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What is the Dependent Tax Credit, Deduction and Exemption?

Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes.

Dependent Tax Credits, Deductions, and Exemptions are Available to You!

Anyone with a family needs to be aware of how the IRS may define someone as a dependent. This is important if you want to claim the child and dependent tax credit as it could save you a huge amount of money, so it’s an issue that’s worth looking into.… Read the rest


What is the Capital Gains Tax Rate for Home Sale?

How Much is Capital Gains on Home Sale?

How much is capital gains on a home sale?

The IRS has specific exclusions and rates for capital gains taxes on a home sale. Single taxpayers can exclude up to $250,000 of capital gains on real estate, whereas married and filing jointly taxpayers can exclude up to $500,000 in capital gains taxes on a house sale

For example, if you bought a house 20 years ago for $300,000 and sold it this year for $900,000, if you are married and filing jointly only $100,000 of the profits will be eligible for capital gains taxes.… Read the rest


Tax Deductible Home Improvements

As a homeowner, you might be asking yourself, are home improvements a tax deduction? The answer could be yes or no. Either way, you will need to track your expenses for any home improvement.

Once you make a home improvement, like putting in central air conditioning, installing a sun-room, or upgrading the roof, you are not able to deduct the expense during the year you spent the funds.

You should maintain a record of those costs; they might help you to claim a home improvement tax deduction when you sell your home.… Read the rest


What is the IRS Mileage Rate Tax Deduction?

The IRS has announced the standard Federal mileage rates for the new tax year. If you must drive for your job, medical reasons, or as part of a charity effort, you could get a tax deduction on your mileage and reduce your overall tax bill.

What is the current IRS mileage tax rate?

How Much is the Current Standard IRS Mileage Rate?

Starting from the beginning of the calendar year, the standard mileage rate for vehicles used for work, medical, and charitable purposes are as follows:

  • 57.5 cents per business mile.
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How to Claim a Medical Expense Tax Deduction

Medical expenses can damage your budget tremendously, especially when the emergency is unexpected, and your insurance does not cover it. The good news is the IRS does allow you to have some relief from medical expenses with a medical tax deduction.

However, to take advantage of their leniency, you have to know what is considered a medical expense and how to claim the medical tax deduction.

Deduction Value for Medical ExpensesMedical expense tax deduction

The IRS allows you to deduct your qualified medical expenses that exceed 10% of your AGI.… Read the rest


How TurboTax Helps Find More Tax Deductions & Credits

An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. They take all the hard work and stress out of tax form preparation and will always get you the largest refund.

As you go through the process of importing income and expense information into
the TurboTax Online Software, you will see possible tax deductions and credits that you may qualify for, and how much money you can save on your tax bill.… Read the rest