your retirement plans from which you received a distribution. You can report the totals directly in your account when youprepare your return on efile.com. We will guide you through the process, create the correc
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 so that you could work, you may qualify for theChild and Dependent Care Credit. After-school care and summ...
From Julian Block, author of "Tax Deductible Travel and Moving Expenses: How to Take Advantage of Every Tax Break the Law Allows," and Andrew Schrage, co-owner of MoneyCrashers.com, come a few cool, little-known auto-related expenses you may deduct—and one that you may not dedu...
Roth IRA account deposits are considered after-tax contributions, meaning you cannot deduct them from your taxable income. Since you've already paid the taxes, you can withdraw the contributions you've made to a Roth IRA account at any time without paying additional taxes or a penalty. For ex...
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...
TAXPAYERS TO PROFIT FROM GENEROSITY FOR FIRST TIME EVER, BAY STATE RESIDENTS CAN DEDUCT CHARITABLE CONTRIBUTIONS MASS. TAXPAYERS TO PROFIT FROM GENEROSITYDolores Kong, Globe Staff
The IRS imposes limits on how much you can deduct for noncash donations, including stock. These limits are generally based on a percentage of youradjusted gross income(AGI). The percent calculations below do not pertain to taxpayers who made total contributions equal to 20% or less of their ...
However, employers can deduct cash payments made to victims of natural disasters or emergencies as a business expense or charitable contribution deduction. 3. Do not create a program only when an employee has an issue If you want to create a leave donation program, do so before an employee ...
(up from $230,000 to $240,000 in 2024), puts you in thephase-outrange for being able to contribute to a Roth IRA. There can also be limits on how much of your traditional IRA contributions you are allowed to deduct, based on your income and whether you are covered by a retirement ...
If you're self-employed and you use your cellphone for business, you can claim the business use of your phone as a business deduction. You can only deduct the percentage of the cost that applies to the business use of your cellphone. You can’t deduct the portion that appl...