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July 07 2011

Deduction for Student Loan Tax

Tax Deductible Donations and Write-Offs With all the different tax deductions out there, its easy to see how some could be missed, but sometimes its these hard to miss tax deductions that can give your tax return the boost it needs. One of these often overlooked deductions is the one you can take on the interest of a student loan.Short and Long Term Capital Gains Tax BracketsThere are certain circumstances you have to meet to be able to qualify to deduct your student loan interest:¢You paid the interest on a qualified student loan last year ¢Your filing status isnt married filing separately ¢Your modified adjusted gross income is less than $70,000 ($145,000 if filing jointly)Social Security Withholding Tax Calculator¢Neither you or your spouse are claimed as a dependent on someone elses tax returnRemember, a qualified loan is only a qualified loan if it was taken out for the use of qualified higher education.

June 30 2011

IRS Allowable Mileage Reimbursement Tax Deduction Rules Per Mile

Do You Wonder What The IRS Allowable Mileage Reimbursement Tax Rate Is?Tax Deductible Medical ExpensesThe allowable IRS mileage rate tax deduction for 2010 is 50 cents per business mile driven.It is wise to make sure you claim every tax deduction you legally are able to claim.

June 28 2011

Tax Deductions You're Entitled To: List of Small Business

List of Small Business Tax Deductions You're Entitled ToAs a helpful reminder when you prepare to file your next income tax return, our experts have compiled a list of small business tax deductions for you. By no means is this a comprehensive list of deductions, but it does represent a thorough review of the most common expenses, and some that are too easily overlooked.Because every business is different, it's not possible for us to prioritize which expenses mean the most to your own business, so we've simply listed them in alphabetical order.
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