Homeowners are usually well informed about the home-related tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate. For buyers who can’t come up with a 20% down payment on the purchase price, they will have the added cost of private mortgage insurance (PMI).
The PMI … Read the rest
If you pay out-of-pocket (OOP) for medical or dental care, you may be able to write some of it off on your taxes. In some cases, you may be able to write-off some travel costs as well. Even some prescription medication costs can be written-off. This is a valuable deduction opportunity for those without health … Read the rest
In order to claim the home office deduction it is important that you know the square footage of your entire home and your home office. Auditors do not usually make home visits. If you send them photos of your home office, that is usually all of the verification that they need.
Determine Which Method to
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There are many strategies to use house remodeling and upgrades to reduce your taxes.
Remodeling of your house is not usually a cost which can be deducted from your federal income taxes, however there are many techniques that you can utilize for home remodeling and upgrades to decrease your taxes. This includes both tax breaks … Read the rest
As a business owner, it is easy to fall into the assumption that all of the costs related to your website are fully tax-deductible, but in reality that is not always the case. Whether speaking of web design, website consulting services, or website software—many costs must be deducted in increments over multiple years as a … Read the rest