Tax deductions

Audit: Dozens of Colorado Tax Deductions, Exemptions Are Underutilized | Subscriber Content

Dozens of Colorado’s tax deduction and exemption programs are underutilized, with many serving no purpose whatsoever, according to a new state audit. The Office of the State Auditor released its fifth annual Tax Expenditures Compilation Report on Friday, detailing individual assessments of 48 tax expenditures, including various tax credits, exemptions and deductions. The report concluded […]

Tax deductions

Tax deductions you can get for running a business from home

These days almost anyone can start a business from home. The opportunities are there, and many of them don’t cost much to get started. The IRS is even friendly to home-based business owners — and the self-employed — allowing you to access a wide range of tax deductions. Many tax deductions for a home business […]

Tax deductions

9 Best Self-Employed Tax Deductions to Claim

September 12, 2022 11:04 am Taylor Medine – Forbes Advisor Job : September 12, 2022 11:04 am Updated: September 14, 2022 07:48 Getty Being self-employed full-time or part-time can give you job flexibility and an extra stream of income, but taxes can be a hassle. When you earn income without withholding tax, you are responsible […]

Tax deductions

The best tax deductions for the self-employed – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Being self-employed full-time or part-time can give you job flexibility and an extra stream of income, but taxes can be a hassle. When you earn income without withholding tax, you are responsible […]

Tax deductions

Cut Inflation Act extends tax deductions for energy efficiency

The hugely popular 179D tax deductions are getting a makeover under the new law with the potential for huge financial benefits for facility managers. Here’s how to take advantage of the new law. By Charles R. Goulding and Jacob Goldman, Contributing Authors The Inflation Reduction Act (IRA) of 2022 was signed into law on August […]

Tax deductions

If you’re a fan of tax deductions, consider this retirement account | Personal finance

(Stefon Walters) Roth and traditional IRAs are great tools that everyone should consider for supplementing other sources of retirement income, like a 401(k) or Social Security. The main difference between Roth and traditional IRAs is when you get your tax relief. You contribute after-tax money to a Roth IRA and can make tax-free withdrawals after […]

Tax deductions

New tax deductions for teachers in New York State

The 2022-2023 school year is about to begin across New York State and parents everywhere are getting ready! Not only is this an exciting time for students, but parents are also eagerly awaiting the regular routine to begin. Amid the anticipation and excitement of back-to-school shopping, teachers and staff are also preparing for things to […]

Tax deductions

MPs and councilors claim the most work-related tax deductions

Deputies reported an average total income of $273,363 to the ATO in the year ending June 2020. State governors earned $310,355 on average, while councilors settled for an income more modest $72,854. The average federal or state deputy had a gap of $46,817 between their average total income and their average taxable income in 2019-20, […]

Tax deductions

Inflation has increased tax deductions for teachers.

Placeholder while loading article actions This fall, my daughter will begin her first year of teaching at a public elementary school in Maryland. To furnish her classroom, she has already spent about $250 of her own money on supplies and decorations for kindergarten students she has yet to meet. As she prepares to start work, […]

Tax deductions

Georgia abortion law changes tax deductions

After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal heartbeat” can be detected by a physician. So, […]

Tax deductions

New Abortion Law Changes Tax Deductions

Georgia state welcome sign against greenery Getty Images After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal […]

Tax deductions

New Abortion Law Changes Tax Deductions

Georgia state welcome sign against greenery Getty Images After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal […]

Tax deductions

Georgia anti-abortion law allows tax deductions for fetuses

Abortion-rights protesters take part in nationwide protests following the leak of the Supreme Court’s opinion suggesting the possibility of overturning the Roe v. Wade on abortion rights, in Atlanta, Georgia, U.S., May 14, 2022. REUTERS/Alyssa Pointer Join now for FREE unlimited access to Reuters.com Register Aug 2 (Reuters) – Pregnant women in the U.S. state […]

Tax deductions

10 tax deductions salaried taxpayers can claim when filing tax returns

The last filing date for Income Tax Returns (ITRs) for the 2021-2022 financial year is July 31, 2022. According to the Department of Income Tax, over 2 crore taxpayers have filed their ITRs so far, and penalty charges will be levied on those who fail to meet the deadline. It is always advisable to file […]

Tax deductions

What are the tax deductions in a winning lottery ticket?

NO MATTER the excitement, there are also tax deductions when you win a lottery ticket. Before you win the lottery, it’s important to know how much you might owe. 1 You can buy lottery tickets at local grocery stores or convenience storesCredit: Getty Images What are the tax deductions in a winning lottery ticket? Winning […]

Tax deductions

Lesser Known Income Tax Deductions You May Have Missed

By CNBCTV18.com Jul 21, 2022, 7:43 PM STI (Update) mini Did you know that a tax deduction of up to Rs 5000 can be claimed on the preventative health check for yourself, dependent children, spouse or parents under 60 under section 80D ? Well, it goes up to Rs 7000 for parents over 60 years […]

Tax deductions

Income tax deductions in China for pensions and children’s education expenses

As China introduces personal income tax (IIT) deductions for child-raising expenses, businesses should be aware that many people may choose to access this deduction through their employer. To facilitate this, companies should modify their policies and procedures for collecting tax and HR information. Meanwhile, the Chinese government is encouraging its citizens to invest in private […]

Tax deductions

Money pro reveals the FIVE most overlooked tax deductions in Australia: Tax 2022 hacks

A finance professional reveals the FIVE most overlooked tax deductions in Australia that could net you thousands of dollars The Director of Tax Communications revealed the simple ways to lower your taxes Little-known deductions include claiming a professional membership Also advised insurance premiums against loss of income are deductible By Bridie Pearson-jones for Daily Mail […]

Tax deductions

Lapid awaits implementation of RA 9999 giving lawyers tax deductions in exchange for free legal services

PHILIPPINES, July 11 – Press releaseJuly 11, 2022 Lapid awaits implementation of RA 9999 giving lawyers tax deductions in exchange for free legal services Senator Manuel “Lito” Lapid looks forward to the enactment of the Implementing Rules and Regulations (IRR) to Republic Act No. 9999, or the Free Legal Assistance Act of […]

Tax deductions

Making the Most of Higher Tax Deductions for Seniors, Experts Say

The tax return filing deadline (ITR) is July 31, 2022, so taxpayers should start gathering the relevant documents and familiarize themselves with the tax filing rules. The elderly, in particular, constitute a group of taxpayers to whom different rules apply. TO READ THE FULL STORY, SUBSCRIBE NOW FOR JUST RS 249 […]

Tax deductions

COVID-related tax deductions you need to know

Most people know that the costs of working from home during the COVID-19 pandemic are a legitimate tax deduction on your annual return. However, there are also other coronavirus-related inferences. You need evidence to show how much of your COVID-19 expenses are work-related. Credit:Justin McManus One you may not know, but could claim, is the […]

Tax deductions

Delaware tax deductions increase with one bill, two programs | Delaware

(The Center Square) — State income tax deductions that can save Delawares thousands are a reality for contributions made since Dec. 31. House Bill 145, signed by Democratic Gov. John Carney, creates deductions for amounts up to $5,000 in DEPENDABLE accounts and up to $1,000 in DE529 Education Savings Plan accounts. The joint deposit amounts […]

Tax deductions

Zipvit – no input tax deductions as VAT is not “due or paid”

In Zipvit Ltd v HMRC (No 2) [2022] UKSC 12, the Supreme Court (SC) dismissed the taxpayer’s appeal against HMRC decisions refusing Zipvit’s claims to deduct input tax. Zipvit supplied vitamins and minerals to customers and used the services of Royal Mail, which provided commercial postal services under individually negotiated contracts. Zipvit, Royal Mail and […]

Tax deductions

Home Renovations and Tax Deductions: CPA Tax Tips

This is a frequently asked question, “Are my home renovations tax deductible? “For most people, when you renovate your home, it’s a personal expense.” according to Jeffrey Levine, CPA and tax expert at Buckingham Strategic Wealth, “and therefore it will not be deductible.”. “Every situation is different and that’s why our tax system is so […]

Tax deductions

How to claim work-from-home tax deductions on your tax return

If you’re still working from home (and will continue to do so), it might be a good idea to understand exactly what you can and can’t claim at tax time, because otherwise you risk being rude. the shock comes July 1 when your supposed deductions are just pipe dreams. An employee who works from home […]

Tax deductions

Can you claim self-education expenses as tax deductions?

If you’re like many Australians and spent the lockdown teaching yourself something work-related, you may be able to claim self-education expenses on your tax return this tax season. Tax time is right around the corner (yeah, this year has gone by really fast), so now is the time to figure out if these Python tutorials […]

Tax deductions

Lawyers – FIRS General Warning on Threat of Recapture of Tax Deductions

In response to a public notice issued by the Federal Inland Revenue Service (FIRS) that it will claw back unremitted state and local tax deductions, the Federation’s 36-State Board of Attorneys General (BOAG) warned the Federal Government Agency to stop making threats to state governments.The group, which issued the warning in a statement issued after […]

Tax deductions

Louisiana lawmakers impose limits on sports betting tax deductions

Louisiana sports betting operators face clear limits on promotional game deductions under a new state law that will take tax effect in July. Beginning July 1, each Louisiana sportsbook licensee will be limited to $5 million per year in free play credit, regardless of the number of sportsbooks associated with each licensee. Most state licensees […]

Tax deductions

Non-monetary charitable contributions Tax deductions

Taxpayers are entitled to income tax deductions equal to the fair market value of their charitable contributions. While reporting cash contributions is simple, reporting non-cash contributions can be much more difficult. Taxpayers sometimes choose to make non-monetary contributions in the form of stocks or other business interests, real estate, works of art, intellectual property, or […]

Tax deductions

Tim Tams, dog food, edible underwear, toilet paper – the bizarre tax deductions Aussies are trying to claim

If you think Tim Tams, ciggies and toilet paper are legitimate work-related deductions on your tax return, be warned: the Australian Taxation Office is ready for you. The ATO will begin reviewing claims with returns filed from July 7 and expects to begin paying refunds from July 16. Australians have a long history of claiming […]

Tax deductions

Home Improvements and Tax Deductions: Everything You Need to Know

The renovation boom has skyrocketed in 2021 for a number of reasons, including the ongoing pandemic and a growing number of people working from home. Spending and renovation are expected to remain strong in 2022, with signs that things could slow by the end of the year, according to Harvard’s Leading Indicator of Remodeling Activity […]

Tax deductions

Income tax: tax deductions can be canceled

Most individuals invest in various tax saving programs and claim a tax deduction to reduce the overall tax payment. Although the Union Budget 2020-21 introduced a new tax regime which offers preferential rates with seven brackets without any tax exemptions, the old tax regime is still popular due to the various exemptions. However, these tax […]

Tax deductions

Endgame: SC rolls back restriction on bank tax deductions

As we awaited the results of the recently concluded 2022 National Elections, the Supreme Court (SC) issued its ruling signifying a victory for Banks and Other Financial Institutions (AIFs). On May 10, the SC issued its decision enacted on December 1, 2021 on the motion for certiorari by the Department of Finance (DoF) and the […]

Tax deductions

Can you claim self-education expenses as tax deductions?

If you’re like many Australians and spent the lockdown teaching yourself something work-related, you may be able to claim self-education expenses on your tax return this tax season. Tax time is right around the corner (yeah, this year has gone by really fast), so now is the time to figure out if these Python tutorials […]

Tax deductions

Home Equity Loans and the Limit on Tax Deductions for Home Loans

The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, made significant changes to the deductibility of interest on home loans. More importantly, the amount of interest you can deduct on qualifying home loans is now limited to $750,000 for single filers and married couples filing jointly (or $375,000 if married filing separately), […]

Tax deductions

10 self-employed tax deductions to take in 2022

Image source: Getty Images Self-employed individuals report business income on their personal tax returns. Tax deductions are one of the best ways to reduce your tax bill. When you are independent, you are the boss. Leader. The big fish. It also means you’re the one stuck with the tax bill. Each year, you are responsible […]

Tax deductions

How to claim work-from-home tax deductions on your tax return

If you’re still working from home (and will continue to do so), it might be a good idea to understand exactly what you can and can’t claim at tax time, because otherwise you risk being rude. the shock comes July 1 when your supposed deductions are just pipe dreams. An employee who works from home […]

Tax deductions

EU offers tax deductions for equity, but with additional restrictions on interest

The EU has released a draft directive aimed at addressing the perceived bias in favor of debt finance companies over capital and, therefore, promoting financial stability. The proposals (called “DEBRA”) are due to take effect on January 1, 2024 and allow a deduction for corporation tax purposes by reference to equity. Member States which already […]

Tax deductions

It’s time to end tax deductions for union busting

As workers attempt to form unions at companies such as Amazon and Starbucks, reporters have highlighted a number of practices that appear to be designed to prevent workers from organizing, including: anti-union texts that Starbucks would have sent to its employees; a captive-audience anti-union meeting with six members of Starbucks management that a barista should […]

Tax deductions

Beware of tax deductions on personal super contributions after age 67

Since this often means capital gains, a tax deduction for some resulting super contributions can be a great way to manage tax. It can also be a time when those who hold substantial assets in a family trust begin to withdraw more money (trust distributions) – making tax deductions for super contributions practical again. It […]

Tax deductions

Guide to home equity tax deductions

Prior to the Tax Cuts and Jobs Act 2017, landlords could claim a plethora of additional tax deductions. But these are no longer an option. After the law was passed, it is more complicated to get a deduction when you borrow against the equity in your home, but it is still possible if you meet […]

Tax deductions

New York Tax Deductions for Cannabis Businesses

On April 9, 2022, New York Governor Kathy Hochul signed the New York City Budget Bill 2022-2023 into law. One of the main provisions of the bill was a decoupling of the IRC Sec. 280E, the severely inhibitive rule that denies most tax deductions to cannabis businesses (explained later). NY is one of several states […]

Tax deductions

Malaysian companies with flexible working arrangements are now eligible for income tax deductions

The FWA tax deduction covers expenses incurred by employers for: consulting fees, capacity development cost, software cost, and software subscription. * Scroll below for the press release in Bahasa Melayu. As Malaysia moves into its endemic phase, more and more organizations are adopting flexible working policies (FWAs) that allow employees to vary working conditions to […]

Tax deductions

Business meals, home office tax deductions change for 2022

IRS WASHINGTON — The Internal Revenue Service today urged professional taxpayers to start planning now to take advantage of the enhanced 100% business meal deduction and other tax benefits available to them when they file their 2022 federal income tax return. During National Small Business Week, May 1-7, the IRS is highlighting tax benefits and […]

Tax deductions

Business meals, home office tax deductions change for 2022

IRS WASHINGTON — The Internal Revenue Service today urged professional taxpayers to start planning now to take advantage of the enhanced 100% business meal deduction and other tax benefits available to them when they file their 2022 federal income tax return. During National Small Business Week, May 1-7, the IRS is highlighting tax benefits and […]

Tax deductions

Bill that would allow legal Missouri marijuana businesses to take advantage of tax deduction advances — Greenway Magazine

On Wednesday, an alternative version of a bill introduced by Sen. Denny Hoskins, R-Warrensburg, that would allow an income tax deduction for certain expenses related to operating a medical marijuana business was passed by the House Select Committee on Government Oversight. It is now going before the House Committee on Administrative Oversight. Language in SB […]

Tax deductions

Removing the cap on state and local tax deductions is the wrong answer to dwindling donations in high-tax states

When Congress passed the Trump administration’s sweeping tax legislation in 2017, many supporters of the law believed its provision limiting deductions for state and local taxes would indirectly encourage charitable giving by wealthier taxpayers. The thought was this: Affluent taxpayers in typically Democratic large states with the highest donations, like New York and California, faced […]

Tax deductions

Brown introduces bill to increase tax deductions for educators

Press release U.S. Sen. Sherrod Brown (D-OH) recently hosted a press conference call to discuss his efforts to quadruple the amount educators can deduct from their taxes for class fees. Brown and Representative Anthony Brown (MD-04) introduced the Educator Expense Deduction Modernization Act, 2022 this week. The current teacher deduction is $250, far less […]

Tax deductions

SCOTUS Eliminates SALT Cap Challenge That Limits Tax Deductions in New York, Maryland

NEWYou can now listen to Fox News articles! The Supreme Court on Monday denied an appeal by several states challenging the cap imposed by Congress on state and local taxes that can be deducted from federal taxable income. New York led a group including Connecticut, New Jersey and Maryland to try to remove the 2017 […]

Tax deductions

5 last-minute tax deductions and credits (TurboTax)

Today, April 18, 2022, is tax day. If you’re one of the filers still struggling to get your paperwork in order, be sure to watch the video above. CPA and TurboTax expert Lisa Greene-Lewis reviews some of the most important tax deductions that people often overlook. Video transcript: Tracy Byrnes: Alright, as you prepare your […]

Tax deductions

2022 tax deductions for employees working from home

Did you know that approximately 26% of Americans are working from home in 2021? And this number is expected to remain relatively stable over the next few years. In fact, about 22% of the U.S. workforce is expected to work remotely through 2025, according to freelancing platform Upwork. If you were part of the displaced […]

Tax deductions

11 tax deductions to help small business owners reduce their taxes

Tax planning can help you maximize the tax deduction you get as a small business owner. … [+] Thus reducing the taxes of your small business. Getty Filing your taxes is one of the least exciting parts of owning your own business. However, your small business taxes can be extremely painful without proactive tax planning. […]

Tax deductions

Understanding before and after tax deductions from your salary

GaryPhoto/Getty Images/iStockphoto Everyone loves payday, but seeing your gross income, i.e. what you earned, lined up next to your net income, i.e. what you need to keep, can make it a little sweet and sour. Good to know: unplug those appliances that are driving up your electricity billSee: What income level is considered middle class […]

Tax deductions

What are the best tax deductions for SMEs in 2022?

Tax season has been quite different in 2021 compared to previous years. Due to circumstances in 2020, the IRS has extended the deadline for filing and paying taxes to May 17 for individuals – including sole proprietors and sole proprietorships, small businesses. However, the questions that arise during tax time remain, and one of the […]

Tax deductions

Charitable donation offer with income tax deductions

Editor’s note: This article was originally published on December 8, 2021. Find more USA TODAY tax season coverage here. Charitable giving this holiday season takes on a new, happier meaning when it comes to tax deductions. Generally, most people cannot get tax relief when giving money to charity if they claim the standard deduction on […]

Tax deductions

New Cannabis Tax Deductions in New York

New York introduced a sizable tax break for cannabis businesses in its 2022 budget. The revenue bill included a state tax deduction for cannabis-related business expenses that are currently prohibited by law. section 280E of the federal tax code. We’ve seen this strategy in other ‘cannabis-friendly’ states and it’s a welcome development. Under the proposed […]

Tax deductions

5 often overlooked tax deductions and credits (video)

Only 1 out of 5 declarants claim an unknown tax credit called Crédit d’Epargne (Credit for Contributions to Retirement Savings). There are others too. 5 Often Overlooked Tax Deductions Earned income tax credit Savings loan Caring for a friend or relative Camp or sports camp Education expenditure Chart: Tax Tip of the Day: 5 Often […]

Tax deductions

Sales tax among frequently missed tax deductions | Rogersville

A sales tax deduction is one of the frequently missed deductions for states that do not impose income tax. States with no income tax include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. There are two ways to claim the state sales tax deduction on your return. You can keep your […]

Tax deductions

8 of the Most Overlooked Tax Deductions and Credits

MadameNoire Featured Video Source: valentinrussanov/Getty Tax laws are constantly changing. It’s hard to keep track of what you can deduct, what you must report, and all the other moving parts of the daunting process that is filing taxes. During the last years, CNBC reports that Americans took significantly fewer itemized deductions compared to 2017 and […]

Tax deductions

COVID-related tax deductions to know

Parade.com has an extensive editorial partnership with the Cleveland Clinic, consistently named one of the nation’s best hospitals in US News & World Report’s annual “America’s Best Hospitals” survey. Click here to learn more about our health reporting policies. Coping with the physical symptoms of COVID can be hard enough, but living with and recovering […]

Tax deductions

Electronic Merchant Systems releases guide to tax deductions for small businesses

Cleveland, Ohio- Cleveland, OH-based Electronic Merchant Systems (EMS) recently published a blog post where they discuss some of the best tax deductions for small businesses. Tax season can be a very difficult time for anyone, especially small business owners. Many aren’t fully aware of the best way to approach taxes, and that’s what the Electronic […]

Tax deductions

The new 20% tax deductions on tech and digital skills training

Source: Unsplash/[email protected] Tech upgrades and digital skills training have emerged as key points in the 2022-23 federal budget, thanks to two new tax deductions proposed by the Morrison government. The Small Business Technology Investment Boost and the Small Business Skills and Training Boost provide participating businesses with an additional 20% tax deduction on eligible expenses. […]

Tax deductions

Inflation raises tax deductions for teachers up to $300 for the first time

(Gray News) – Teachers and other educators will be able to deduct up to $300 in reimbursable class fees when they file their 2022 federal income tax returns next year. The IRS reports that this is the first time the annual limit has increased since enacting the special educator expense deduction in 2002. For tax […]

Tax deductions

Inflation raises tax deductions for teachers up to $300 for the first time

(Gray News) – Teachers and other educators will be able to deduct up to $300 in reimbursable class fees when they file their 2022 federal income tax returns next year. The IRS reports that this is the first time the annual limit has increased since enacting the special educator expense deduction in 2002. For tax […]

Tax deductions

Inflation raises tax deductions for teachers up to $300 for the first time

(Gray News) – Teachers and other educators will be able to deduct up to $300 in reimbursable class fees when they file their 2022 federal income tax returns next year. The IRS reports that this is the first time the annual limit has increased since enacting the special educator expense deduction in 2002. For tax […]

Tax deductions

Inflation raises tax deductions for teachers up to $300 for the first time

(Gray News) – Teachers and other educators will be able to deduct up to $300 in reimbursable class fees when they file their 2022 federal income tax returns next year. The IRS reports that this is the first time the annual limit has increased since enacting the special educator expense deduction in 2002. For tax […]

Tax deductions

10 self-employed tax deductions you might be missing

Just like businesses, self-employed people must declare their business income. However, the difference is that the self-employed report this income as part of their personal income tax. If you file your own tax returns, this may mean becoming more familiar with business expenses and tax deductions allowed by IRAS. If you’re self-employed, here are some […]

Tax deductions

Take advantage of tax deductions in 2022

For small business owners, filing year-end taxes and making large payments to the IRS can be overwhelming in itself; this season might seem particularly daunting amid another year of uncertainty. To ease the stress of 2021 filings and, more importantly, reduce final amounts owed, business owners and accountants can seek to take advantage of certain […]

Tax deductions

Republicans propose plan to uncap NJ property tax deductions

NEW JERSEY — A group of Republican New Jersey state lawmakers is proposing a plan that would give homeowners who pay more than $15,000 in property taxes a boost. According to Senator Joe Pennacchio (District 26) and Declan O’Scanlon (District 13), the main sponsors of S-2279, their bill would allow New Jersey taxpayers to deduct […]

Tax deductions

Tax Deductions U.S. Home Sellers Need to Know When Filing Returns This Year

Every week, Mansion Global poses a tax question to real estate tax lawyers. Here is this week’s question. Q. As tax day approaches, are there any new tax deductions related to my home that I should be aware of? A. Not much has changed in terms of housing-related property deductions for the 2021 tax year. […]

Tax deductions

Here are 7 tax deductions you might not know about

(WXYZ) — Monday, April 18 is “Tax Day.” It’s in a little over four weeks. But you may not know some deductions. Cathy Lorenz, partner and CPA at Cohen & Company in St. Clair Shores, explains that there are two types of deductions: itemized deductions and top deductions. Deductions above the line are for anyone […]

Tax deductions

New York lawmakers seek tax deductions for marijuana businesses in budget proposals, despite federal ban

New York’s legislative leaders have tabled budget proposals that include language allowing marijuana companies to take advantage of state tax deductions that are available to other industries despite an ongoing federal ban. House and Senate budget measures expected to pass before the April 1 deadline seek to create an exemption that would allow cannabis companies […]

Tax deductions

2022 Tax Deductions for Traditional Roth IRAs | national news

Whether you have access to a workplace retirement account or not, anyone with earned income can contribute to their own IRA. However, depending on your income, employment status, and the type of IRA you choose, your contributions may or may not be tax deductible. There are several types of IRAs available and it is important […]

Tax deductions

2022 Changes to Popular Tax Deductions

The Tax Cuts and Jobs Act (TCJA) has been a game changer for many taxpayers. Notably, the TCJA is suspending or modifying certain deductions while essentially doubling the standard deduction for 2018 through 2025. As a result, millions of taxpayers are no longer itemizing and claiming the standard deduction, at least temporarily. For 2021 filings, […]

Tax deductions

2022 Changes to Popular Tax Deductions

The Tax Cuts and Jobs Act (TCJA) has been a game changer for many taxpayers. Notably, the TCJA is suspending or modifying certain deductions while essentially doubling the standard deduction for 2018 through 2025. As a result, millions of taxpayers are no longer itemizing and claiming the standard deduction, at least temporarily. For 2021 filings, […]

Tax deductions

Do you drive for a transportation service? 4 tax deductions you should know about

Image source: Getty Images You could be in line for some serious tax savings. Key points Expenses you incur in a side business may be tax deductible. Car washes, car repairs, passenger amenities, and cell phone bills can all be tax deductible for rideshare drivers. Nowadays, many people are indulging in side businesses to supplement […]

Tax deductions

5 Overlooked Tax Deductions for Freelancers | by Citizen Upgrade | March 2022

Save money on your taxes with these business deductions! Photo by StellrWeb on Unsplash Citizen Upgrade is not a registered investment, legal or tax advisor, or broker/dealer. All investment/financial opinions expressed by Citizen Upgrade are derived from the author’s personal research and experience and are intended to serve as educational material for informational purposes only. […]

Tax deductions

A comprehensive guide to tax deductions for UK landlords

Post views: 142 Most of the expenses you incur when renting a home can be deducted from your tax bill as a landlord. Learn how to use them and what you can claim. Expenses an owner can claim Homeowners can generally deduct the costs of operating and maintaining their property, reducing their tax bill. If […]

Tax deductions

Tax deductions for online business

Small business taxes are like vampires…not the cute vampires you see on TV. Unfortunately, waving a bunch of garlic won’t make them go away. The latest information and advice to help you run your business. However, you can reduce your tax bill by taking as many tax deductions as possible. Tax deductions for online businesses […]

Tax deductions

Freelancers can use these expenses to qualify for tax deductions

The daily routine of office work may not be everyone’s cup of tea. Some people like the flexibility and independence of working from anywhere, so they can pursue their other interests, or they just like to avoid a tedious routine. Freelancing suits them, and they can work from the comfort of their home, a coffee […]

Tax deductions

How Black Business Owners Can Save a Bundle With Tax Deductions

Multiple reports show that millions of Americans, including black entrepreneurs, started businesses last year. The reasons ranged from people losing their jobs due to COVID-19 to people leaving the corporate world to become their own bosses. New and existing business owners alike would do well to start preparing their 2021 taxes now, if they haven’t […]

Tax deductions

G-Wagons, Wine Dinners, Watch Dogs

Costing over $160,000, the G-Wagons aren’t what most people would consider a bargain, but for the wealthy, these luxury SUVs offer tax loopholes. The so-called “Hummer Deduction,” Section 179, allows a car that weighs at least 6,000 pounds to count as a tax benefit under certain circumstances. Take it through your company, use it for […]

Tax deductions

What you can (and can’t) write off

Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap into their home’s equity for quick cash, using their property as collateral. But before that, you need to understand how this debt will be handled come tax season. With the Tax Cuts and Jobs Act of 2018, the […]

Tax deductions

Making money on Venmo? These 3 tax deductions can reduce your tax bill

If you’re self-employed or have a side hustle and accept payments through a third-party payment processor such as Venmo, PayPal, Zelle, or Cash App, you may have heard of a new tax reporting requirement. A provision of the U.S. bailout that went into effect earlier this year requires third-party payment processors like Venmo to report […]

Tax deductions

What is the difference between standard and itemized tax deductions

There are a lot of decisions to be made during tax season. You need to decide your filing status, the tax credits you want to claim, and whether you want to itemize your deductions or use the standard deduction. 1 The goal is to choose the method that will make you the most money.Credit: Getty […]

Tax deductions

The Pros and Cons of Standard Tax Deductions vs. Itemized Tax Deductions

Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount… Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount you owe Uncle Sam. Deductions protect some of your income from income tax. income, and […]

Tax deductions

Five Most Overlooked Tax Deductions

Although few people can raise their hands, Americans regularly pay too much because they don’t get the tax deductions to which they are entitled. Let’s take a look at the five most overlooked opportunities to manage your tax bill. Dividends reinvested When your mutual fund pays you a dividend or capital gains distribution, that income […]

Tax deductions

Best tax deductions in 2021

The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]

Tax deductions

Best tax deductions in 2021

The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]

Tax deductions

Complete Guide: Home Equity Loans and Tax Deductions

A home equity loan can be a great way to use the equity in your home for a variety of different purchases. In addition to using the money for home improvement projects, many people use home equity loans to finance debt consolidation or other major purchases like investments or higher education. Although interest paid on […]

Tax deductions

Are there any tax deductions for tenants?

Image source: Getty Images Here’s what you need to know if you’re renting a home. Key points Owners benefit from numerous tax deductions. Although this generally does not apply to renters, you may be entitled to a benefit. If you are self-employed and have a home office, you may be able to claim a deduction. […]

Tax deductions

Best tax deductions in 2021

For the second year in a row, the IRS has extended its deadline for filing taxes. You will have until May 17, 2021 to complete your 2020 tax returns. So, have you started? Are all those anxious thoughts swirling around already? Like, do you have all the paperwork? Which form do you still need? Deductions […]

Tax deductions

“The government’s objective is to move away from tax deductions”

NEW DELHI : About 16% of corporate taxpayers accounting for 61% of business income have adopted the new reduced tax regime without incentives, making it a resounding success, said Chairman of the Central Board of Direct Taxes (CBDT), JB Mohapatra , in a post-budget interview. The government’s aim is to move from tax deductions to […]

Tax deductions

Tax deductions 2022: Deductions for working from home

(NEXSTAR) — Now that you’re working from home, you might be wondering what home office deductions you can legally claim on your 2022 tax returns. Well, we have bad news: most employees working remotely during the pandemic are entitled to next to nothing. The Mega Millions jackpot has been hit; Ohio winner takes home another […]

Tax deductions

Hope for bigger tax deductions, Covid sops

The countdown to the 2022 Union budget has begun. Finance Minister Nirmala Sitharaman will present the annual budget on February 1. Earners are eagerly awaiting budget announcements to find out if there will be any policy changes that can help them save more. The budget for the 2022-23 financial year would be presented in the […]

Tax deductions

12 tax deductions for the self-employed

Whether you’ve been self-employed for years or you’re one of the many new entrepreneurs to strike out on your own in the age of COVID-19, lowering your self-employment taxes is always a smart business strategy. Here are 12 tax deductions self-employed people could consider this tax season: Health care: It’s no surprise that health care […]

Tax deductions

12 tax deductions for the self-employed

Whether you’ve been self-employed for years or you’re one of the many new entrepreneurs to strike out on your own in the age of COVID-19, lowering your self-employment taxes is always a savvy business strategy. Here are 12 tax deductions self-employed people could consider this tax season: Health care: It’s no surprise that health care […]

Tax deductions

2021 Mortgage Tax Deduction Guide

Your guide to mortgage tax deductions for 2021 It’s time to start filing your 2021 taxes. And many homeowners will be wondering about mortgage tax deductions. Generally, you can only deduct certain mortgage costs – and only if you itemize your deductions. If you take the standard deduction, you can ignore the rest of this […]

Tax deductions

Higher tax deductions for parents in Switzerland from 2023

This week, the Swiss government has set a date for the introduction of more generous tax deductions for childcare. © Zsv3207 | Dreamstime.com From 1 January 2023, parents will be able to deduct up to CHF 25,000 per child in childcare costs from their annual taxable income, reports RTS. Currently, the maximum is CHF 10,100 […]

Tax deductions

Tax deductions for the purchase of a new vehicle

Buying a new car for business purposes can offer significant tax advantages. In some cases, consulting a tax professional may reveal opportunities to immediately deduct up to 100% of the purchase price of qualifying vehicles. However, there can be some important quirks to be aware of with car tax deductions. First, it’s important to note […]

Tax deductions

tax deductions, there is something new

It is possible to deduct certain expenses provided for by law to ensure that at the end of the year the Italian taxpayer can pay less than expected if he has made this type of expense. But there’s something new Pixabay As we have just said, certain expenses are deductible from IRPEF that Italian citizens […]

Tax deductions

Good news for home buyers! Higher tax deductions are likely on home loans in the 2022 budget

New Delhi: FM Nirmala Sitharaman is likely to offer higher tax deductions on home loans in the 2022 budget. According to the latest Mint report, steps are being taken to boost housing demand in the country. The government may increase the annual tax deduction limit for principal repayment of a home loan under Section 80C […]

Tax deductions

End of tax year: Maximize your available tax deductions

As we head towards the end of the 2021/2022 tax year, now is the time to make sure you’ve taken advantage of the tax breaks available to you so you don’t leave “free money” on the table. However, before implementing one or more of the commonly used strategies described below, keep in mind that tax […]

Tax deductions

Know the difference between standard and itemized tax deductions

Taxpayers have two options when filing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the changes in tax law over the past few years, including increases in the standard deduction, people who have itemized in the past […]

Tax deductions

Self-Employment Tax Deductions: How To Optimize Your Home Office Tax Deduction?

WWhen it comes to filing your taxes, you want to make sure you’re doing everything right, but also that you’re as efficient as possible so you don’t lose out. If you have a home office, for example, you might qualify for tax relief, so read on to find out how to get the most out […]

Tax deductions

Some gambling losses can be claimed on state tax deductions with the new law

Michigan’s new law will allow certain gambling losses to be deducted from taxes Since the pandemic began and Michigan legalized sports betting and launched sports books and online casinos, thousands more people have entered the gambling market. FOX 2 (WJBK) – Michigan will allow players to claim a state income tax deduction for gambling losses […]

Tax deductions

Supreme Court Should Stop State Trial Over Tax Deductions

Outside the Internal Revenue Service building in Washington, DC (Jonathan Ernst / Reuters) Four state governments are continue their legal action against the federal government to defend their alleged right to have the taxes they levy on their citizens fully deductible from the federal taxes of those citizens. This trial has not had much luck […]

Tax deductions

Charitable contributions, donations for tax deductions:

ATLANTA, Dec. 31 2021 (GLOBE NEWSWIRE) — Today is the last day to donate to Rescue Me, a local pet shelter, humane society or other 501c3 animal rescue to receive a 2021 tax deduction. Rescue Me operates a rescue center for special needs animals for dogs on 135 acres, and its RescueMe.org website has become […]

Tax deductions

There are 13 tax deductions you need to know to prepare your 2021 taxes

Tax season will be here before we know it, and it always seems to surprise us. One thing to know is how to reduce that tax bill. With so many new stimulus check and child tax credit laws, taxes can be confusing next year, and what you owe or collect can be surprising. There are […]

Tax deductions

Experts Offer Advice On Taking Tax Deductions News

In the spirit of the holidays, Americans are giving more in December than in any other month, but residents of Cherokee County are finding that Uncle Sam offers fewer incentives to open their wallet. However, tax preparers and accountants still offer advice on how to donate to charity and prepare for tax season. According to […]

Tax deductions

Despite the “delay”, are long-term tax deductions still possible?

The announcement of the delay does not stop the deductions — Getty Images Hold the phone. Despite Gov. Inslee’s (and others) announcements that the state’s proposed long-term care tax plan is so flawed it must be delayed, word is now coming that nothing has been done about it. actually PREVENT money from being taken. ACCORDING […]

Tax deductions

Seven small business tax deductions you need to know about

Data from the US Bureau of Labor Statistics shows that about 20% of small businesses fail in the first two years and almost half fail by the end of their fifth year. There are nearly 32 million small businesses in the United States employing more than 61 million people, making the success of a business […]

Tax deductions

Tax deductions for financial advisor fees | Financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of financial advisor fees from 2018 to 2025. And while advisers and clients have had a few years to get used to the change, they may be looking at it with renewed interest after the long bull market that […]

Tax deductions

Are you maximizing your tax deductions and minimizing your taxes?

By Len Green, CPA and John Wollenberg, CPA In horse racing, the competition is not over until the horse has crossed the finish line. The same goes for maximizing your tax deductions and minimizing your taxes. For those who think it’s too late to save on your 2021 taxes, we’re here to tell you no! […]

Tax deductions

Tax deductions for the fees of financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as TCJA, removed the deductibility of fees for financial advisers … The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of Financial Advisor fees from 2018 to 2025. And while advisers and clients have had a few years […]

Tax deductions

Beat the Lines and File Lake Property Tax Deductions Soon | Lake County News

Lake County Auditor John Petalas behind the counter in his office’s new customer service area. Bill Dolan CROWN POINT – Lake County Auditor John Petalas is offering tax breaks to new home buyers and there are no long lines – if they arrive soon. Petalas said anyone who bought a new home in the first […]

Tax deductions

Your Guide to 2021 Tax Deductions | Taxes

Taxpayers have seen their tax deduction options curtailed in recent years, as the vast majority of taxpayers opt for the standard deduction – which doubled in 2018 – rather than itemized deductions. Yet deductions are a powerful way to lower your tax bill. Here is your guide to 2021 tax deductions. What is a tax […]

Tax deductions

Delean: Tax deductions for COVID tests treated differently by Quebec and Canada

Breadcrumb Links Personal finance Opinion Columnists Business The issue is not where the test was taken and paid for, but who ordered it. Author of the article: Paul Delean • Montreal Gazette Special Publication date : December 13, 2021 • December 13, 2021 • 3 minute read • Join the conversation Healthcare workers assist people […]