Yes, prescription glasses do count as a medical expense under IRS guidelines. The cost of prescription glasses, along with related expenses such as eye exams and contact lenses, qualifies as a deductible medical expense. However, there are specific conditions you must meet to claim this deduction. For example, your total medical expenses—including the cost of … Read more
COBRA payments, which allow individuals to continue their employer-sponsored health insurance after losing a job, can be tax-deductible under certain circumstances. These premiums qualify as medical expenses and can be deducted on your federal income tax return if you itemize deductions and your total unreimbursed medical expenses exceed 7.5% of your adjusted gross income (AGI). … Read more
When purchasing a home or securing a loan, one of the most significant upfront costs you may encounter is the origination fee. This fee, charged by lenders for processing your loan application, is often included in closing costs and can range from 0.5% to 1% of the loan amount. But can you deduct origination fees … Read more
Taxes can be confusing, especially when it comes to figuring out what medical expenses are deductible. One common question many parents have is: Is Children’s Tylenol tax deductible? While over-the-counter medications like Tylenol are household staples, the IRS has specific rules about what qualifies as a deductible medical expense. In this article, we’ll explore the … Read more
Taxes can be tricky, especially when you’re in the field selling solar energy solutions and juggling client meetings, site visits, and administrative tasks. But here’s the good news: tax write-offs for solar salespeople can significantly reduce your taxable income and keep more money in your pocket. Whether you’re driving to client locations, working from a … Read more
If you’ve ever sold or bought something on Facebook Marketplace, you’ve probably asked yourself, “Does Facebook Marketplace charge tax?” The answer isn’t as straightforward as you might think. Facebook Marketplace, unlike many traditional online stores, has specific rules around taxes, and it’s important for both buyers and sellers to understand how it works to avoid … Read more
For many self-employed individuals, managing tax deductions is one of the trickier aspects of running a business. One common question that arises is, can you deduct solo meals for self-employed individuals? The short answer is that, under certain circumstances, you may be able to deduct the cost of meals while working for your business. However, … Read more
If you’re earning money as a babysitter, you may be wondering, “How do I report babysitting income?” The IRS considers babysitting income taxable, even if you’re earning cash or working informally. As a self-employed individual, you’re responsible for reporting all your earnings, keeping accurate records, and paying both income and self-employment taxes. Whether you babysit … Read more
As an Amazon Flex driver, understanding tax write-offs for Amazon Flex is essential for keeping more of your hard-earned money in your pocket. Being an independent contractor means you’re responsible for your taxes, but it also opens the door to a variety of deductions that can significantly reduce your taxable income. From mileage and vehicle … Read more
As a business owner, staying organized and keeping up with the latest tools and services can help you streamline operations and grow your company. One way to do this is by subscribing to various services, tools, and platforms. However, you may be wondering: Can I deduct business subscriptions on my taxes? The answer is yes—business … Read more