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Posts in category Deductions

Deducting Charitable Contributions

Deducting Charitable Contributions
Tweet Donations made to qualified organizations may help reduce the amount of tax you pay. Here are a few things to help ensure your contributions pay off on your tax return. If your goal is a legitimate tax deduction, then your charitable contributions, whether a cash donation or non-cash gifts such as goods and services, must be given to a [...]

Maximize your Travel & Entertain...

Maximize your Travel & Entertainment Benefits.
Tweet Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home”. You may be able to deduct the ordinary and necessary business-related expenses you have for Travel, Entertainment, Gifts, or Transportation. An ordinary expense is one that is common and accepted [...]

What you’ll Need

What you’ll Need
Tweet             Well here we are, January and it is time to start getting your tax information ready. But what do you need? Twelve months have passed. With the economy the way it is many have already been thinking about their taxes, some haven’t.               Getting things ready to take in to your tax preparer is sometimes a gruelin [...]

All About Energy Audits

All About Energy Audits
Tweet If you are tired of watching your home energy bills steadily rising, then it may be time for a home energy audit. An audit will pinpoint areas of wasted electricity, potential savings and improvements you can make to lower your energy bills. Before you start charging the children every time they turn on a light, invest in a home audit t [...]

When Are Self-Employed Medical Plan C...

When Are Self-Employed Medical Plan Costs Tax Deductible?
Tweet To take on the many benefits associated with self-employment tax deductions, there are many things that you can do. The first step in this process is to actually make sure that you are qualified for the self-employed health insurance deduction. You can acquire this deduction if you have filed for Schedule C or F on your federal tax retu [...]

Tax Benefits for Job Seekers

Tax Benefits for Job Seekers
Tweet Some people- especially these days – are polishing their resumes and attending career fairs in search of employment. If you are searching for a job this summer, you may be able to deduct some of those expenses on your tax return. Here are six things you need to know about deducting costs related to your job search.   To deduct job [...]

Five Important Facts about Dependents...

Five Important Facts about Dependents and Exemptions
Tweet           When you prepare to file your 2009 tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here, the IRS gives you five important facts that you should know about dependents and exemptions before you file your 2009 tax return. If someone else claims you as a dependent, you may sti [...]

IRS Reminds Taxpayers to Take Advanta...

IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits
Tweet This post is straight from the IRS Newswire, an IRS e-mail service. – subscribe. No I didn’t write any of this, you can get this information sent to you directly. I copied it here for you to see.   WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made [...]

Home-Office Deductions

Home-Office Deductions
Tweet           More than one million new businesses are started each year. There are more than 27.2 million small, non-farm businesses in America. Of that Include 52 percent home-based businesses and two percent franchises. Of that, 52 percent are home-based businesses. 44 percent survive at least four years, and 31 percent survive at least [...]

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