doi:urn:uuid:53fcde046992a310VgnVCM100000d7c1a8c0RCRDMost of us remember to list property taxes and taxes paid to the state--but a closer look at this section on your could reveal that you've been overlooking possible deductions.Bonnie LeeFox Business...
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: up to $3,000 of q...
You can make car expenses work for you. For many Americans, work and personal time have become increasingly intertwined over the years. While this certainly has its drawbacks, it can be a major benefit come tax time for those who drive as part of their work. Knowing all of the a...
Private mortgage insurance (PMI):If your down payment is less than 20 percent of thehome’s purchase price, you will likely need to pay forPMI— but you might be allowed to deduct any PMI you pay. Property taxes:You can typically deduct your annualproperty taxes, as well as any portion ...
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, mortgage interest or charitable donations, it...
taxes. If you’re a homeowner and an itemizer, you could make an extra mortgage payment to increase your mortgage interest write-off next year. If you’re a small business owner or self-employed, make any big business purchases before December ends to deduct the expenses on your tax return...
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...
tax strategy. If you have a low deduction year, in which you think you will take the standard deduction, it might be wise to hold off on donating until you have a higher deduction year (e.g. one with significant deductions like mortgage interest,education deductions, and property taxes). ...
As we approach the end of 2023, taxes are going to be on a lot of people’s minds. A home brings potential tax benefits, too. According to Mangrum, “Depending on your individual situation and the country you reside in, you may be able to deduct mortgage interest and prop...
Can I deduct the cost of a new computer on my taxes? frivas from Twitter asks: "Wonder if I can deduct the cost of a new computer from my taxes." Hi, I’m Megan Nearhoff and I work at TurboTax. The answer is: it depends. If you are using it more than...