Medical expenses can be cited as an itemized deduction on your tax return. In order to itemize deductions, you must forgo the standard deduction. That means it only makes sense to itemize if all of your itemized deductions -- medical expenses, charitable contributions, taxes besides federal taxes...
Buying a second home? TurboTax shows you how mortgage interest, property taxes, rental income, and expenses will affect your tax return.
Between travel,home office expenses, and internet and phone bills, it becomes rather time-consuming to manage all your business costs at once. On top of that, filing taxes can often feel like running a marathon. With so many expenses to itemize, how do you steer clear of making atax ...
1. Moving-expense deduction.If you moved to take a new job due to a change in your job or business location—and paid for the move out of pocket—you may be able to deduct your moving expenses. “Local moves don’t apply. If you just moved to the other side of town, you won’t...
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...
Salaried employees all over the country are busy filing their tax returns in the hope that perhaps they will be due a refund. For most who earnincomefrom their employer they have already paid their taxes in the form ofPay-As-You-Earn (PAYE), but now what? Although salaried employees are...
They’ll also help you plan for the future and understand the tax law so that when it comes time to pay taxes on earnings from sales or services, there are no surprises or unpleasant surprises like audits. Accountants help you grow your business by teaching you about tax codes ...
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Don’t fall for the “one more year” syndrome where you actually achieve the passive income number that will allow you to live the life you always wanted, but yet continue to press on for even more money. The time you’ll be missing in the interim, once passed, can never be ...
case you have higher health care costs than average, there’s also a deduction available to you. If you’re spending at least 10% of your total income on healthcare, you qualify for the medical expenses deduction. This allows you to deduct your high healthcare costs from your taxes as ...