Today, relatively few Americans itemize deductions on their tax returns. You can claim either the standard deduction or the itemized deductions, but not both. And, of course, you always...
When you run a small business, you have two costs: fixed costs and variable costs.Fixed costs don't change based on how much product you make and sell, but variable costs do.A...
Posted by Taxes Made EZ Inc on 01/27/2022
What are student loan interest deductions?These are deductions made from the total amount you owe for your college education (if you took a loan). It is a tax incentive that is especially...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/30/2021
The legality of marijuana in many American states is questionable. However, medical marijuana can easily be obtained via a doctor’s prescription and is legal in 34 states. Also,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/24/2021
Many seniors use savings bonds for good reasons. However, they still provide an incredible way to help pay for the college expenses of a young person. Understanding College Savings...
No one loves the idea of giving Uncle Sam the hard-earned money. However, it is horrible to leave a tax deduction that could bring down your tax bill due to ignorance. As a result,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/30/2021
Opening up the business of your choice is not a walk in the park. It is not enough that you have the necessary capital to invest in the type of shop or store that you have been planning...
One needs to keep Uncle Sam aware of any move as soon as possible. Fortunately, there are many ways to do this. It can be over the phone or by completing a form provided by the IRS...
Expenses incurred due to the legal costs of running a profitable business that yields an available income is usually listed as a tax-deductible expense. It's only when the legal...