Deductions & Credits
American Jobs Act
President Obama has submitted to Congress several proposals for changing American tax laws. Proposals include a new payroll tax holiday for workers and businesses, new and expanded tax credit for hiring and increasing salaries, as well as limiting the value of tax deductions.
Standard Deduction
Taxpayers can opt to take a standard deduction (a flat dollar amount that reduces taxable income) or itemize their deductions instead. The standard deduction amount varies by a person's filing status, age, and whether they are blind. Starting with tax year 2009, people may need to use Schedule L to list various additions to their standard...
Adjustments to Income - Deductions You Don't Need to Itemize
There are a variety of tax deductions that people can take directly on their tax return without needing to itemize.
Casualty & Theft Losses
Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A.
Do You Qualify for the Earned Income Credit?
Answer a few simple questions to find out if you are eligible for the Earned Income Tax Credit.
Education Tax Breaks
The federal government provides several tax incentives for college students and their parents. Here's an overview of the key tax breaks for pursuing post-secondary education.
How To Pay Zero Taxes (Book Review)
Review of the book, "How To Pay Zero Taxes, 2005: Your Guide to Every Tax Break the IRS Allows," by Jeff A. Schnepper. Recommended for anyone who wants to implement long-term tax strategies to reduce or eliminate their tax liabilities.
Smart Tax Strategies for MBAs
CPA James Vonachen discusses the tax benefits for pursuing an MBA, such as the Lifetime Learning Credit, the Tuition & Fees Deduction, itemized deductions for job-related expenses, and strategies for companies to help their employees pursue an MBA. Vonachen was interviewed by Business Week reporter Mica Schneider.
Tax Mistakes 90% of Self-Employed People Make
Tips for keeping track of business expenses, especially for self-employed people.
The Complete Idiot's Guide to Tax Breaks and Deductions (Book Review)
Review of the book, "The Complete Idiot's Guide to Tax Breaks and Deductions," by Lita Epstein. Epstein has an ambitious goal: to produce a tax book that lives beyond April 15th as a handy guide to tax planning.
The Top 10 Personal and Business Insurance Tax Tips
When tax time comes there can be an array of questions about deductions and what to report as income. This Insurance Tax Do's and Don'ts list of tax tips will hopefully help many with tax questions regarding insurance whether on a personal or business level.
Tax Provisions Expiring at the End of 2012
List of federal tax provisions that expire at the end of the year 2012.