What Expenses Are Deductible?Stephanie Horne
You can't deduct the cost of advertising in any publication or website used by or for a political party or candidate. Political expenses of any kind are not deductible for businesses.1 You may not deduct the costs of personal hobbies carried on with business associates. For example, if you...
Hello, I'm Arye from TurboTax with some information about what education expenses are tax deductible. If you or your spouse are currently a student, or if you can claim a dependent who is, there are a few options to reduce your taxable income. One: The tuition and fees deduction fo...
If income levels are too high for the AOTC or LLTC, parents can elect to forgo claiming their student as a dependent, potentially allowing the student to claim the credit on their own tax return. The Tuition and Fees Deduction is another option for qualified expenses. Tax breaks for college...
Rent: If you rent property for your business, you can deduct the amount. For more information on deductible business expenses, check out IRS Publication 535, Business Expenses. Non-deductible expenses Some business expenses are not deductible. Non-deductible expenses include: Lobbying expenses Poli...
Since maximizing your tax deductions has the potential to reduce your tax burden, let's look at some of the most common deductible investment expenses and how they can reduce your taxable income. No more deduction for miscellaneous investment-related expenses ...
There is a space for education-related deductions on form 1040 that is separate from the itemized deductions. Image Credit: In the not-too-distant past, April was the time at which those who paid school tuition and other expenses were wondering what education expenses are tax-deductible. While...
space, it's tax deductible. If the salon space is a part of your home, you may be able to deduct a portion of your home's utility expenses and rent or mortgage payment. Finally, any supplies for the salon, such as highlighting foil, processing caps, towels and robes are deductible. ...
What Travel Expenses are Tax Deductible for Self-Employed? The Internal Revenue Service (IRS) allows businesses to deduct travel costs when an employeemust travel away from their main place of work or tax home for business reasons. This is defined as traveling for longer than one ordinary work...
They are computed on the Internal Revenue Service’s Schedule A, and the total is carried over to the 1040 form. When itemized deductions have been subtracted, the remainder is the actual taxable income.45 Unreimbursed Medical and Dental Expenses: You can deduct medical and dental expenses ...