Tax Deductions

Here is the newly announced standard deduction for tax year 2019 and 2018 table

The mortgage interest is one of the most commonly utilized tax breaks under Internal Revenue Code  by  an Individual. In fact , most individual who takes loan for buying home , has to deal with the concept of mortgaging the...

Pease Limitation calculator is here to make the life of taxpayers easy ! As you know the Pease limitation  was added to the Internal Revenue Code under section 68 in the year 1991. This provision limits the amount of certain...

Can You Deduct Charitable Contributions on Schedule C Business? is one of the most often asked question by people involved in sole proprietorship business .The answer is short "NO" , but as is the case with most tax clauses, there...

There are two ways an Individual can claim deductions under Internal Revenue Code while filing tax return- either by claiming standard deduction or the intemized deduction. If you can claim standard deduction or itemized deduction , itemized deduction option ( on...

Marriage are made in heaven , they say. Yea, but certain  tax benefits are available only in US under Internal Revenue Code. What are those tax reliefs and how can you you avail of is discussed below . 1. Married Couple...