Category Archives for TAX DEDUCTIONS

Standard Tax Deduction: How Much It Is and When to Take It

  • March 29, 2019

The standard deduction reduces your taxable income. For 2018 taxes, the standard deduction is $12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and

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Treasury Cuts Penalties for Taxpayers Who Got Confused about Withholding

  • March 28, 2019

The U.S. Treasury Department is again reducing penalties for taxpayers who didn’t pay enough of their tax bill throughout the year.Taxpayers who paid at least 80 percent of their estimated tax liability

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10 Things You May Not Know Are Taxable

  • March 28, 2019

If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxed, too. But the IRS doesn’t stop there.If you’ve picked up some extra

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Nice-Try Tax Breaks Rejected by the IRS

  • January 20, 2019

Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. Here are some of the most creative ones that the courts decided did not quite work. Take note: many of these

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5 Tax Strategies for Small-Business Owners

  • January 18, 2019

Many small-business owners don’t take full advantage of the opportunities available to them to reduce what they pay in taxes. Below are a few often-overlooked tips to consider. Small-business owners

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Deducting Mortgage Interest in 2018

The deduction is still there, but you might not be able to use it anymore. One of the most popular and lucrative tax breaks has been the deduction for mortgage interest, and while tax reform didn’t

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