Archive | Below the Line Deductions

Trade And Business Deductions Killer Guidelines And Advice

In order to minimize your taxes, you can subtract certain categories of expenses from your gross income. These deductible expenses are called adjustments or above the line deductions.You can claim on your tax return the business expenses incurred or paid during a taxable year. Ordinary And Necessary Expenses For Your Business According to IRS requirements, […]

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Tax Charitable Contributions – Killer IRS Guidelines And Advice.

Tax Charitable Contributions And How To Report Them Correctly. Charitable contributions made to qualified institutions may reduce your taxable income. In order to get a tax deduction, you need to itemize your deductions.You may deduct the fair market value of any property you donate to qualified institutions. Any contributions made in cash are generally deductible. […]

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Educational Expenses – Killer IRS Guidelines And Advice

You may be able to deduct work-related educational expenses as a miscellaneous itemized tax deduction.In order to claim the deduction, the main purpose of these educational expenses must be to maintain or improve your skills for the current position you occupy, to maintain your position or to keep your present salary level. Claim Your Educational […]

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Deductions Hospital Expenses You Need To Know – Killer Advice And Guidelines

Deductions Hospital Expenses You May Qualify For. The cost of your meals and lodging are tax deductible.In order to be able claim these amounts on your medical expenses, you have to show evidence that meals and lodging are furnished by a hospital or a similar institution where you received medical care.If the meals and lodging […]

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Tax Deductible Medical Insurance Killer Premiums

Tax Deductible Medical Insurance Eligibility Explained By Joe Mastriano, CPA. A deduction is allowed for medical insurance premiums within certain limits. Medical insurance premiums you pay may be included in your medical expenses as tax deductible if the premiums cover: Medicare B, supplementary medical insurance for elderly (Social Security Administration provides useful information in calculating […]

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Tax Deduction For Mortgage Insurance Premiums Killer Guide

Tax Deduction For Mortgage Insurance Premiums May Be Tax Deductible, Let Us Explain Why. The amount of mortgage insurance premiums you pay may be tax deductible. This temporary income tax break applies for policies issued after 2006. Mortgage insurance premiums will be tax deductible beginning with 2007 through 2010. Deducting Mortgage Insurance Premiums In order […]

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