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Tag Archives: tax deductions

11 Tax Deductions You Might Be Overlooking

11 Tax Deductions You Might Be Overlooking

Tax time is right around the corner whether or not you are prepared for it. We all know a few people who are never prepared for tax time. But even if you feel like you have prepared for tax season, you might not be as ready as you think. The truth is that there are tons of tax deductions you might qualify for. With so many, it can be hard to keep track of all of them. To help you out and make sure you save as much money as possible, here are at 11 tax deductions you might be overlooking. 1. Moving Expenses When you relocate because of your job, you might be able to claim those costs as a deduction when you file your taxes. Of course, you must meet certain qualifications. 2. Student Loan Interest You can deduct the interest you paid for your student loans, or the interest student loans of any dependents. There is a cap of $2,500 and you have to have an adjusted gross income of $80,000 or less to qualify for some of this tax deduction. 3. Membership Dues If you pay membership dues that help you conduct your business, you might be ...

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Tax Tips For Separated Parents

filing taxes as a single parent

Entering into a marriage comes with many romantic notions, but is also comes with practical ideas as well, such as the combining of finances and assets. The same practical language applies to those experiencing a separation. In addition to the emotions and other feelings that often pop up, there are other “to-do” items, such a tax filing, which must be considered and taken care of in a matter-of-fact way. If you are unsure about your tax filing status, here are some tips that separated parents must consider when filing. Tax Tip #1: While the IRS doesn’t offer deductions for divorce-related court costs and legal fees, it does allow deductions for portions of fees that relate to tax advice and alimony. This is significant because it can cover the services and counsel provided for all categories of taxes including property, estate, and income taxes that may come into play during a separation. Tax Tip #2: Filing status is one of the most common questions that separated parents face. It’s best to know this: if you were not separated by the end of the year, on or before December 31st, the IRS will consider you married for the entire tax year. That ...

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