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 [...]
How a Home-based Business Helps You Reduce Taxes Even More – Part 2: Business Losses
November 24, 2010 By
On the last post, we discussed the other tax benefit of operating a home based business: taxpayers are able to avail additional tax deductions that may not be available for employees. Some of these are expenses that these individuals may be spending already but unable to deduct because they are working for someone else. On [...]
How a Home-based Business Helps You Reduce Taxes Even More – Part I: Deductions
November 22, 2010 By
Did you know that one of the best ways to reduce your taxes is to start a business? This is because there are a lot of tax deductions that are available to business owners that are normally not available if you are working for someone else. Small businesses are considered as the backbone of the [...]
Unreimbursed Employee Expenses: What Can You Deduct
November 18, 2010 By
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
November 15, 2010 By
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
October 27, 2010 By
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?
October 6, 2010 By
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.
Why It Makes Financial Sense To Buy A House
September 23, 2010 By
I believe people want to buy a house because it is still considered one of the American dreams. People seem to associate home ownership with the standard of living. We somehow see an improvement on our living status after we bought the house. We also feel that we have a sense of financial security knowing that we own something of value. To top it off, it also comes with the following financial benefits:
How The Health Reform Act Affected My Employee Benefits
September 9, 2010 By
It’s that time of the year again for our employee benefits annual enrollment, which is on October 1 thru October 30, 2010, and I just received a newsletter which includes the preview of the upcoming changes. The annual enrollment from my work allows me to make changes on the following benefits: Health Insurance Dental Insurance [...]
Understanding Tax Deductions
September 4, 2010 By
Talks about what a tax deduction is, the various types of tax deductions, and the biggest mistakes people make when claiming the tax deduction.
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