TaxAudit Blog

Tag: deductions

Health Insurance

Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.

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Closing Costs

Real estate closing costs can be pesky things. And since you are paying for them, can you at least deduct them from your taxes?

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Money, United States Treasury Check, 1040 Tax Form

If you paid off a prior year state or local tax obligation to your state, you can include these payments as a state tax deduction, subject to the $10,000 cap.

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Woman working from home at her desk.

As part of the tax reform laws, the home office deduction was eliminated for all tax years from 2018 through to 2025 for taxpayers who are employees.

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Family under umbrella that says Life Insurance

Life insurance premiums are generally not deductible on your tax return. However, there are few exceptions, such as life insurance premiums paid by a business.

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Alimony spelled out with blocks with a stack of money next to it

Divorces finalized after 1/1/19 no longer required the spouse receiving alimony to report the income, and in turn, did away with the deduction for the payer.  

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Block with Tax words on it

The letter you hoped would never come arrived. You open it and discover the IRS has graciously sent you an invitation to their work mileage deduction review.

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diamond ring

While I was working out at the gym, someone broke into my locker and stole my diamond ring. It’s my wedding ring and I always take it off before doing...

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businessman in wheelchair

Are disability payments taxable? This is a good question, but there is no correct general yes or no answer. The taxability of disability payments depends on...

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Woman

I do PR in the Bay Area. My hairstylist says I can deduct my entire salon bill on my taxes because it helps me look good at events. Is this correct?

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path going through forest

I want to donate to my favorite politician’s 2016 campaign for our state’s House of Representatives. Are there limits to how much I can deduct?

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young toddler girl in a swing

What do I do with a stepdaughter who doesn't live with us? She is in college and lives with her mom. How do I list that? My husband pays child support.

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Calculator and pen on top of 1040 tax forms

My wife made a $5,000 contribution to her IRA in last year. Through using TurboTax, we learned that we don't have the earned income to support a deduction...

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Personal Development, Guiding Skills, Help, Coaching, Learning

My wife is training to begin her career as a life coach. Can the expenses of her training, including tuition, room, board & travel, be tax deductible?

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Doctors and nurses walking down hospital hallway

My brother was moved to a nursing home/memory care unit. He had to live in the nursing home area until the memory care unit had an opening. When he was in...

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house on top of a green hill

My wife and I bought a townhouse in 2014. What tax deductions can we take?

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two people looking over financial charts

My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?

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bacon

There is some misconception in the words “head of household.” Yes, in the ordinary sense of the term you may be head of household, but when it comes to taxes...

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Dress Shirts

I use suits for work, and the dry cleaning expense is substantial. I don't use the suits outside of work. Can I deduct the dry cleaning as a business expense?

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Gift wrapped in five dollar bill

I’ve never been married and I have no children. I’ve been successful in my career and have some money saved. I want to give my six nieces and nephews $20,000

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Yellow house with white fence

I just had my home refinanced to a lower interest rate and to a 15-year fixed mortgage. What are some of the things that are associated with refinancing...

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Hands holding a heart

We loaned our car to a missionary home for a visit and fundraising. Can we deduct the mileage as a charitable contribution?

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Roof on brick house

I had a new roof put on the house. Is it tax deductible? A new roof is generally considered to be an improvement to the structure.

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Nurse helping woman

My wife is a nurse, but she does not have a degree. She is interested in taking classes to get a BSN degree - a bachelor of science in nursing.

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RV driving on the road

Can I claim the interest I pay on my RV on Schedule A as mortgage interest on a second home? As long as your RV loan is secured by the RV and the...

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Spoon full of vitamins

I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.

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Dictionary with the focus on the word Taxpayer

If you made an mistake on your taxes or omitted required information, such as a late-received W-2 or K-1, you can file an amended return on Form 1040X.

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Woman filling out a tax form

It’s still not too late to make adjustments to your withholding or estimates to make sure your 2014 taxes will be done correctly and you will not be surprised..

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Soldier Saluting the American Flag

Let’s talk about business deductions for members of the military. The same rules apply for active duty personnel and reservists.

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3 Armed Forces Members

If you are a member of the U.S. Armed Forces, there are tax breaks written just for you. Merchant Mariners and American Red Cross employees do not qualify...

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Flooded street with sign that says High Water

My house got water in it this past month. I needed to clean up the mess, replace the carpet, pad and doors.  My insurance would not cover the loss.

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Dress Shirts

Could you advise on how the value of items is determined for charitable contributions? I am about to donate several of my designer suits to charity. 

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change button on a keyboard

Do feel motivated to give money to an organization after the last hurricane/tornado/flood/fire? Did you get a phone call, email, personal appeal by someone?

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Handcuffs laying on a 1040 form

We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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Handcuffs laying on a 1040 form

My son was arrested in December of 2012 and spent the entire year of 2013 in jail awaiting trial. During that year I paid his attorney fees, car payments...

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man laying on grass relaxed

You may have heard that if you are self-employed, or you are expected to entertain clients as part of your job, you can deduct the costs of those meals...

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Homes surrounded by mountains

I bought a house in Arizona in 1996 for $95,000. I did two cash-out refi’s totaling about $30,000 through 2004. I sold the house in 2014 for $165,000, and..

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Woman at the Dentist

I took out a medical loan for $36,000 dollars for full mouth restoration by two dentists due to infections. My insurance only covered $890. Can I deduct it?

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Tax Day and April 15th stamps by stack of papers

The April 15th deadline is approaching. Taxpayers are most likely to make errors on returns when they are rushing to finish their returns before the deadline.

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dog sitting on green chair

I travel for a living and my company knows I have pets. I have to have them kenneled when I am traveling for work.  Can I expense the cost of the kennel stay? 

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Calculator and Stethoscope

Feeling sick? Broke a foot? Broke a tooth? Kids in braces? Are these deductible on your taxes? Well – maybe. Medical, dental, and even alternative health care..

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Partially painted room

I was an owner contractor on the restoration of my house. I bought some used construction equipment to do the work, items like gas powered pressure washer...

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Money wrapped in a bow

Our adult Sunday School class had a Christmas project of supplying Christmas clothes and toys for a needy family with several children and a disabled father. 

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stack of large books

 It’s a long story that begins long before the arrival of the first Form 1040 Income Tax Return of Annual Net Income of Individuals...

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1040EZ

Taxes! Usually, this word creates a strong emotive reaction. We older people tend to not remember the days back when we first filed our very first 1040 EZ.

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