If you buy a home with your spouse andfile taxes as a couple, you claim the total amount of qualified mortgage interest on your joint return. However, if you’remarried and file taxes separately, or you borrowed money to buy a home with someone who isn’t your spouse, you each get to...
Mortgage interest State and local income taxes Medical or dental expenses Charitable donations Each taxpayer must choose between claiming the standard deduction or itemizing. The standard deduction is a preset amount that varies according to the taxpayer's filing status. The decision depends on which ...
That means most Americans can't claim some very well-known tax breaks. No deduction for medical expenses. Zero tax savings for mortgage interest payments. Nothing for state and local taxes, either. If you claim the standard deduction, you can't claim any of these popular write-off...
The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insu
Insurance premiums for medical care or long-term care insurance are also deductible if they’re not paid by your employer and you pay out of pocket after taxes. Prescription drugs, medicines and other medically necessary items: This can include insulin, prescription drugs, dentures, eyeglasses, ...
Running a restaurant is a challenging feat. Not only do you have to worry about personnel, service, food quality, and the customer experience, but you also have to run the back office. You can easily overlook important criteria such as taxes, insurance, customer safety, profitability, and sta...