The home office deduction is one of the most often misused tax deductions available, and it can get taxpayers in hot water with the IRS. It can be difficult to determine whether or not you can take the home office deduction at all, and taking it requires meticulous record-keeping. To ease this problem, the IRS … Read more
You already know you can get a tax deduction for your student loan and mortgage interest, but what about the interest you pay to your credit card company? As with most things tax-related, the answer isn’t exactly straightforward. In the case of credit card interest and fees, what you can and can’t deduct is based … Read more
You don’t have to be a rich mogul to start real estate investing. Though you may wish to expand your real estate empire one day, you only need one rental property and one tenant to start earning rental income. Unfortunately, one property is also all you need for the IRS to take notice. Make sure … Read more
Death and taxes may be the only two sure things in life, but you can at least get some wiggle room on your taxes. You can achieve breathing room on your taxes through tax deductions, which let you use certain expenses to lower your income and therefore your tax liability. The concept itself is quite … Read more
