tax deductions: Here's How You Can Leverage Your Home To Reduce Your Tax Burden For Next Year - 05/28/14 03:00 AM
Each year around April, we can find ourselves becoming a little more tense at the thought of what is about to occur: tax time.
Instead of falling into the trap of procrastinating your taxes, however, it's much more beneficial to face tax time head-on and do your research on your applicable deductions well in advance.
Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven't thought of. Here are some tax benefits that can be leveraged with your home, and some ways to lower your tax bill in 2014.
… (1 comments)

tax deductions: Four Places To Look For Tax Deductions In Your Home - 04/15/14 09:55 AM
Paying your income taxes each year leave your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look:
1. Home-Office Deduction:
If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don't claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return.
Perhaps that's why the Internal Revenue Service attempted to simplify the process in 2013.
The write-off takes into account depreciation, … (0 comments)

tax deductions: Homeowners -- Are You Making These Mistakes Planning Next Year's Taxes? - 06/17/13 07:10 AM

Filing your taxes can be a complicated and confusing process. If you are a home owner you may have many different home tax deductions and credits to consider.
Since we recently passed the filing date for 2012 taxes, it may be a good time to plan for next year and get your tax tracking systems in place. Check carefully to make sure that you are not making any of these common homeowner tax mistakes – which could cost you money or get you in trouble with the IRS.
Miscalculating Your Home Office Tax Deduction:
If you work from home, you … (0 comments)

tax deductions: 10 Oddball Tax Deductions That The IRS Actually Allows! - 04/15/09 02:42 PM
It's Tax Day today and who among us doesn't love a legitimate tax deduction?
The IRS expects to process 138 million tax returns this year and accompanying those returns will be a melange of tax deduction requests. 
Most will be run-of-the-mill including such staples as mortgage interest, vehicle mileage, and child care deductions. Others, however, will be less ordinary.
On its website, TurboTax pays homage to some of the most off-the-wall, offbeat tax deductions through the years permitted by the IRS. 
Among the "weirdest deductions allowed":
A bodybuilder's body oil so his muscles would glisten in competition. A private airplane for owners … (0 comments)