Can You Deduct Your Expenses From a Hobby?
The itemized deduction for hobby expenses is completely eliminated under the Tax Cuts and Jobs Act.
You've probably heard about the famed 44% of Americans who pay no income taxes at all. How do you join this club? There are several ways.
Above-the-Line Deductions You Can Take Without Itemizing
There are many personal tax deductions you can take only if you itemize your deductions. This requires you to list the amount of each deduction on IRS Schedule A and file it with your tax return.
Miscellaneous Itemized Deductions: No Longer Deductible
When many people think of itemized deductions, they only consider the big three: the deductions for home mortgage interest, state and local income and property taxes, and charitable contributio
The Tax Cuts and Jobs Act changes the rules about deducting certain subscriptions.
The Earned Income Tax Credit: A Valuable Credit for Low Income Earners
The Earned Income Tax Credit (EITC) is money the federal government provides to low income working people to help them make ends meet.
Dogs can be expensive--what with pet food costs and veterinary bills; not to mention the cost of buying and training a dog in the first place. Dog expenses are ordinarily personal expenses that are not tax deductible. However, there are some instances where Fido can save you dough on your taxes. Service
IRS Tax Relief for Ponzi Scheme Victims
A Ponzi scheme is a financial scam in which a promoter offers investors unusually high or consistent returns on an investment. The gullible investors give the schemer their money and, at first, they receive the promised high returns. This in turn attracts new investors who give the schemer even more
If you're disabled, you are entitled to an array of tax credits and deductions. These may not only eliminate your income tax liability, they may also result in the IRS sending you money.
How to Claim a Tax Deduction for Stock Losses
Make sure you understand the basics on how to deduct stock market losses.
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