Tax deductions

9 tax deductions everyone can and should claim

fizkes / Shutterstock.com Deductions reduce your taxable income, so it’s in your best interest to claim as much as possible when filing your tax return. To get the most lucrative tax deductions, you must itemize expenses using a Schedule A. This form allows you to deduct mortgage interest, property taxes, charitable donations and certain medical […]

Tax laws

Not Enough Labor or Money in Revenue Jersey to Change Tax Laws, Claims Report

The Jersey Tax Service does not have the manpower, systems, or money to deal with the incentive for taxpayers to pay based on their current year income rather than the previous year, according to close scrutiny.The Corporate Services Review Committee is also concerned that the changes would unfairly affect couples who divorced or dissolved their […]

Tax deductions

Tax deductions could include coronavirus medical costs and teacher expenses

Most taxpayers check the box to claim the standard tax deduction. This tax season, however, the pandemic has made many people want to know how they can cope with medical bills related to COVID-19. Those who had huge medical bills last year should gather their documents to see if they can possibly deduct some of […]

Tax laws

LHDN: Audits carried out to ensure compliance with tax laws

PETALING JAYA: The Inland Revenue Board (LHDN) says its process of auditing or investigating individuals, including politicians, is conducted solely to ensure compliance with tax laws. As the country’s main revenue collector, he said he remains committed to fulfilling his responsibilities “without fear or favor.” “LHDN is always fair, equitable and acts with integrity to […]

Tax deductions

Weird tax deductions that have been approved by the government

When it comes to tax deductions, many people will push the boundaries to see what they can do. Quite often, it may be worth a try at least, given that there have been cases in the past where certain unusual tax deductions have been approved by the Internal Revenue Service or the United States Tax […]