Personal Tax Deduction – Accounting for Miscellaneous Expenses
Each year, taxpayers miss miscellaneous deductions on Schedule A. In order to qualify, your miscellaneous deductions must be more than two percent of your adjusted gross income, and even then, you only receive any amount above two percent. So if your AGI is $100,000 a...
Personal Tax Deduction – Accounting for Gambling Losses
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...
Personal Tax Deduction – Accounting for Student Loan Interest
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...
Personal Tax Deduction – Accounting for Moving Expenses
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...
Personal Tax Deduction – Accounting for Medical & Dental Expenses
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...
Personal Tax Deduction – Accounting for Mortgage Costs
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...
Personal Tax Deduction – Accounting for Charitable Contributions
You can deduct contributions to charities. The IRS has a list of charities that qualify and also has maximum amounts that can be deducted. As of 2014, the limit is 30 percent of your adjusted gross income (AGI) for private organization donations, while public...
2017 IRS Standard Deductions
There are a variety of credits and deductions and for both individuals and business owners. The IRS announces changes to tax credits and deductions every year. To stay informed, you can visit the IRS website, particularly the Credits & Deductions page. Standard...
How Do I File a Deceased Person’s Tax Return?
Like the old adage says, two things are for sure and they are taxes and death. Unfortunately death does not excuse any final tax filing requirement for the deceased, and if neglected can further complicate the lives of surviving relatives. If a refund is due, a 1310...
Can I Claim My Personal and/or Spousal Exemption?
You can’t claim an exemption for your spouse as your dependent, but you can claim a personal exemption. To claim a personal exemption for your spouse, you must meet a host of requirements. For example, you must have been married on the last day of the tax year. For...