Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state […]
Six Overlooked Tax Breaks for Individuals Read More »
A typical tax filing can be relatively simple if you are taking that standard deduction. However, a lot of taxpayers become confused if they do not have enough deductions to itemize but they want to deduct expenses for a home-based business. Here is a common scenario: Taxpayer A rents an apartment. But he also has
Can I Take a Standard Deduction and Still Write Off Business Expenses? Read More »
We have already looked at ten of the most commonly overlooked tax deductions in Part I and Part II; here are five additional deductions you may qualify for: Tax Free Social Security Benefits: Believing that social security payments are taxable is a common mistake made by many elderly taxpayers. They can be subject to taxes,
15 Tax Deductions Many Consumers Overlook (Part III) Read More »
Continuing our look from Part I at some of the most overlooked tax deductions, we will discuss another five that may affect you or someone you know: State Income Taxes Paid: State taxes paid throughout the year can be included in your itemized federal deductions. Remember also to claim any state taxes you owed last
15 Tax Deductions Many Consumers Overlook (Part II) Read More »
The U.S. Federal Tax Code is one of the most complicated systems on the planet. With thousands of laws, rules, and regulations that apply to American taxpayers, it can be difficult to stay on top of everything. You may have heard that American consumers left roughly $1 billion on the table in unclaimed deductions and
15 Tax Deductions Many Consumers Overlook (Part I) Read More »
In navigating the endless maze of rules and regulations known as the Federal Tax Code, it is easy to miss some important ways to lower your tax burden. Tax credits are available for a myriad of activities and lifestyle choices. Because credits provide a dollar-for-dollar reduction in the taxes you owe, taking advantage of those
4 Major Tax Credits Consumers Should Know About Read More »
In light of the new economy of an increased number of small businesses, we thought we would take a moment to discuss possible tax deductions. This is by no means a comprehensive list nor does it apply to every business. Please consult BASC Expertise or your trusted tax professional before deciding if these are right
22 (possible) Tax Deductions for Entrepreneurs Read More »
Here is a summary of the changes that will affect small businesses.
Summary of Key Tax Changes: January 2011 Read More »
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