Tax Deductions

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 home against…

Frankly , no express law for tax deduction for home improvement exist. However, there are indirect ways by which your cost of home improvement can be deducted while computing taxable income. These are creative tax planning that require…

The  very common question  is medical insurance premiums tax deductible? has no definite answer. So most cases yes, but there are situation or types of health insurance for which you can't claim tax deduction.  Let us start with the tax…

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 itemized…

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 is a good…

Tax deductible donations are much better tax planning . Why ? Because you not only help society , but do the tax savings also. As you know , Internal Revenue Code allows a tax payer to claim  itemized deduction for  a voluntary charitable…

IRC 164 of Internal Revenue Code provides for itemized deduction of income tax that you pay to State and Local administration. This post is going to simplify the law related to itemized deduction of state and local income tax through five…

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 ,…

Internal Revenue Code provides deductions of an amount spent or used for education , This  deduction is specially beneficial if you are not  qualified for the American opportunity or lifetime learning credits. Education deduction is for…

Internal Revenue Code allows qualified education deduction for interest paid on loan taken for education purpose. The law uses the term Qualified Educational Expense as far as  deduction of interest on qualified student loan  for qualified…

It is a fact that most taxpayers cannot cope with many tax laws about various tax deductions available and further seldom maintains all kinds of documentation required for a claim of deduction while computing taxable income. So, in the year…