Tax Deductions

Every year working Americans receive their gross pay. From these wages they are required by law to pay taxes to the federal and/or state government and Federal Insurance Contributions Act (FICA)...

When preparing a tax return, it can be easy to focus on the hot, news-making deductions of the season, while overlooking more routine ones. Everyday expenses like doctor visits, retirement plan...

Filing taxes can be a confusing and frustrating task for anyone. With so many forms, it is often difficult to know which one to use, and tax laws and requirements change from year to year. It is...

Tax season can be a confusing and frustrating time for many people. With all of the forms and deductions, filing an accurate tax return can become a daunting task for anyone. Many people seek the...

Work-related expenses are one of the most commonly overlooked deductions on tax returns. Work-related expenses such as uniforms, union dues and the cost of many other things can be deducted, often...

When you start your own business, you accept a lot of responsibilities. Some of them, like self-employment taxes, might be more than you expected. Of course, being self-employed can also be very...

Tax season is usually accompanied by anxiety and confusion about how to file your taxes. The tax code is extremely complex and may present challenges for even seasoned professionals. There are...

An accident or serious illness can result in major medical expenses. Recognizing the serious impact this causes to an individual or family's life, the U.S. government makes these expenses...

The IRS allows taxpayers to deduct the market value of cash or property donated to charity. The effect of the deduction is to reduce your taxable income, meaning your tax liability in theory...

Dental expenses can often be used as itemized tax deductions. If you are a taxpayer who would like to claim dental expenses, the itemize deduction option can be used if you also provide documents...

It is in the best interest of society for people to donate to charitable causes. The federal government encourages donations by providing a tax deduction.

Tax time is never fun, but there are ways to make filing in April a little easier. There are a number of provisions written into tax laws that give Americans credit for such things as owning a...

One of the fastest growing items in many family budgets is medical expenses. The cost of even basic medical care has risen dramatically during the past two decades, and treatment for serious...

Interest is sometimes called the cost of money, since it is the amount paid by a borrower to a lender over time in addition to the principal of a loan. In some cases, the IRS allows taxpayers to...

When tax season rolls around many of us just want to fill out our tax forms as quickly as possible and get it over with. But, taking a little extra time to itemize your list of tax deductibles may...

Adding a last minute deduction to your income tax return could mean the difference in getting a refund instead of having to pay Uncle Sam more of your hard earned money. Thinking ahead before the...