TaxAudit Blog

Tag: tax deduction

Woman Shopping for Over the Counter Medications

Can I Deduct Over the Counter Medications?

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.

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Group of Volunteers

Can I deduct volunteer time?

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.

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Tax Deductions

Is Audit Defense Tax Deductible?

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.

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Tax Deduction written on a sticky-note

Tax Deductions vs Credits

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.

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