Nov 14, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
The amount of the standard deduction you will receive depends on the filing status you qualify for. In 2014, single taxpayers who file separate returns can claim a standard deduction of $6,200; this amount also applies to married couples who file separately. If you...
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...
Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
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...
Nov 12, 2014 | Individual 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...
Nov 11, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns
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...
