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Posts Tagged ‘tax deductions’

tax deductions

7 Most Popular Tax Deductions Average Americans Claim

March 22, 2016

The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recently available tax year. Here is what they found: 1. Personal exemptions The most commonly used provision to reduce taxable income ...

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tax breaks

3 Tax Breaks For Families with Children

February 16, 2016  |   Last modified on May 10, 2021

Parents can save a significant amount in taxes by using tax breaks geared towards families. The Child Tax Credit, Earned Income Tax Credit, Adoption Credit, Child and Dependent Care Credit, and Education Tax Credits are all essential tax credits worth exploring. At this time, however, we are going to take a deeper dive into the top three (3) tax breaks for families with children. Earned Income Tax Credit

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home office deduction

Qualifying For The Home Office Deduction

February 09, 2016

If you use a part of your home exclusively for business purposes, you might be eligible for the home office deduction. Available for homeowners and renters, this deduction is applied to all types of homes. Generally, you cannot deduct items related to your homes, such as mortgage interest, real estate taxes, utilities, maintenance, rent, depreciation, or property insurance, as business expenses. You may deduct expenses, however, that are exclusively for business purposes. The home office deduction is ...

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common tax deductions errors

Common Deduction And Credit Errors

January 15, 2016

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid deduction and credit errors, such as: Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their returns. Only contributions to charities that are eligible to be deducted should be considered. To avoid making a ...

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