Taxes

Schedule A: Medical Expenses You May Deduct

If you paid medical and dental expenses for yourself, your spouse and your qualifying dependents, you may be able to deduct them on your tax return. The IRS defines medical expenses as the costs of diagnostic, treatment, mitigation or prevention of disease and the costs of treatment affecting any part or function of the body. […]

Where to Find Tax Help and Free Tax Preparation Service

Even with the free online tax filing, there are still a number of people who just don’t want to do the taxes themselves. That’s why the Internal Revenue Service (IRS) has created various programs to help the low-income families, senior citizens and even military personnel. These programs offer free tax help for taxpayers who qualify. […]

Where to File Taxes Online for Free

The cost of tax preparation fee may be affordable to some but for people in the low income bracket, even $200 fees that most tax franchise chain charges is a lot. The IRS understands this which is why they have made partnership with various software companies to offer free tax filing online. These software companies […]

Can I Deduct Gambling Losses and How Do I report it?

Do you gamble a lot? Have you been incurring losses? Find out if you can deduct your gambling losses and how to report it on your tax return.

Items You Can Deduct on Schedule A

Tax deductions are items that help you reduce your taxable income before your tax liability is calculated. There are two types of deductions namely: Above the line deductions – which we already discussed on our previous post. Below the line – (personal exemptions, standard deductions or  itemized deductions) On this post we will be discussing […]

OTC Drugs and Medicines Affected by the Health Reform Act

I have always utilized my Health Flexible Savings Account (HFSA) from work because it is very generous when it comes to getting tax breaks. I have saved tax dollars year after year for items such as over-the-counter medicines, insurance co-pay deductibles, eye care and other health expenses that are normally not covered by my insurance […]

Unreimbursed Employee Expenses: What Can You Deduct

Your job may require you to pay out-of-pocket costs but your employer may not reimburse you for those expenses. When this happens, you may be able to deduct those expenses on your tax return. So the question is what can you deduct and how do you report it on your tax return?

10 Above the Line Deductions You Don’t Want to Miss

Last week, we’ve talked about why you should maximize your above-the-line deductions or adjustments to your gross income. The AGI (or adjusted gross income) are used when calculating some limitations for your other deductions or credit.  You see, you do not have to itemized your expenses for you to claim these deductions. This means that […]

Why you should try to maximize your “Above-the-line” Deduction If You Can

Explains what AGI or “Above-the-line” deduction means, the various examples of an adjustments to gross income (AGI), and why you need to maximize these deductions.

Tuition And Fees Deduction: When To Use This Tax Relief?

The Tuition and Fees Deduction is an educational tax relief that can help you alleviate the cost of education in the United States. Discusses why you would need to consider this instead of a credit, the various test that you need to pass before you can claim this deduction, what expenses qualify, what expenses do not qualify, who is eligible, and how much expenses you can deduct.

Understanding the Lifetime Learning Credit

The Lifetime Learning Credit is an educational tax credit that can help alleviate the cost of education in the United States. Discusses the various test that you need to pass before you can claim this credit, what expenses qualify, what expenses do not qualify, who is eligible, and how to calculate the credit.

Home Renters Should Not Pay More Taxes: A Rebuttal On Financial Samurai’s Article

Article is in response to Financial Samurai’s “Renters Should Pay More Taxes.” homeowners should not envy the renters if renters don’t pay rental taxes. We’re talking about 3 great tax breaks for the homeowners versus one tax relief (no rental tax) for the renters and the homeowners want to take away that single tax relief for the renter?