Deductions
Reduce your taxable income by claiming the available deductions to you. Updates to the itemized deduction thresholds, amounts, eligibility requirements; and standard deduction increase.
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Is Water Damage to Your Home Tax Deductible?
When it comes to unexpected events like water damage, homeowners often wonder if they can claim these expenses on their…
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Can Kindergarten Tuition Be Claimed on Taxes?
The short answer is no—kindergarten tuition cannot be claimed on taxes. This is because the IRS classifies kindergarten as an…
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Can You Deduct Property Taxes From Capital Gains?
When selling a property, understanding how property taxes and capital gains interact is crucial for managing your tax liability. Many…
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Are COBRA Payments Tax Deductible?
COBRA payments, which allow individuals to continue their employer-sponsored health insurance after losing a job, can be tax-deductible under certain…
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Do You Have to Pay Taxes on Money Given to You When Someone Dies?
When someone passes away and leaves you money or assets, the question of whether you have to pay taxes on…
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Claiming Homeschool Expenses on Taxes
When it comes to homeschooling, many parents wonder if they can claim homeschool expenses on taxes to offset the costs…
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How to Deduct Investment Service Expenses?
When it comes to managing your finances, knowing how to deduct investment service expenses can be a game-changer for your…
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Origination Fee Tax: Can You Deduct It?
When purchasing a home or securing a loan, one of the most significant upfront costs you may encounter is the…
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Is Dry Cleaning Tax Deductible? – What You Need to Know
When tax season rolls around, many people start looking for creative ways to maximize their deductions, and one question that…
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Is Children’s Tylenol Tax Deductible?
Taxes can be confusing, especially when it comes to figuring out what medical expenses are deductible. One common question many…