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Archive for the ‘Itemized Tax Deductions’ Category.

Interest on Home Equity Loans Often Still Deductible Under New Law

Just when you thought that the recent The Tax Cuts and Jobs Act of 2017 prevented claiming home equity line of credit (HELOC) interest, think again! The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to

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Standard Deduction vs. Itemized: How To Choose What Works For You

Most taxpayers claim the standard deduction vs. itemized when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS Offers the Following Six Tips to Help

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Deciding Whether to Itemize or Use the Standard Deduction

Most people claim the standard deduction when they file their federal tax return, but you may be able to lower your tax bill if you itemize. You can find out which way saves you the most by figuring your taxes both ways. The IRS offers these six tips to help

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Keep Track of Miscellaneous Tax Deductions

Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if

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6 Tax Tips You Should Know about Employee Business Expenses

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here are six tax tips that you should know about this deduction. 1. Ordinary and Necessary.  You can only deduct

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Miscellaneous Deductions Can Cut Taxes

You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions Subject

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Job Hunting Expenses

Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a newjob: Same Occupation.  Your expenses must be for a job search

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