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A pen and stethoscope are laying on top of medical bills. Image Credit:Gubcio/iStock/Getty Images A wide variety of medical expenses and costs are deductible on your annual tax return. The Internal Revenue Service allows taxpayers to deduct any payments involved with diagnosing, treating, mitigat...
With recent changes to the tax laws and adjustments to what counts as being deductible or not, you might be wondering if you're able to deduct any of your legal fees. Follow our guide to determine which legal fees can and cannot be deducted on your taxes
Cormac Fitzgerald, managing partner with accountancy firmFitzgerald & Partners, says: “In general terms, you can deduct expenses that are relevant to the business. “What I say to clients is if it’s wholly and exclusively for the purpose of the business, then you can write off that as a...
My relentless pursuit of financial independence has been Terminator-like over the last few years, and it’s been really incredible. And it’s the success I’ve achieved thus far that allows me to slow down a bit and enjoy the time I have today. I could have continued on with my Termina...
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The MBA is directly related to my work as a manager. Can I deduct the student fees, textbooks, stationery and registration costs ? These are sizeable amounts. Thanks. TaxTimsays: 23 July 2012 at 13:43 Hi Joe, Unfortunately MBA costs cannot be deducted for income tax purposes. Doing...
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local...