Is It Better to Have a Tax Credit or a Deduction?

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Article Highlights: Itemized Deductions Above-the-Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits Tax Deductions – In one…

Tax Deductible Expenses for Charity Volunteers

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Article Highlights: Charity Tax Exempt Status General Rules for Deducting Volunteer Expenses Away-From-Home Travel Expenses Vehicle Expenses Entertaining For Charity Uniforms Use of a Capital Assets Conventions Underprivileged…

2024 Standard Mileage Rates Announced

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Article Highlights: Standard Mileage Rates for 2024 Business, Charitable, Medical and Moving Rates Important Considerations for 2024 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements …

Taxes and Holiday Gift Giving

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Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified…

Home Energy Improvement Credit Is Enhanced

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Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes…

Bunching Your Deductions Can Provide Big Tax Benefits

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Article Highlights:  Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only…

Not All Interest Is Deductible for Taxes

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Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…

Ways to Maximize Business Deductions

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Article Highlights  New Business Legal and professional fees Spousal Joint Ventures Self-employed Health Insurance Home Office Deducting the Cost of Business Equipment Advertising Expenses Website Costs Financing …

Don’t Overlook Your Charitable Contributions

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Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable…
Tax Deductions Without Itemizing

Tax Deductions Without Itemizing

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Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces …