Most people are fairly familiar with business tax deductions and investment deductions, but since personal tax deductions are fairly strict, many people choose not to bother. You can save a bundle, however, if you understand your options with personal tax deductions. Having an experienced CPA in your corner is a good start, but if you ...
The purpose of this article is to discuss tax deductions. The discussion will describe common itemized deductions, provide a comparison of itemized deductions and the standard deduction, and explain how to determine when it is best to take the standard deduction versus itemized deductions. Itemized Deductions Itemized tax deductions fall under three categories: expenses incurred ...
When you purchase equipment for use in your business, normally you would recover the cost through depreciation deductions according to the useful life of the equipment. But you can write off the cost in the year of purchase by electing the section 179 deduction. According to the IRS, for 2011 the maximum section 179 deduction ...
The most reliable source for information on legitimate tax deductions is the agency responsible for collecting taxes from the populace: the Internal Revenue Service [www.irs.gov]. The home page directs you to publications answering questions, allows you to order forms and even e-file your return if you meet certain requirements. It may take time to search ...
A net operating loss (NOL) for tax purposes, occurs when your deductions for a year are greater than your taxable income for the year. If you have negative taxable income when you prepare your tax return, you may have a net operating loss. This is generally caused by deductions from a trade or business, or ...
If you’re going to itemize your tax deductions this year, you might want to include medical expenses, but how do you know which ones are qualified? The IRS imposes strict guidelines on claims for medical care, education, charitable donations and everything else under the sun. This article will provide you with guidelines for each time ...