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Hang on to those receipts: Sales taxes are deductibleMARY DALRYMPLE
Read: 22 Legal Secrets to Help Reduce Your Taxes What Qualifies as a Deductible Medical Expense? Publication 502 from the IRS takes more than 10 pages to cover the various expense categories that can be deducted. It's worth reviewing the publication, but broadly speaking, the IRS defines medic...
Just as your employer holds back a portion of your regular paycheck to pay your taxes, it must take money out of your bonus check, too. These funds are sent to the IRS on your behalf. (This process is known as tax withholding, and you can control your withholding rate by how you fil...
Potentially tax-deductible Cons Costs money upfront Won’t save you money if you sell or refinance before the break-even point Should you buy down your interest rate with points? Right now, when interest rates are higher than they have been in recent years, the idea of buying mortgage poi...
Even if the IRS approves your request, however, the deadline for paying your taxes remains the same. If you secure an extension, you'll have until October 15 (or next business day if on holiday/weekend) to file your return, but your payment is due April 15 (or next bu...
How can tax write-offs affect my taxes? Tax deductions and write-offs reduce your taxable income. They could even lower you into a different tax bracket, but regardless it will mean that you’ll owe less in taxes. Let’s do the math!
For example, I understand that RRSP contributions are tax deductible because I am not 'using' the money in my RRSP account, yet — it is for retirement. But, why are the interest + taxes on my mortgage tax deductible? I cannot find any logic. By this token, any tax I pay on...
Are rental payments for a business tax-deductible? Explain. The following taxes were paid by Tim: Real estate taxes on his home: $1,000 State income taxes: $900 State gasoline tax (personal use of automobile): $150 In itemizing his deductions, what is ...