The standard mileage deduction requires only that you maintain a log of qualifying mileage driven. For the 2019 tax year, the rate is 58 cents per mile. The rate for the 2021 tax year is 56 cents (down from 57.5 cents in 2020). Are origination points tax deductible? Origination pointsRead More →
Considerations. A down payment is only tax deductible if the funds came from a deductible source, such as another home loan refinance, second mortgage or home equity line of credit on another property. … A borrower can write off the portion of closing costs he did not pay out-of-pocket. WhatRead More →
You can feel confident knowing that every dollar you donate will directly support this critical program which is administered by AARP Foundation. Fill out the form below to make your secure, tax-deductible donation to AARP Foundation, AARP’s charitable affiliate, and help ensure a brighter future for seniors. Can you writeRead More →
Trump’s tax law limited SALT deductions to $10,000, meaning that residents in higher-tax states like New York and New Jersey could no longer deduct the full value of their state tax obligation from their federal bill. No limit existed before the Trump tax cuts. What is the 2021 standard deduction?Read More →
You may deduct the fair market value for the inventory from your taxes following the donation. Inventory receipts signed by the charity and your business will document the transaction. The IRS offers additional tax breaks if the donated inventory is used directly to care for the ill, the needy orRead More →
Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. Are donations 100 percent tax deductible? Individuals may deduct qualified contributions of up to 100 percent ofRead More →
An ordinary meal taken during your lunch break is not deductible unless you’re traveling and cannot eat the meal within a reasonable distance of your tax home. The IRS defines your tax home as the city or general area where your business is located, regardless of where you maintain yourRead More →
Qualified expenses include required tuition and fees, books, supplies and equipment including computer or peripheral equipment, computer software and internet access and related services if used primarily by the student enrolled at an eligible education institution. Can I claim my daughter’s tuition on my taxes? If your child is pursuingRead More →