Can I deduct the cost of a new computer on my taxes? Maybe, if you are using it more than 50% of the time for business purposes. TABLE OF CONTENTS Beginning January 1, 2018, due to the Tax Cut and Jobs Act, exp
Image Credit:Creatas/Creatas/Getty Images The Internal Revenue Service (IRS) offers taxpayers the option to either take a standard deduction or to itemize their deductions on their taxes. If you have limited mileage and toll expenses but not significant other deductions, such as medical costs, m...
Can I deduct Obamacare on my taxes?John R. Graham
If you have a child under 13 years old and pay someone to take care of them while you work or look for work, you may qualify for theChild and Dependent Care Tax Credit. This tax benefit is calculated based on your adjusted gross income, and it allows you to deduct a certain percentage...
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit on your 2024 or 2025 taxes of up to 35% of: ...
These deductible payments can be either state or local income taxes or state or local property taxes. If the state or local government seizes your tax refund directly from another tax year, you can also deduct the amount of the refund as a payment of back taxes, so it’s important to ...
Can I Claim Goodwill Donations on Taxes? Personal Finance How to Calculate Thrift Store Value for Taxes Non-Monetary Donations If you donate bags of dog food, cat treats, an animal carrier or other items to the ASPCA, you can deduct the value of these items from your taxes. Again, you'...
On the low end, you'll typically need no less than 3%-5% for a down payment and an additional 3%-5% for closing costs such as insurance, prepaid taxes and lender fees. As home prices balloon, the amount you need to have saved goes up as well. The average home sale price is now mo...
How do I buy something that's more than my credit limit via my credit card? Why do interest rates on loans tend to be lower in a weak economy than in a strong one? How did Visa manage to convince the merchants to pay for the credit card processing fees?
Another positive aspect about buying a house is that there are tax advantages such as being able to deduct mortgage interest from taxable income and write-offs for certain costs associated with maintaining properties (e.g., insurance). If homeowners aren’t itemizing deductions on their taxes or...