The fees for taking SAT, ACT and other college entrance exams are not tax-deductible, but there are educational deductions and tax credits to help offset your family's college expenses. Find out more about these educational tax deductions and tax credits
While repayments of loan capital aren’t tax-deductible, it may be possible to deduct the interest generated over time from your tax bill. This is because interest is normally considered a business expense. If your loan is used entirely for business purposes, you should be able to claim inte...
However, like most things IRS, there are always some restrictions, limitations, and qualifications on who can claim a tax deduction. We’ll go through some of the basics and then get in to deductible and non-deductible moving expenses, and also – how to claim the deduction. Who Can Deduc...
Business expenses are the costs associated with operating a business. The expenses are either taxdeductibleor non-tax deductible. National tax laws determine which expenses can qualify as deductions, such as those that are ordinary and necessary to conducting that type of business. Some of the cate...
Employees of various non-profit organizations, such as schools and other tax-exempt organizations, can benefit from enrolling in a 403(b) plan, officially known as a tax-deferred annuity. Find out how these plans may benefit you.
» MORE: How tax-deductible donations workAdvantages of itemized deductions Itemized deductions might add up to more than the standard deduction. The more you can deduct, the less you’ll pay in taxes, which is why some people itemize ...
Tax deductions and credits are an essential aspect of filing small business tax returns, as they can help you save money in various ways. Operations expenses incurred by a business to function are considered tax-deductible. These deductions, also known as tax write-offs, allow companies to deduc...
Let’s say your insurance plan dictates a yearly deductible of $500. This means that you have to consume this amount before your insurance provider starts covering the costs. Let’s say your first medical bill for the year is $200. Since it’s less than your deductible, you are responsib...
Capital expenditures appear oncash flowstatements in the form of a tax-deductible negative value. Over time, the various assets that count toward CapEx will begin to depreciate in value. Why capital expenditures are important With the help of the right CapEx investments, you’ll equip your compan...
Interest on financing is tax deductible Interest costs less than other sources of capital Helps boost credit score Profit-sharing isn't necessary Preserves company ownership Cons Companies are obligated to repay lenders Failure to repay can result in default or bankruptcy ...