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Tax Deduction

Uncle Sam may provide relief from college costs on your tax return

Deductions, Income Tax, Individual Income Tax, Tax Credits, Tax Deduction, Tax-Advantaged Savings, The American Opportunity Credit, The Lifetime Learning Credit /

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation […]

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Expenses that teachers can and can’t deduct on their tax returns

2019 Tax Return, Business Expenses, Deductable Expenses, Documentation, Educators, Individual Income Tax, Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction /

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some

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The tax implications of a company car

Employee Benefits, Income Tax, Repairs and Maintenance, Small Business, Tax, Tax Deduction, Tax Planning, Vehicle Expenses /

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent

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The tax implications of being a winner

Deductions, Documentation, Doucment Retention, Federal Income Tax, Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Record Retention /

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling. Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported

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It’s a good time to buy business equipment and other depreciable property

2019 Tax Return, Business Deductions, Business Equipment, Deductable Expenses, Deductions, Depreciation, Depreciation Deduction (Section 179), Equipment, Income Tax, Section 179, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning /

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the

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Volunteering for charity: Do you get a tax break?

Charitable, Charitable Mileage Deduction, Deductions, Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Savings /

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may

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Donating your vehicle to charity may not be a taxwise decision

Charitable, Contributions, Deductions, Donations, Income Tax, Individual Income Tax, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Record Retention /

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new car and

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What type of expenses can’t be written off by your business?

Business Deductions, Business Meals and Entertainment, Deductable Expenses, Deductions, Internal Revenue Service, Section 162, Small Business, Tax Deduction /

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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Plug in tax savings for electric vehicles

Federal Income Tax, Federal Tax Credit, Tax Credits, Tax Deduction /

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where

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How entrepreneurs must treat expenses on their tax returns

Accounting, Bookkeeping, Business Start Ups, Deductions, Entrepreneurs, Income Tax, Internal Revenue Service, Tax Deduction, Tax Planning, Tax Savings /

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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