Tag Archives: Itemized Deductions
When filing your taxes, you will often have to choose between itemizing your deductions and taking a standard deduction. You should determine the amount of your deductions using both methods, then select which option reduces the amount of tax you owe. The method that leads to the greatest deduction typically provides the greatest credit. How […]
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If you enjoy trying your luck at the tables, watching the slots spin, or hoping to win your horse, any money you have earned from these activities is taxable, the IRS must be advertised. Every once in a while you can enjoy a game of chance, but you should never play your taxes. Follow these […]
— Read moreDeductions are an excellent way to recoup some of your expenses incurred throughout the year. How you account for those expenses, however, can make a big difference on your tax bill. Taxpayers have two methods of claiming deductions- itemizing or taking the standard deduction – and they must choose one to use when filing their […]
— Read moreThe standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]
— Read moreCharitable donations are deductible if the amount of the donation is within a certain threshold, based off your adjusted gross income (AGI). In most cases, the upper limit is 50% of your AGI for donations, meaning a taxpayer with a $50,000 AGI can deduct up to $25,000 of charitable contributions. In order to deduct items […]
— Read moreThe one thing in life that’s guaranteed is that you’ll have to pay taxes. Thankfully, though, the government opts not to force you to pay on your entire amount of income. When determining the amount of income for which you shall be taxed, the IRS uses two determinations of deductions: Above the Line, and Below […]
— Read moreNot only can making a donation to those in need feel great, it can also benefit you at tax time. Depending on a few requirements, you may be able to deduct your charitable gift from your taxes. If you’ve made a contribution, consider the following tips to see if you are eligible to claim a […]
— Read moreTaking the standard deduction may seem like the easier option when filing your taxes. However, it may not be the most valuable to you in the long run. Itemizing your deductions may lower your taxes owed. You can determine which method works best for you by figuring out the amount of each deduction method. In […]
— Read moreThere’s more to being a cashier than just scanning a barcode with a red laser. If you’re aware of all the tasks that a cashier does, you’ve likely been employed as one at some point. As a cashier, you are entitled to some expense deductions at tax time that can save you money on your […]
— Read moreWorking with your hands to create a final finished product that is functional and well-crafted can really give you a great sense of accomplishment. It’s even better if you get paid for it. As an employee assembler, you will receive a Form W-2 from your employer at tax time. This form will document your wages […]
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