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Confused about the Home Office Deduction? Answers are here!

Business Use of Home

(Home Office Deduction)

 Whether you use your home for business full-time or part-time, you may be able to deduct certain expenses, either as a business expense (if you have a business personally) or as an itemized deduction on your Schedule A (when you work for someone else). 919 more words

Income Tax

TurboTax AnswerXchange Question of the Month: Standard vs. Itemized Deductions?

We’re kicking off a brand new series on the blog that is all about you. Or, more specifically, all about your tax questions. Each month, visit the TurboTax Blog to learn about a different trending question from the… 238 more words

Tax Deductions And Credits

Six Tax Tips When Deciding to Itemize or Take the Standard Deduction

The IRS published Tax Tip 2014-29 with 6 helpful tips for deciding whether to itemize deductions or to rely upon the standard deduction.  The IRS stated that a taxpayer should calculate the available deduction using both methods and then choose the deduction method that produces the greater deduction (thus lower amount of tax). 434 more words

Taxation

Tips on Deducting Charitable Contributions

If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here are ten helpful things to know about deducting your gifts to charity: 550 more words

Tax

Itemizing vs. Standard Deduction

When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. 434 more words

Tax

Simple method for office-in-home tax deduction

A new and more simple approach to the office-in-home deduction is available starting with 2013 personal federal income tax returns.  The new optional deduction is capped at $1,500 per year based on a $5 per square foot application for up to 300 square feet. 307 more words

Tax

Taxes and the Health Care Law

The health care law has provisions that may affect your personal income taxes. How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age. 332 more words

Tax