Did you purchase a car, motorcycle or a boat this year? Guess what? The taxes you paid on those purchases can be deducted on your tax return. Take advantage of this deduction and let your tax professional know about your cool new toy! Don’t have a tax professional?...
If you own your home, chances are you’re paying real estate tax on that property. Up to 100 percent of those taxes can be deducted on your tax return. This would be especially beneficial for those who own their home outright and aren’t paying a mortgage. Talk to your...
Do you visit the doctor or dentist? Have prescriptions filled? Get your eyes checked for you or your family members? If you answered yes to any (or all of these questions), you may be eligible to take a deduction for these expenses on your return. Keep track of these...
It’s that time of year again: Tax filing season! Preparers are anxious and hard at work. Many Americans are gathering information to give their preparer. But after all the paper is shuffled and the buttons are pressed, the first question I receive from my clients is:...
For the most part, as a person (individual), you’re only allowed to subtract (deduct) expenses on your tax return that are related to making money. However, there are some exceptions that allow the deduction of personal expenses. Those expenses must be detailed on...
