as well as how to reduce your taxable income with tax deductions. To do this, we put together a comprehensive list oftax breaksavailable for 2024, including some tax-deductible items many people often overlook or aren’t sure how to use to their advantage. ...
If you choose to get insurance for your business, the premiums are tax-deductible. These may include liability coverage, health insurance, workers comp, business interruption insurance, and other items. While I do think ATM fees are a waste of money, bank fees are tax-deductible for your smal...
11. Rental Property Insurance Is Also Deductible Like homeowner’s insurance for your primary residence, your landlord insurance premium for each property is also tax deductible.Unlike homeowner’s insurance, you don’t have to itemize your personal deductions to take landlord insurance as a rental ...
As a small business owner, you candeduct automobile expensesfor visits to clients, vendors, or travel to business meetings away from your regular workplace. If you operate your business out of your home, a drive from your home to a supplier and back home is a 100% deductible business expen...
Are credit card fees tax deductible? Which credit card fees can you deduct for tax purposes? 2 min read Feb 24, 2025 Charitable contributions: How to get a tax deduction for your donations You can get a tax break for charitable contributions of money and other items. Here’s what you...
Regardless of your trade in the construction industry, allowable tax deductions can lower your tax liability and possibly lead to getting a tax refund. You can deduct common expenses such as tools and materials, and even certain other items that come in
Personal Finance Predictions for 2025 From interest rates to inflation, people in the know have ideas about what might happen in the coming year. Jessica WalrackJan. 31, 2025 Save Money on Newborn Baby Purchases One way to save is to use registry completion discounts from stores l...
The 2023 tax filing season is here, and with it comes a slew of nondeductible expenses that could affect your bank account. Whether you’refiling taxesindependently or as part of a household, knowing what isn’t deductible can help you more accurately plan for the upcoming year. ...
Transportation costs for medical appointments, such as mileage ($0.22 per mile for 2023 and $0.21 per mile for 2024), parking, tolls, and lodging are deductible if they exceed the 7.5% threshold. Keep in mind that you can only deduct up to $50 per person per night of lodging (you can...
For tax year 2025, it is $325.6 Charitable Donations If you made donations to any qualified charitable organizations, the value of the items donated might be deductible. It's important that you keep all the receipts or other records as evidence of the cost or value of the donated ...