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The deductibility of origination fees on your taxes from buying a new home is dependent upon a few factors - the main factor being if itemize your deductions.
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While homeschooling, can you deduct the cost of classes for skills that the homeschooling parent doesn’t possess, such as ballet classes or piano lessons?
A number of different software applications that use a smartphone have become available for the purpose of recording business and personal mileage.
Now that the pandemic is officially over, can I still deduct the cost of masks and hand sanitizer for my classroom or place of business? Let's find out.
If you want to deduct your first-class airfares, be aware that the IRS may question you about these expenses and will make its decision based on each trip.
Yes, you can. Provided that the baby in question is your dependent, there is a whole host of tax benefits you can take advantage of to offset your expenses.
With all the required tuition, books, and fees for college students, not to mention the cost of room and board - what education expenses are tax deductible?
Are there situations where travel expenses are tax deductible? Yes. In this blog, we will discuss five situations where travel expenses are deductible.
The IRS regards your personal driver’s license as a nondeductible expense. A commercial driver’s license that is required for your business may be deductible.
Can you claim a depreciation deduction for Section 1250 residential property in the year the property is sold? When it comes to taxes, details matter.
The good news is there are many different expenses that you may be able to deduct in relation to your dog-walking job – but your shoes may not be among them.
Tax law does not allow us to claim last year’s expenses on this year’s return, but does allow us to amend our returns to include missing deductions.
Whether you use your second home for personal or business purposes, the interest you pay on the mortgage may very well be deductible on your tax return.
Yes, the tax code allows you as an individual to deduct the sales tax you paid during your tax year but, first, you must meet certain conditions.
There is a very good chance that you can deduct your Medicare Premiums that you paid on your taxes. As always, there are different conditions that must be met.
Dental expenses (if qualifying) can be included on Schedule A, Itemized Deductions - Medical and Dental Expenses, subject to a 7.5% Adjusted Gross Income.
When it comes to medications, you can only deduct the amounts that you pay for medicines or drugs that have been prescribed for you by a doctor.
Generally, the costs of moving or disposing of items are considered personal expenses and are not deductible, even though removing the items are required.
Because of changes to tax law in 2018, Schedule A deductions for advisory-type expenses will not be available until 2026 at the earliest.
Employees cannot deduct dry-cleaning costs on federal taxes until 2026, but self-employed individuals can take the deduction by meeting 3 qualifying tests.
Medical expenses are deductible, but whether or not you can claim this deduction depends entirely on the amount you spent and the amount you earned.
Accountant fees for a business purpose are generally deductible, but when those fees are incurred for a personal purpose, they are currently not deductible.
The answer to “Can I Deduct Property Taxes?” is not simple. Hopefully, this article will give you a better understanding of when you can deduct property taxes.
Yes, you can deduct interest on your business and personal credit cards to the extent that the interest relates to business expenses. Let's explore more.
Certain categories of employees can claim the deduction for unreimbursed employee business expenses, but not all. Let's explore some examples.
Insurance policies may cover part of nursing home costs and the unreimbursed expenses can often be deducted on a Form 1040 individual tax return.
Since the government considers your vehicle to be just another piece of property, so is there a tax deduction for the theft of your car? Let's find out.
If you volunteer for an organization, do you get a tax deduction for your time or talent? Let's also look at volunteering use of property and other expenses.
For many taxpayers who operate small businesses, the qualified business income deduction can be an excellent way to reduce your income taxes.
If you are one of the millions of taxpayers who use TurboTax to file their taxes, you may have asked: Can I deduct my TurboTax purchase? In short: it depends!
A taxpayer with a sole proprietorship and reports business income and expenses on a Schedule C may claim a prorated amount of the Audit Defense Membership.
The results of the Tax Cuts and Jobs Act have made brokerage fees non-deductible for any returns filed between 2018 to 2025.
My wife drives to transport our granddaughter to our house to watch for the day. Is this to-and-from mileage deductible as a job-related expense?
As a self-employed taxpayer, you can deduct your business-related parking fees as an expense on Schedule C, Profit and Loss from Business.
For 2020 taxes, the CARES Act allows individual taxpayers who do not itemize to claim a deduction up to $300 ($150 for MFS) for cash charitable contributions.
Overall, two things are important when determining if you can deduct your zoo membership. The first is what type of organization is the zoo? Is it a non-profit?
You can deduct certain state and local taxes (SALT) if you choose to itemize deductions on your tax return rather than claiming the standard deduction.
There is a very good chance that you can indeed deduct the cost of your oil changes if you use your car or truck for business purposes. Let's look closer at it.
Yes, of course – well, maybe. Like many tax deductions, the student loan interest deduction for parents comes with a list of conditions that must be met.
A tax deduction for qualified tuition expenses has generally been available for many years. However, it has never been a permanent part of the tax code.
For individual taxpayers, the cost of driving your vehicle for work is not an allowable deduction for tax years 2018 - 2025. This rule does not apply…
The first step in preparing for that audit is reading the letter carefully. Audits rarely examine everything on the return, but only ask about specific items.
The answer for most states is no. However, 6 states allow some form of this tax break (AL, IA, LA, MO, MT, OR), but only AL, IA, and LA allow a full deduction.
It all depends on your babysitting gig. Are you employed by an agency to work as a babysitter? Or are you self-employed with your own babysitting business?
Credit card interest for personal expenses is generally not deductible. However, credit card interest connected to trade or business expenses can be deductible.
Under current federal law, union dues are generally not deductible. However, there are a few exceptions, and if your union dues meet one of them you are in luck
Whether it’s an audit or a notice, receiving a letter in the mail from the IRS is most taxpayers’ worst nightmare. What can you do that will lower your risk?
Paying for college tuition is an expensive endeavor. Fortunately for those who qualify, there are some tax breaks available.
The most likely answer for most people would be no, as the general rule is that you cannot deduct the cost of the gym membership. However, there are exceptions.
The good news is that you can deduct car insurance from income when preparing your taxes – but the bad news is that you must first meet certain conditions.
Just like there are hundreds of poses in yoga, the tax law is not so simple - and there are subtle variations that determine whether the answer is yes or no.
Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.
Real estate closing costs can be pesky things. And since you are paying for them, can you at least deduct them from your taxes?
Tax deductions and credits serve the same purpose − to reduce the amount of a taxpayer's tax owed. The way that each serves this purpose is different.
The PMI deduction was not permanent. This expiration date was extended twice, eventually to 12/31/17, and any PMI paid after that date is not deductible.
If you paid someone to care for your child so that you could work or look for work, you may be able to take the credit for child and dependent care expenses.
Prescription eyeglasses for correcting your vision are deductible as a medical expense, but you may not be able to deduct them based on other factors.
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.
Most taxpayers are familiar with the terms standard deduction and itemized deductions, but many are unaware of the differences between the two.
When it comes to the deductibility of business expenses the answer is likely to be “Yes, No, Maybe So, or Not Now.” Here are a few examples to consider.
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.
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.
Deductions for expenses considered to be entertainment, amusement or recreation have basically been eliminated except for the deductibility of business meals.
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.
The Tax Cuts and Job Act of 2017 introduces some perks for small business owners that you won't want to miss.
"We have our own marketing and design business. This year we ordered expensive gourmet chocolate gift baskets for each of our ten clients to thank them..."
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.
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...
Are disability payments taxable? This is a good question, but there is no correct general "yes" or "no" answer.
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?
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?
My husband spends a lot of time printing church service bulletins and other special design and print jobs. Can he deduct the time he works as a volunteer?
The expenses I paid out on my rental were $12,000 more than my rental income, yet my tax return shows a deductible rental loss of zero. Why?
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.
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...
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?
I am a policy and procedure writer for a company. Due to my long commute, my boss lets me work from home one day a week. Can I write off my home office?
How many miles can I claim on my tax return when driving for work?
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...
My wife and I bought a townhouse in 2014. What tax deductions can we take?
My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?
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...
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?
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
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...
We loaned our car to a missionary home for a visit and fundraising. Can we deduct the mileage as a charitable contribution?
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.
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.
I took care of my three nieces and a nephew (all under 17 years of age) up until the end of last month, August 28, 2014, to be exact. I claimed these kids...
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...
I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.
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.
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..
We live in Florida, and we are thinking about buying a second home in Maine for the summer months. Will we be able to deduct the mortgage interest on our taxes?
The overall percentage of individual tax returns examined in 2013, published by IRS, is about 1%; however, this number only takes into account “examinations”
My brother is in assisted living; what part of his expenses can be deducted? He needs assistance with getting dressed and all daily hygiene activities.
Let’s talk about business deductions for members of the military. The same rules apply for active duty personnel and reservists.
My personal residence cost basis is higher than the expected sale price. Is there a way to get a tax benefit from a loss on this property?
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...
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.
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.
We adopted our grandson three years ago - he is now a freshman in high school. When he goes to college, will his tuition be tax deductible?
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?
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...
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...
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...
I have a good friend who owns two rental homes here in California. The tales he tells regarding these “assets” are not for the faint of heart.
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..
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?
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.
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?
I use my car in my business. How much of it is tax deductible, and what type of travel is deductible? Are my trips going back and forth to work deductible?
We recently bought our 1st home via FHA mortgage, which included monthly mortgage insurance premium (MIP). In addition, an "up-front" MIP amount (UFMIP)...
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..
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...
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.
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...
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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