Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
Losses incurred through gambling are tax-deductible but only to the extent of your winnings (you can only claim $5,000 if your winnings are $5,000 and your losses are $20,000, for example). You need to be eligible to itemize your deductions, and you can’t claim any...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
You could qualify for a deduction of up to $2,500 on your student loan interest. You must meet a number of criteria, including having a modified adjusted gross income of under $80,000 or $160,000 if filing jointly. Get Professional Accounting Help! For further...
Nov 13, 2014 | Deductions, Individual Deductions
The IRS has two basic rules when it comes to deducting moving expenses. The distance test requires your new home to be at least 50 miles farther away from your work location than your old home. The time test requires you to have had 39 weeks of full-time...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
In July 2013, the threshold for qualified dental and medical expenses was raised to 10 percent of your adjusted gross income (AGI). This threshold remains at 7.5 percent until the end of 2016 if you are married and at least one spouse is 65 or over. Get Professional...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
There are a variety of home-related expenses you can deduct, including home mortgage interest payments, mortgage points, and real estate taxes. Certain types of home improvements could also lower your tax obligation when you sell your home. Projects such as adding an...
