You can deduct most or all of your charitable contributions. Just be sure to follow the IRS's hard-and-fast rules.
If you itemize your deductions, you can also deduct the property taxes you pay on any residence or land that you own. That means the property doesn’t have to be your primary residence or second home. You can even deduct the property taxes on unoccupied land you own. Let a local tax e...
Deducting Tuition and Related Fees as Medical Expenses
Medical expenses exceeding 7.5% of your adjusted gross income (AGI) for 2024 If you paid the premiums for a policy you obtained yourself, (such as through the marketplace) your health insurance premium is deductible when they are out-of-pocket costs. ...
Key provisions of the Internal Revenue Code pertaining to the deductibility of tuition and related fees as medical expenses are discussed. The article discusses the need for the taxpayer to show that the attendee had a medical need for the school's resources and that the program was intended ...
The costs of benefits you give to employees—such as gifts and health plans—are deductible as expenses on your business tax return. That sounds easy, but it's not because there are many details involved in taking these deductions. Here’s what you need to know about deducting employee benef...
There are some property tax expenses for which you can’t claim as a tax deduction. You can’t claim any portion that pays for services provided directly to your property, such as for tax collection, or flat fees that are charged by your local government, like a fine for not mowing your...
If you have a business and you pay health insurance premiums for your employees, these amounts are deductible as employee benefit program expenses. Deducting health insurance premiums If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental...
When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief.
build, or substantiallyimprove the home. In other words, if you borrowed money from your HELOC to pay off credit card debt or medical expenses, you cannot deduct the interest on that debt because it wasn't used for the home.