deductions Archives

Can homeowners deduct seller-paid mortgage points?

Oct 31, 2024 | Individuals

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

Is your home office tax deductible? Here are the rules

Sep 26, 2024 | Individuals

While many people work from home, not everyone qualifies for home office deductions. Here are the rules for eligibility.

TCJA and the possible future tax landscape for businesses

Aug 29, 2024 | Small Business

The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act (TCJA) are scheduled to expire and the November elections will be decided. Here are some possible outcomes.

What might be ahead due to expiring tax provisions?

Aug 1, 2024 | Individuals

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

You may be entitled to tax breaks if caring for an elderly relative

Jun 6, 2024 | Individuals

If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.

Filing jointly or separately as a married couple: What’s the difference?

Apr 25, 2024 | Individuals

Is it better for a married couple to file a joint tax return or file separately? It depends. Here’s a look at the issue.

How to claim a medical expense tax deduction

Jan 11, 2024 | Individuals

Out-of-pocket medical expenses can cost you a bundle. Can you deduct these expenses on your tax return? The requirements and limits may make it difficult. Here are the rules.

What are the tax implications of winning money or valuable prizes?

Nov 16, 2023 | Individuals

There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.

2021 individual income tax limits

Mar 1, 2021 | Individuals

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s...

What it takes to deduct medical expense on your tax return

Dec 2, 2019 | Individuals

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...

deductions