Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
When dealing with taxes, one needs to be proactive as things do not always move in a single direction. One might receive an income now with the mandate to repay some or everything...
It is no longer possible for the 2018-2025 fiscal years to claim accidental loss and personal property theft as itemized deductions unless your claim is declared as a federally declared...
The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
The Internal Revenue Service (IRS) recently released annual tax inflation adjustments for 2021 for more than 60 allowances, including tax rate schedules, standard deductions, itemized...
Posted by Rosovich & Associates, Inc. on 12/31/2020
The IRS permits the use of per diem rates (which means "for each day" or "daily rate" in Latin) to facilitate reimbursement for employers and employees. Per-diem...
If you want to enjoy deductions on federal tax bills, mortgage point deduction is a terrific way to claim it. At times, it is sometimes called discount points or origination points;...
Many taxpayers do not like taking the home office deduction because they fear they might raise some eyebrow from the IRS. Sadly, this is true, especially if you take excessively large...