Same as your federal income taxes, you can claim deductions on your state income tax return. This includes the state standard deduction and itemizable deductions.
If you’ve ever stared at your pay stub and wondered, Can I claim union dues on my taxes?—you’re not alone. Claiming union dues on your taxes is a hot topic for workers across the country, especially with recent changes in tax laws. Whether you’re a union member, a freelancer, or just tax-curious, understanding the rules … Read more
When it comes to planning for future education expenses, the Nebraska Savings 529 plan stands out as an excellent option for families looking to save and invest in their children’s higher education. This plan offers unique advantages that can help families save effectively for college costs while also benefiting from significant tax incentives. With its … Read more
When it comes to homeschooling, many parents wonder if they can claim homeschool expenses on taxes to offset the costs of curriculum, supplies, or tutoring. Unfortunately, under current federal tax laws, homeschooling expenses are generally considered personal and are not tax-deductible. The IRS does not classify homeschooling as a “school” for tax purposes, which means … Read more
Understanding the Utilities Tax Deduction can significantly reduce your tax burden if you are self-employed, operate a business, or own rental properties. Utility expenses such as electricity, gas, water, internet, and phone services are often essential for running a business or maintaining a rental property. The IRS allows taxpayers to deduct these costs if they … Read more
When it comes to filing taxes, many residents of New York City are unaware of the various income subtractions that could significantly reduce their taxable income, thereby lowering the amount of taxes they owe. New York City, with its high cost of living, offers specific tax benefits designed to ease the financial burden on its … Read more
Hosting a foreign exchange student can be a rewarding experience, providing cultural enrichment and personal growth for both the host family and the student. However, many potential hosts may wonder about the financial implications of such an arrangement, particularly regarding tax benefits. While hosting an exchange student does not qualify for traditional tax credits, it … Read more
Pastors are not fully exempt from taxes, but they do enjoy certain unique tax benefits and exemptions under federal law. The tax treatment of pastors is complex due to their dual tax status: they are considered employees for federal income tax purposes but are treated as self-employed for Social Security and Medicare taxes. This dual … Read more
FTB letters can be a source of confusion and anxiety for taxpayers in California, especially if you’re not quite sure what they mean or why you received one. For those who have received an unexpected letter from the Franchise Tax Board (FTB), understanding its content and significance is crucial. The FTB, California’s state tax agency, … Read more
Utah offers a variety of tax deductions and credits aimed at reducing the tax burden for its residents, enhancing affordability, and encouraging certain economic and personal activities. Some of these include the taxpayer tax credit, education credits, and at-home parent credit. A person can claim these credits on their Utah income tax return by completing … Read more
Arkansas taxes ordinary income, which is the money you earn from your job or small business. Ordinary income does not include long-term capital gains or qualified dividends, which are taxed at lower rates. It also excludes most retirement income. Ordinary income is taxed at a higher rate than other types of income. Individuals who have … Read more