Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.
Tag: tax deductions
Traveling for business again? What can you deduct?
On the road again for business? Here’s a rundown of costs you can deduct for business travel.
If you run a business from home, you could qualify for home office deductions
Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of people these days), you may qualify. Here’s a rundown of the rules.
2021 individual taxes: Answers to your questions about limits
How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
Many tax amounts affecting businesses have increased for 2021
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
How Congress is Planning to Rescue Restaurants Through Tax Deductions
Lawmakers seek to tweak an existing business deduction to boost the restaurant industry’s bottom line and put thousands back to work.
New law doubles business meal deductions and makes favorable PPP loan changes
Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
Can you qualify for a medical expense tax deduction?
Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
Can you deduct charitable gifts on your tax return?
You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.
Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If[ … ]
