Category Archives: Tax Deductions

Bunching strategy for “miscellaneous” deductions

Miscellaneous itemized deductions for any tax year are allowable only to the extent they exceed 2% of the taxpayer’s adjusted gross income (AGI). To the extent they don’t exceed 2%, the deductions are lost. Thus, it is very important to have proper planning to maximize your income tax deductions.   Most common miscellaneous itemized deductions… Read More »

Determining Personal Use of Business Vehicle

What happens when the vehicle isn’t used solely for business use? If an employer-provided vehicle is used for both business and personal use, the substantiated business use is not taxable to the employee however the personal use is considered a fringe benefit and taxable as wages. There are a couple of options for the government and the… Read More »

2015 Student Loan Tax Deduction

A common question for 2015 tax is, can I claim a deduction for paying down my student loan? Absolutely yes!  Make sure you claim your student loan interest payment deductions on your tax return. This can be a very valuable tax break and the net effect is reducing the interest that is paid on student loans.… Read More »

Calculating Capital Gains and Deducting Capital Losses

Planning for capital gains and deducting capital losses is a way to increase your long-term investment return. However, to calculate capital gains and understand capital losses correctly, taxpayers must understand several different tax laws. Taxes are often overlooked, but are a vital component of long term investment returns.   Offsetting Capital Gains with Capital Loss… Read More »

Deduction for qualified long-term care services and insurance

There can be tax-relief, particularly tax deductions, associated with nursing home care and insurance. Both the cost of qualified long-term care and insurance coverage for such care qualify as deductible medical expenses.   Deduction for qualified long-term care services and insurance Taxpayers themselves or people who have qualified dependents in nursing home care may be eligible for… Read More »