Many taxpayers are aware that you can deduct business use of a personal vehicle on your taxes. Often overlooked, however, are other vehicle tax deductions. The largest of these deductions is usually the vehicle sales tax deduction, and it can make a big dent in your tax liability. Here’s what you need to know about … Read more
If you receive a lawsuit settlement, you can expect forms related to it to start rolling in at tax time. Depending on the type and complexity of your lawsuit, you may get several different settlement reports from multiple sources, and things can get confusing in a hurry. Today we’re happy to give you an overview … Read more
The home office deduction is one of the most often misused tax deductions available, and it can get taxpayers in hot water with the IRS. It can be difficult to determine whether or not you can take the home office deduction at all, and taking it requires meticulous record-keeping. To ease this problem, the IRS … Read more
It’s common knowledge that self employed people must pay income tax like everyone else, but sometimes it can be tricky to know what exactly qualifies as self-employment. The taxpaying community also seems well aware of self employment tax, as well, but again the specifics get a little hazy. Today we’re going to clear the air … Read more
Higher education is becoming increasingly necessary in today’s world. At the same time, however, it’s becoming less and less likely that your education will pay for itself once you land a great job after graduation. To help offset exorbitant tuition rates and fees, the IRS offers several tax deductions to help with qualified education expenses. … Read more
You already know you can get a tax deduction for your student loan and mortgage interest, but what about the interest you pay to your credit card company? As with most things tax-related, the answer isn’t exactly straightforward. In the case of credit card interest and fees, what you can and can’t deduct is based … Read more
Although the IRS encourages charitable giving through tax breaks, the agency and the taxpayers it serves sometimes disagree on what constitutes a charity. To help solve this problem, the IRS maintains a list of each qualified organization that taxpayers can donate to if they want a tax deduction. You’ll notice, however, that there are no … Read more
Making charitable donations is a great way to help others and maybe reduce your tax bill a little at the same time. As is true with most tax-related activities, however, there is a right way and several wrong ways to go about claiming your charitable contributions at tax time. To make sure your gift benefits … Read more
Home mortgage interest is tax-deductible, but people often have misconceptions about who benefits from this deduction and how helpful it truly is. It’s important to remember that the tax rules recently changed due to the Tax Cuts and Jobs Act, as well. These changes altered the standard deduction, which in turn impacted the mortgage interest … Read more
Stock options can be a great supplement to your income. Before exercising an option, however, it’s important to know the tax consequences of doing so. This area of tax law gets complicated quickly, so it’s a good idea to talk to a CPA even after learning the basics. Intro To Employee Stock Options An employee … Read more
