TaxAudit Blog

Tag: tax deduction

Hand Sanitizer on table with masks in background

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.

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Stroller with rolled up $100 bills

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.

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Woman Shopping for 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

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

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 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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