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Deductions

Tax Deductions | How to Save on Your Tax Return

Tax Deductions | How to Save on Your Tax Return

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 …

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The Best Tax Deductions for Your Business

The Best Tax Deductions for Your Business

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 …

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Casualty, Theft, & Disaster Loss | What Can You Deduct?

Casualty, Theft, & Disaster Loss | What Can You Deduct?

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. You may want to work with a tax expert, someone who understands …

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Home Office Business Deduction Can You Take It

Home Office Business Deduction, Can You Take It?

With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction.  Often the words “home office deduction” make taxpayers fear it as an audit trigger. However, …

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7 Things the IRS Doesn't Want You To Know cover

7 THINGS THE IRS DOESN'T WANT YOU TO KNOW

Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.