Tax time is just a few months away, and it helps to know the types of tax deductions that help people save some money.RELATED: 9 Effective Tax Planning Strategies You Should KnowIn this article:Fees for Tax Preparations Job Searching Expenses Medical and Dental Expenses Home Renovation Savings Penalty Charged from Early Withdrawal Payment for Jury …Continue Reading
Lower Taxes
Standard Deduction vs Itemized Deduction | What’s The Difference?
Standard deduction vs itemized deduction is one of the concerns you need to resolve to determine how much to pay the IRS.In this article:The Premise The Basics of How the Standard Deduction Works How Itemized Deduction Differs from the Standard Deduction What's Changed for the 2018 Tax Year? So Should I Take the Standard Deduction or Itemize?Standard …Continue Reading
Personal Income Tax | A Guide To Doing Your Taxes
Don’t wait until you’re close to the filing deadline before you think about personal income tax! Keep reading and learn to save money with tax credits, tax deductions, and these tips.In this article:Know What Personal Income Tax Is Compare Your Current and Future Finances Donate to Charities Mind Your Traditional IRA Contributions Deduct Your Business …Continue Reading
How The New Tax Reform Law May Impact Your Side Gig
The Tax Cuts and Jobs Act has certain provisions that may affect people with a side gig. These include pass-through deduction, which allows those in the gig economy or with side hustle to keep more extra cash. To see if you qualify for the deduction, learn more about it.In this article:What Is the Purpose of the New Deduction? How to Calculate the Qualified …Continue Reading
7 Surprising Deductible Tax Items | Vacations Tax Deductible
Is it possible to declare deductible tax items from a vacation trip? Wouldn't it be a relief if we could declare some of our expenses as business-related and include them in our itemized tax deduction? Going on a business trip doesn't mean you have to miss out on some great vacation experiences along the way. Get to know the expenditures you may consider tax deductible while on …Continue Reading