If you are in the market for a new vehicle, are concerned about the environment and about fuel economy, there are tax breaks available that may help you make the decision. You can take an income tax ...
Giving to charitable organizations is an American tradition. This was even more evident in the aftermath of the September 11, 2001 terrorist attacks. It's great to be generous but you need to know i ...
Keeping up with your record-keeping throughout the year will make things a lot easier come tax time. Taking a little extra time to make notes on receipts while you still remember what they were for, ...
If you work from home, part of your household expenses are actually business expenses and you can deduct them on your federal income tax return. You may have your office at home; maybe you meet with ...
In a world where rapid advances and innovations in technology are constantly forcing us to learn how to do new things, or how to do things in new ways, in order to keep our jobs, to gain access to new ...
If you moved during the year, and the move was related to your work, don’t forget to gather up the receipts and keep records of your moving expenses. You may be able to take a deduction without hav ...
Once you have finished preparing and filing your income tax return, what do you do with your supporting documentation? Which records do you need to keep, how should you file them, and how long do you ...
If you are self-employed you may be able to find some tax relief to help you maintain your health insurance coverage. For U.S. federal income tax purposes, you can deduct up to 100% of the amount you ...
You may have had federal income tax withheld from your pay all year, and wonder if you really need to file a return. Or you may think you didn’t make enough money to have to file a return. But it ...
Medical expenses, in order to be claimed as an itemized deduction on a U.S. federal individual income tax return, need to meet the criteria that the Internal Revenue Service (IRS) has established. Pr ...
When you suffer a loss caused by theft, vandalism, fire, storm, or similar causes, or a car, boat, or other type of accident, you may be able to take an itemized deduction on your U.S. federal income ...
When you start up a business and set up your accounting, what values do you assign to your assets? Or, when you acquire property by purchase, exchange, conversion, or other means, what value should b ...
Home mortgage interest, for U.S. federal income tax purposes, is interest on any loan secured by your main home or a second home. The loan can be a first loan to buy or build your home, a second mort ...
Deductible charitable contributions for U.S. federal income tax purposes are voluntary donations or gifts made to organizations that are religious, charitable, educational, scientific, or literary in ...
If you itemize deductions on your U.S. federal income tax return, you can take a deduction for either state and local sales taxes or state and local income taxes. If you choose to deduct sales taxes, ...
If you are an employee and you have travel and entertainment expenses associated with your job, you may be able to take a tax deduction. You will need to separate out any personal portion of your tra ...
If you are self-employed, or have other sources of income in addition to a salary or wages, such as dividends, interest, capital gains, rents and royalties, you may have to make estimated federal inco ...