Category: Above the Line Deductions

Deductions Alimony – Killer Guidelines From Joe Mastriano, CPA.

Deductions Alimony – Killer Guidelines From Joe Mastriano, CPA.

Alimony – Tax Deductible Alimony payments, under certain circumstances, can be deducted from your gross income. They become taxable on your former spouse’s tax return. Deductions Alimony – Qualifications These periodic payments made from...

Employee Business Expenses – Killer IRS Deduction Help

Employee Business Expenses – Killer IRS Deduction Help

Employee Business Expenses – Employee / Employer If your employer has an accountable plan, you will be able to receive all your allowable deductions. You have to report any employee business expenses and documents...

Employee Business Expenses Actors – Killer IRS Information

Employee Business Expenses Actors – Killer IRS Information

Employee Business Expenses Actors – Qualifications In order to reduce their taxable income, actors and other performing artists can deduct their expenses related to the performance of the services provided.A performing artist can claim...

Health Insurance Deduction For Self Employed Individuals

Health Insurance Deduction For Self Employed Individuals

If you have self-employment income you may be able to claim a health insurance deduction on your tax return for yourself, your spouse, or your dependent. Health Insurance Deduction Calculation In order to determine...

Interest On Qualified Education Loan For Tax Purposes.

Interest On Qualified Education Loan For Tax Purposes.

Interest On Qualified Education Loan May Be Used As a Tax Deduction. Qualification For Student Loan Interest Deduction A qualified education loan serves to pay only qualified education expenses for you, your spouse or...

Deductions Legal Fees Discussed And Tax Breaks Explained

Deductions Legal Fees Discussed And Tax Breaks Explained

Deductions Legal Fees – Can I Claim Them On My Return? Deductions Legal Fees The attorney fees and the court costs on settlements for unlawful discrimination (including race, age, and sex) are tax deductible.Legal...

Retirement Plan Payments Killer Explanation And Detailed Guidelines

Retirement Plan Payments Killer Explanation And Detailed Guidelines

Retirement Plan Payments Tax Deductions Explained. If you have self-employment income and you decide to set up a retirement plan, you can get a tax deduction for the contributions you make to your retirement...

Self-Employment Tax Killer Explanation And Assistance

Self-Employment Tax Killer Explanation And Assistance

The Self-Employment Tax – IRS Definition Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from...