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Six Tips to Write Off Your Donation

January 21, 2014 by in category Deductions tagged as , , , ,

Making a charitable donation, of cash or goods, is an excellent way to reduce your tax burden. The IRS rewards your generosity to worthy organizations with the ability to deduct the amount, or value, of your donation. To make doing your taxes a breeze, and to ensure you get to deduct every donation possible, you […]

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Home Office Deductions

January 10, 2014 by in category Deductions tagged as ,

Do you regularly work from home? If you do there may be a tax deductions that allows you to deduct expenses for business use in your home. In the past, if you wanted to claim a home office in your tax deductions you were required to calculate, allocate, and substantiate complex and drawn out requirements. […]

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Tax Deductions for Businesses

January 6, 2014 by in category Deductions tagged as , , , , ,

U.S. businesses are faced with a myriad of tax regulations when preparing and filing returns. Although it is time consuming, management must sort through these rules to reduce taxable income to its legal minimum. Luckily, the Internal Revenue Code does provide deductions businesses can use, and parsing through the IRC reveals some simple, yet effective […]

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Tax Deductions You Didn't Know About

December 28, 2013 by in category Deductions, Taxes tagged as , , , , ,

In this economy, people devote a lot of energy looking for ways to spend less and get more. One area many people ignore is how to save money on their taxes. You may have already done your part, now you just need to know about the deduction. Here are some frequently overlooked deductions for expenses […]

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What Charities are Tax Deductible

December 23, 2013 by in category Deductions, Taxes tagged as , , , ,

Donating to different charities is not only good for the charities, but it can also provide you with a deductible when tax time comes around. But not all charities are tax deductible, which means not all donations you give to charities can be claimed on your taxes. If you’re looking for more information on taxes […]

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Tax deductions for individuals

November 30, 2013 by in category Deductions tagged as , , , , ,

It is a new year, which means that tax time will be coming soon. You really do not want to wait until April to take care of this task. It is stressful to worry that you will not file by the deadline. But if you are due a refund this year, the longer you wait […]

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Credit vs. Deduction

November 7, 2013 by in category Deductions tagged as , ,

Credits and deductions are two ways you can receive money back from the IRS on your taxes. A tax deduction is a reduction in taxable income that lowers your bill in a percentage format, dependent on your tax bracket. These deductions are broken into broad categories such as medical expenses, state & local taxes, property […]

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