Tax Deductions and Credits

Tax deductions and credits can help you minimize the amount of tax you legally owe, whether for personal or business purposes.
All Questions: Tax Deductions and Credits
Posted November 18, 2016 · Chicago, IL

The IRS standard mileage rate includes components for fuel, depreciation, maintenance and loan interest. The only extras you can deduct are tolls and...

Posted November 1, 2016

The payments to the extent the exceed her cost of the annuity will be ordinary income to you and taxable in the state where you get the income.

Posted October 28, 2016

You can make no immediate claim of losses, for the improvements add to the basis cost you paid for the property. What you can - and should do - is cla...

Posted October 9, 2016

Great news - you are making enough money that the laws passed by Congress have phased you out of the possible deductions for IRAs, student loan intere...

Posted September 11, 2016

Your sales price minus cost of sale and its value on 10/23/15 will be treated as long term capital gain or loss. Contact the appraiser and ask if the...

Posted September 11, 2016 · Houston, TX
Eric Jorgensen

Eric Jorgensen

CFP®, ChFEBC

The $20k withdrawal from your IRA will be added to your income.

The donation: 1) Because it's over $500 ensure you complete IRS Form 8283 when yo...

Posted September 10, 2016 · San Francisco, CA

The full collected judgment has to be reported as income, the attorney's fee is a miscellaneous itemized deduction. If you were running a business it...

Posted August 22, 2016

No. It's a personal loss which is non-deductible.

Posted August 18, 2016

Receipts through PayPal are the same as checks or real money. PayPal charges are deductible as bank charges.

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