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Tag: deduction

Teachers can deduct up to $250 for out-of-pocket classroom expenses.

Back To School-Tax Savings For Teachers

  It’s back to school time! As everyone is busy getting ready to head to class, I want to remind the teachers out there that they have a special educator expense deduction. Eligible educators can deduct up to $250 of any unreimbursed expenses paid for books, supplies, computer eq...  Read More

How to Buy Computers, Furniture, and Other Equipment for Business in 2014

When you purchase big ticket items such as computers, furniture, and equipment these are called capital expenditures. Usually these items last more than one year so we allocate the cost of them across the years of their use. This process is known as depreciation. There are special rul...  Read More

Why To Track Mileage

If you use your car for your business your CPA has probably told you to track your mileage. The reason is that there are two way to calculate the auto related costs for your car- actual expenses and standard mileage rate- and both rely on knowing the number of business miles you drove...  Read More

How to Deduct Your Vacation

It is almost summer and many people will be thinking about traveling. If you plan it right you might even be able to deduct a good part of your trip. Travel Primarily For Business The IRS says that travel primarily for business is fully deductible. If you take a trip that is primarily...  Read More

Three Tax Breaks for Higher Education

The cost of high education keeps rising. If you, or a dependent, are in college make sure you take advantage of the tax breaks you might be eligible for. The neat thing here is that you are allowed to take the credit or deduction with the best tax benefit for you. So hand your CPA tha...  Read More

Simplified Home Office Deduction New for 2013 Filing Season

There is a simplified home office deduction new for the 2013.  This is a great thing for those work-at-home types.  To calculate the deduction you take the square footage of the home office and multiply it by $5 per square foot, with a maximum deduction of $1,500.  If you use the simp...  Read More

Taking Moving Expenses as Tax Deductions

With the economy as it is these days people might find themselves moving to find work.  It is possible for these expenses to be tax deductible.  Here is a guide as to how. A Case of Two Tests There are two tests that determine if your moving expenses are deductible- distance and time....  Read More