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Can You Write off Taxes on a Child's Tuition if Divorced?
You may generally claim a tax break for the payment of your child's tuition at a post-secondary educational institution even if you are divorced, as long as you claim your child as a dependent on your...
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The Tax Savings for a New Furnace
The Internal Revenue Service does not allow you, as a homeowner, to deduct home improvements unless the improvement qualifies for a consumer energy efficiency tax credit. An environmentally friendly...
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How Much Money in Taxes Can You Save if You Eco-friendly Your House?
The Internal Revenue Service (IRS) allows you to claim some environmentally friendly home improvement costs on your federal tax return. These qualifying expenses are claimed as a tax credit on tax Form...
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Tax Breaks for Single Women
Are you a single woman looking for ways to save on your taxes? You're not alone. A 2011 research report from Catalyst.org found more than 59 million American women are single. In 2009, 57 percent of...
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Can a Self-Employed Photographer Write Off Travel?
As a professional self-employed photographer, you may travel extensively for your work -- as long as you don't count it to and from your home. The Internal Revenue Service allows you to deduct many of...
View ArticleTax Write-Offs for Sales Reps
Being a sales representative (sales rep) means that you may incur a variety of expenses. Expenses related to your work are tax deductible if they're not reimbursed to you by your employer. If you're an...
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Tax Breaks for Disaster Victims
The IRS allows victims of a disaster such as a flood, earthquake or fire to take tax deductions that would not otherwise be available. Additional tax breaks are available for those affected by...
View ArticleTax Breaks for Middle-Income Families
There are some standard tax deductions that people are entitled to that benefit everyone, like medical expenses, charitable contributions, taxes previously paid out and interest payments on a home...
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Tax Breaks for Caretakers
The National Alliance for Caregiving reports that 65.7 million people in the United States care for an elderly or disabled relative. The federal government and a number of states offer tax breaks for...
View ArticleRefinancing and Income Taxes
When you refinance your home, you may not be aware of the tax benefits open to you. The IRS allows you to deduct the cost of certain mortgage costs when you initially take out your mortgage, but you...
View ArticleCan a Grandmother Who Is Paying for a Granddaughter's College Get a Tax Credit?
To claim one of the tax credits for educational expenses, you must have paid the expenses for yourself, your spouse or a dependent who you claim on your tax return. Therefore, you must be able to claim...
View ArticleWhat Determines the Return on Income Taxes?
When you file your income tax return, you have two choices for reporting income and expenses. You may take a standard deduction or you may itemize deductions. How you file your income and expenses...
View ArticleTax Planning for High Income Individuals
High-income individuals face a tax structure that is different from middle- or lower-income Americans, called an Alternative Minimum Tax. The AMT subjects high-income earners to a minimum tax that is...
View ArticleOverlooked Tax Credits in Kentucky
It's easy to overlook tax credits in Kentucky, just as it is in other states. For the most part, taxpayers have to seek out credits, which aren't often offered upfront. Because of this, it behooves...
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Tax Credits for Master's Degree Tuition
Completing a master's degree is not only one of the most challenging educational undertakings a person can pursue, it can also be expensive. According to the U.S. Census Bureau, just 7.6 percent of all...
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Tax Deductions for Unemployed Couples
When you and your spouse are unemployed, you can enjoy several deductions on your taxes because of your situation, helping you save money. If you received unemployment checks during the tax year, you...
View ArticleHow to Calculate Taxes on a Social Security Disability Back Payment
Applicants for Social Security Disability Insurance payments must frequently wait for their disabled status to be confirmed and their SSDI eligibility approved. Once the payments begin, the recipient...
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Tax Breaks for a Grad School Student
The tax code provides a variety of tax breaks to those pursuing higher education. Among the benefits available to graduate school students are the lifetime learning credit, tuition and fees deduction,...
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What Expense Can Be Deducted From My Tax Earnings?
Although you must report your total income to the IRS, you are not taxed on all of it -- you may deduct various expenses from your total income to arrive at your taxable income. The IRS recognizes two...
View ArticleTax Planning With Life Insurance in a Qualified Plan
Life insurance isn't just for private purchase. Inside of a qualified retirement plan, a life insurance policy is a powerful retirement planning tool. A 412i plan gives you the ability to defer income...
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