At a Glance The Tax Cuts and Jobs Act suspended the deduction for tax preparation fees for individuals. Self-employed individuals and business owners may still be able to deduct tax preparation fees. Rental property owners and estates/trusts may also have deductions for tax preparation fees. Conside…
At a Glance Student transportation expenses are not tax-deductible IRS guidelines allow deductions for qualifying education expenses Transportation costs for commuting are typically not deductible Explore other tax benefits and maintain records of educational expenses Navigating tax deductions as a …
At a Glance Student loan interest payments may be tax-deductible IRS rules and qualifications for the deduction Steps to claim the deduction Considerations and documentation needed For many borrowers, student loans are a necessary means to finance education. Understanding the tax implications of the…
At a Glance Labor union dues were deductible before the TCJA TCJA suspended miscellaneous itemized deductions Union dues may still be deductible for self-employed individuals Document and keep records of union dues for future tax changes Labor union members may pay dues or fees as part of their memb…
At a Glance State and local taxes (SALT) can be deducted if you itemize deductions on your federal tax return. The Tax Cuts and Jobs Act (TCJA) placed a cap on SALT deductions at $10,000 for single filers and married couples filing jointly. Good record-keeping is important when claiming the
At a Glance Self-employment tax is not fully deductible, but certain deductions can help reduce the burden. Self-employed individuals pay a combined Social Security and Medicare tax rate of 15.3% on their net earnings. You can deduct the employer-equivalent portion (half) of self-employment tax from…
At a Glance Saving for retirement offers tax benefits Traditional IRAs and 401(k)s may provide tax deductions Income limits and contribution limits apply Saving for retirement is a critical financial goal, and the U.S. tax code offers incentives to encourage individuals to contribute to retirement a…
Introduction: Dealing with the Internal Revenue Service (IRS) can often seem daunting, especially when it involves understanding specific forms and their requirements. IRS Form 56 is one such document that is vital yet not commonly understood. This simple guide is designed to match your search inten…
At a Glance Owning rental property allows for tax-deductible depreciation expenses Depreciation is an income tax deduction that recovers the cost of property over time Residential rental property has a useful life of 27.5 years for depreciation purposes Effective record-keeping is important when ded…
At a Glance Real estate taxes may be deductible on federal income tax returns Conditions for deductibility include being based on assessed property values and charged uniformly The Tax Cuts and Jobs Act implemented a cap on state and local tax deductions, including real estate taxes To claim real es…