Tax Deductions

Majority of personal expenses are not deductible. This include expenses paid for living, home rent, food, clothing, insurance, utilities, child support, auto payments, vehicle expenses interest on credit cards, etc. If you run a business (see How a home-based business may help you reduce your taxes) or you have unreimbursed employee expenses, you may be able to deduct a few of … [Read more...] about Personal/Non-Business Losses You May Deduct – Casualty and Theft Losses

This is the last part of the three part series. The other two are: Part 1 - Qualified Organizations - You can only deduct donations if these are made to qualified organizations. Also discusses organizations that are not qualified by the IRS. Part 2 - Items You Can Deduct - Discussed the items that you can or cannot deduct and the various reporting requirements. Part 3 … [Read more...] about Deducting Charitable Donations Part 3 – Limitations on Your Contributions

This is the second part of a 3-part series about Deducting Charitable Donations. On the last post, we've talked about the various qualified organizations (organizations that meet the IRS qualification requirement for your contribution to be deductible). Part 1 – Qualified Organizations - You can only deduct donations if these are made to qualified organizations. Also … [Read more...] about Deducting Charitable Donations Part 2 – Items You Can Deduct

Every year, Americans have been giving billions of dollars of donations to charity. Thanks to the government for giving out the incentive to do so: deducting those donations from your taxes. However, there are certain rules on what can you deduct, what organization qualifies, and how much you can deduct. This is a three part series and we'll discuss the qualified organizations … [Read more...] about Deducting Charitable Donations Part 1 – Qualified Organizations