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
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...
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...
