Category: Tax Deductions

Rental Property Tax Deductions

The deduction for rental property for a landlord is possible on certain grounds; however, the total amount is restricted. In case of tenement, this becomes possible only...

Is Alimony Tax-Deductible?

Alimony is an allowance that is paid by a divorced person to his/her spouse to provide financial support post divorce/legal separation. Such payments can include rent,...

Home Business Tax Deductions

Running a business from home is comparatively cheaper than renting a separate edifice and running your business from there. A spare room, den, garage, or even a part of...

Exemptions on Tax Return

You as an individual have to pay taxes to the federal government, for the income you earn every year. So, you need to report your income by filling up a form and list...

What do Charitable Contributions Tax Deductions Mean?

There is no specific meaning or definition that can be used to identity a charitable contribution. When it comes to taxation doctrine, payments that are made to...

Sales Tax Deduction for Vehicle Purchases

The tax deduction was introduced primarily to stimulate vehicle purchases in the American economy following the fall in demand during a crushing recession. So the...

Itemized Deductions Vs. Standard Deductions

The income tax department of the United States of America is known as the Internal Revenue Service. The IRS is responsible for collecting Federal income tax throughout...

Is Rent Tax Deductible?

Tax is an important revenue that is collected by any government. In a Federal or Unitary democratic system, such as the United States of America, which happens to be a...

Tax Write-Offs for Individuals

Annual taxation is an important revenue for any government, with the help of which, welfare activities are financed. The department or ministry of revenue collects a...

What are Tax Shelters?

It hardly matters whether you are a salaried individual or a businessman, when it comes to paying tax. The deduction calculated on your earnings always takes its toll on...