Category: Tax Deductions

Tax Deductions for a Truck Driver

Tax Deductions for a Truck Driver

"Truckers who declare a per diem deduction on their annual income tax filings could find themselves in hot water with the IRS if they rely exclusively on electronic logs retained by the motor carriers." Jim O'Donnell, President, Trucker Tax Service The job of a truck driver is physically demanding, since he has ...

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Are Insurance Settlements Taxable?

Are Insurance Settlements Taxable?

Remember If you have undergone physical injuries and have received settlements for the same, they are generally not taxable and not reported either, as long as the medical bills are not deducted. If, however, you deduct the medical expenses and still receive settlement for the injury, it is taxable and needs to ...

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Most Overlooked Tax Deductions

Most Overlooked Tax Deductions

Take Note Attempting to save money during the tax season would churn out an enormous volume of paperwork. Hence, it is always advisable to maintain detailed and accurate documentation for this purpose. For some unexplained reason, many of us simply hate paying income tax. The issue although unresolved, stands ...

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IRS Tax Deductions List

IRS Tax Deductions List

The Internal Revenue Service, which is commonly known as the IRS, is a Federal agency and is also a part of the Department of Treasury. This agency is responsible for collection of Federal Tax. In the United States, income tax is collected by filing of the income tax returns. This filing is done with the help of ...

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Are Closing Costs Tax-deductible?

Are Closing Costs Tax-deductible?

When a taxpayer files an income tax return, he pays a particular part of his income to the IRS. Suppose that you have earned $100 in the fiscal year and the income tax that is collected by the IRS is 2%, then you will be paying the IRS $2. Thus your income tax is $2 and taxable income is $100. According to the ...

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Tax Deductions for Individuals

Tax Deductions for Individuals

With the fiscal year drawing to a close, individuals, and organizations - all the same - have started to wind up their books of accounts, and calculate their tax liabilities. A majority have screened their sets in order to file for tax returns. A factor often ignored by aplenty in such situations is that of tax ...

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Home Improvement Tax Deduction

Home Improvement Tax Deduction

The state and federal government collects a variety of taxes at the end of every financial year. The Internal Revenue Service and the United States Department of Treasury play a very important role in the collection of these taxes. The IRS, and Treasury Department have made several provisions, and rules and ...

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Home Equity Line of Credit Tax Deduction

Home Equity Line of Credit Tax Deduction

Home Equity Line of Credit (HELOC) is availed for meeting expenses that are of a recurring nature. This is because HELOC is a type of revolving credit that allows the consumer to make withdrawals, up to the sanctioned limit, by using a check. The consumer is usually expected to pay interest on the HELOC that is ...

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