Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
Weight loss resolutions are the biggest topic each year, but not many know they can deduct weight loss expenses by itemizing their tax returns. However, the IRS has given space to...
Posted by Dennis Jao on 02/07/2023
What is a deductible?A deductible is an expense that a taxpayer or business can deduct from their adjusted gross income when filing a tax form. Deductible expenses reduce your taxable...
Posted by Dennis Jao on 12/31/2022
A tax deduction is a legal method of reducing your taxes without being penalized. There is a wide margin between a deduction and credit, and the value is not the same, making it look...
Posted by Taxes Made EZ Inc on 11/10/2022
Double your tax return with these credits!What's the sweetest thing about doing your taxes? Watching the amount you owe drop drastically and the amount you get back skyrockets!But...
Posted by Tiffany Gaskin on 09/30/2022
The term ‘income tax' means a lot of things to various people, possibly because there are similar technical terms like tax benefit, tax deduction, income tax exemption, and...
Posted by KLSM CPA Firm PLLC on 03/31/2022
In the United States, an engagement ring indicates an engagement between two partners and indicates one's intention to marry later. Because engagement rings are often made of metals...
Posted by Tiffany Gaskin on 12/10/2021
Many people frown at the idea of sending their hard-earned dollars to Uncle Sam. So, to cushion the effect of taxes, Uncle Sam provided some relief in form of tax deductions and credit...
Posted by Rosovich & Associates, Inc. on 07/06/2021
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
