Making Mortgage Interest Interesting
Looking to make tax time a little brighter? Consider itemizing your taxes, which will allow you to claim interest you paid on your first and second mortgages. This deduction, worth up to $1.1 million...
View ArticleDeducting Medical Expenses
If you wish to deduct the payment for any type of medical expense this year, you need to be aware of some new rules that apply to these types of deductions, as they can affect your return. If you are...
View ArticleDeducting Miscellaneous Expenses
If you have miscellaneous deductions that exceed 2% of your adjusted gross income (AGI) you may qualify to claim them on your tax return. Usually the different types of costs can fall under the...
View ArticleOpting for Itemizing Can Net Bigger Deductions
Deductions decrease the amount of income you are taxed on, lowering your tax liability. At tax time, you can chose one of two methods to claim your deductions. You can either itemize or opt for the...
View ArticleTax Time: Itemized Deductions
It may seem like it takes a little more effort to itemize your deductions, but doing so can save you a tax time. By itemizing your deductions, you list all of your expenses and what you’ve paid on a...
View ArticleLimits on Itemized Deduction
There are limits on some itemized deductions depending on type. In most cases, limits are calculated based on a percentage of the taxpayer’s adjusted gross income (AGI). To figure out what you’re...
View ArticleChoosing Either Standard or Itemized Deductions
Generally, it is easier to just choose the standard deduction when filing your tax return, however it may not be the best method for saving you money. In some cases, opting to itemize your deductions...
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