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Nov
23

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What is the IRS Mileage Rate Tax Deduction?

Category: Tax Deductions Tags: , , , , , , , , ,

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.
… Read the rest

Nov
23

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How to Claim a Medical Expense Tax Deduction

Category: Tax Deductions Tags: , , , , , ,

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

Nov
22

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How TurboTax Helps Find More Tax Deductions & Credits

Category: TurboTax, Tax Credits, Tax Deductions, Tax Filing Tags: , , , , , ,

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

Oct
29

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The Home Loan Mortgage Interest Tax Deduction

Category: Tax Deductions Tags: , , , , , , , ,

The federal government motivates you to buy a house by permitting the deduction of home loan interest. The interest you pay throughout the year is entitled to a reduction in taxes.

If you have a home loan and are paying interest, chances are you qualify to claim a mortgage interest tax deduction.

Collateral in Your House

Mortgage interest tax deductionYour mortgage company may carry a security interest in your house as a surety for paying back the mortgage. This security interest usually permits the financial institution to stay on the deed to your house.… Read the rest

Aug
17

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What is the Standard Deduction?

Category: Tax Deductions Tags: , , , ,

standard deduction

The standard deduction grew significantly under the Tax Cuts and Jobs Act (TCJA). However, despite the standard deduction growing in 2018, the rise was less groundbreaking in 2019.

For taxpayers, the standard deduction is incredibly valuable. It’s available to all taxpayers and is used to reduce total taxable income, which can lower the amount of tax owed. Most taxpayers are eligible to take the standard deduction, and most do take it.

Some taxpayers decide to itemize their deductions, however.

Let’s take a look at the latest standard deduction amounts.… Read the rest

Aug
17

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What is the Capital Gains Tax Exclusion for Home Sale?

Category: Capital Gains, Tax Deductions Tags: , , , , , , , ,

The chances are the biggest purchase you will ever make in your life is buying a house. The average home price amounts to six figures. However, selling your home also offers you some unique benefits. The main advantage of selling your home is the capital gains tax exclusion.

capital gains exclusion for home sale

What is Capital Gains Tax?

Capital assets can be anything from cars to bonds. Homes are classified as capital assets because it’s termed as a significant asset type. When you make a profit on selling your home, you make a capital gain in tax terms.… Read the rest

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