What is the IRS Mileage Rate?
December 27, 2021 Tax Deductions
The IRS mileage rate is typically updated each year, and the new rate for 2022 has just been announced. The current rate is 58.5 cents per mile. If you’re …
Tag: Deduction
How to Claim a Medical Expense Tax Deduction
December 14, 2021 Tax Deductions
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 …
What is the Standard Deduction?
November 2, 2021 Tax Deductions
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 …
The Home Loan Mortgage Interest Tax Deduction
November 2, 2021 Tax Deductions
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 …
What is the Dependent Tax Credit, Deduction and Exemption?
November 2, 2021 Tax Credits, Tax Deductions
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 …
Are New Windows a Tax Deduction?
November 2, 2021 Tax Deductions, Energy Tax Credits
Are New Windows Tax Deductible? Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s …
What is The Simplified Home Office Deduction?
November 2, 2021 Tax Deductions
If you happen to have a home office, you may be able to use it as a deduction when it comes to the cost of running your home business. …