tax bracket, a $1,000 deduction saves you $250 in tax (0.25 x $1,000 = $250). There are three main...

  • January 23, 2012

    Tax credits can help reduce your liability dollar-for-dollar. That being said, they cannot reduce your income tax liability to less than zero. Simply put, your gross tax liability is the amount you are responsible for paying before any credits...

  • August 11, 2010

    Many people look at their car and see something that sucks up a lot of money. While it is true that cars can be expensive, there are many tax deductions to consider. The more tax deductions that you find the more money you are going to save on...

  • August 11, 2010

    In general, cash and property donations to qualified charitable organizations are deductible on your individual income tax return....

  • August 11, 2010

    Tax Deductions for Medical Expenses

    Your medical expenses may be steep, but at least you have the option of deducting them on your...

  • August 11, 2010

    Did you know that there are tax deductions for education? In other words, you can save money on your taxes thanks to expenses that you spend on furthering your education. This is something that many people miss out on, year after year. One of the...

  • August 11, 2010

    If you own a home there are many income tax deductions that you can take advantage of.

    There is no denying that you spend a lot of money, month in and month out, to maintain your home.

    The least you can do for yourself is take...

  • August 11, 2010

    There are certain expenses that qualify as a deduction on your income tax return. These are often times referred to as itemized deductions. Many people never take the time to learn about itemized tax deductions because they rely on the standard...