Deductions, Individual taxes
On August 12, 2014, the IRS announced that the “Taxpayer Bill of Rights” is now available in six languages. The current version of Publication 1, Your Rights as a Taxpayer, is now posted on www.IRS.gov. The available languages include: English, Spanish, Chinese,...
Deductions, Individual taxes
The Internal Revenue Service will begin accepting electronically filed individual tax returns today (Jan. 31, 2014) to officially open the 2014 filing season. The IRS encourages taxpayers to use e-file as one of the fastest way to receive refunds. The delay in the...
Deductions, Individual taxes
The sales tax deduction is one of the little-known deductions available to individuals. Because taxpayers must choose between claiming the sales tax deduction or the state income tax deduction, most tend to claim their state taxes. In some cases, though, claiming...
Deductions, Individual taxes
Many taxpayers are unaware that they may be able to deduct the costs of searching for a job or moving to start work for a new employer. The IRS allows taxpayers to write off their reasonable moving expenses under certain conditions, as well as the necessary expenses...
Deductions, Individual taxes
According to the IRS, taxpayers can claim casualty losses from all kinds of natural disasters, including earthquakes, volcanic eruptions, tornadoes, hurricanes, and floods. In general, the criteria for claiming a casualty loss as a tax deduction is that it must be a...
Deductions, Individual taxes
Taxpayers who are making payments on student loans may qualify to deduct the interest portion of their payments on their federal income tax returns. According to the IRS, the student loan interest deduction is available to those who meet certain conditions and income...
