With the rise of pet ownership over the last few years, everyone wants to know what the best tax benefits for pet owners are! If you love pets, you probably wonder, can you claim your pet on your taxes? Maybe you wonder if you can claim your pet as dependents on your taxes or if […]
Can You Claim Your Pet on Your Taxes? Read More »
Are you prepared to donate to charity this year? Do you wonder how your charitable contributions are to be treated on your tax return? Perhaps you wonder what kinds of contributions are tax-deductible. If you want to get your taxes done right, it’s important that you understand the difference between cash contributions and non-cash contributions.
Which Contributions are Tax-Deductible? | Cash vs. Property Read More »
Are you hoping to claim the dental and medical expense tax deduction this year? What is this tax deduction, and how does it work on your annual tax return? You might wonder if this is the most beneficial avenue for you to take. What is the difference between tax deductions and tax credits? Which tax
Dental and Medical Expense Tax Deduction | What to Know Read More »
Are you getting ready to complete your annual tax return? Have you ever wondered, are home office supplies tax deductible and what are office expenses for tax deduction? Maybe you have office expenses but are unsure how they differ from office supplies. If you have a home office, what is the difference between expenses, supplies,
Are Home Office Supplies Tax Deductible? Read More »
Going through a natural disaster is never a good thing, but you might be able to deduct the casualty, theft, and disaster losses you incurred on your annual tax return. To claim the deduction, you must meet certain requirements and follow specific rules as per the IRS. Since the process can get confusing, it’s recommended
Casualty, Theft, & Disaster Loss | What Can You Deduct? Read More »
The Internal Revenue Service (IRS) offers many tax benefits for taxpayers to take advantage of during the tax season. Tax deductions are different from tax credits because they allow you to take the amount of the tax deduction from your taxable income. Tax credits, on the other hand, give you a dollar to dollar deduction
Tax Deductions | How to Save on Your Tax Return Read More »
It’s important to know the best tax deductions for your business. You can deduct the cost of many things as a small business. For example, for your business, you can deduct expenses related to your home office, such as a portion of your rent and utilities, office supplies, automotive expenses, insurance, business-related travel expenses, and
The Best Tax Deductions for Your Business Read More »
Have you sent in a charitable donation and wonder if it will count as a tax deduction? The rules for this are a little complicated because you generally must itemize your tax deductions if you decide to take charitable deductions. Most people take the standard deduction each year because that amount is greater than the
Charitable Deductions | Everything You Need to Know Read More »
What do you know about the importance and value of accurate mileage logs? At first glance, a mileage log may look like an ordinary document lacking value, but there’s much more to it! Think about the purpose behind a mileage log; often, business owners use mileage logs to calculate the amount of mileage reimbursement they
Mileage Log | 7 Habits You Need to Adopt Read More »
Itemized deductions and the standard deduction reduce the amount of income on which you must pay taxes. Which is worth more, though? Taking itemized deductions can be quite a bit of work when filing your tax return, especially when doing this on your own, for the first time. Unfortunately, you can only take one; you
Itemized Deductions | Your Best How-To Guide Read More »
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