Charitable contributions – eight tax deduction tips

IRS.gov – Charitable contributions made to qualified organizations may help lower your tax bill via tax deductions. The IRS has provided the following eight tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, […]

Employee business expenses – tax deductions

IRS.gov – If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses on your income tax returns. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include: • […]

Home office tax deduction – six facts

IRS.gov – Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office tax deduction.  Here are six facts the IRS wants you to know about the Home Office deduction: 1. Generally, in order to claim a business deduction for […]

Health insurance tax deduction if self-employed

IRS.gov – Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: • A self-employed individual with a […]

Choosing between standard or itemized deductions

IRS.gov – When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much […]

Expanded Adoption Credit on Income Tax

IRS.gov – You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the adoption expenses tax credit and made it refundable, which means it can increase the amount of your tax refund. Here are seven […]

Tax benefits on 2010 federal taxes

IRS.gov – In 2011, taxpayers filing their 2010 federal income tax return will have some extra tax benefits available to them. Here is a summary of these tax benefits: Three Extra Days to File and Pay Taxpayers, nationwide, will have until Monday, April 18, 2011, to file their 2010 returns and pay any taxes due. […]

7 tax tips for people with disabilities

IRS.gov – Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are seven tax credits and other benefits which are available if you or someone else listed on your federal tax return is disabled. 1) Standard Deduction – Taxpayers who are legally […]

Federal 2010 Tax Changes for Small Businesses

IRS.gov – During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded tax deductions and tax credits that small businesses and self-employed individuals should consider when completing their federal tax returns and making business decisions in 2011. Health Insurance Deduction Reduces Self Employment Tax […]

Medical and dental expenses – tax deduction tips

IRS.gov – If you itemize your tax deductions on tax Form 1040, Schedule A, you may be able to save money this year by deducting expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about […]

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