Understanding deductions and other tax breaks
Taxes: General Deductions
Building a new home? Are contract labor costs tax-deductible? The answer is "NO." You cannot deduct payments made for contractor labor costs or any other expenses that arise in the construction of your new home in the current year. However, it is still important for you to keep track of these financial outlays for the future.Deducting Job-Hunting Expenses
These days a lot of Americans find themselves pounding the pavement in quest of a new job, whether they've gotten the pink slip or expect to get one soon. The good news: The search may help you cut your tax bill -- under certain circumstances, job-hunting expenses are tax-deductible.Be Cautious of these 6 Popular Tax Breaks
Sometimes, great-sounding tax breaks aren't always as advertised. In the never-ending quest to lower Internal Revenue Service bills, taxpayers grab for every tax deduction, tax credit and tax-saving move they hear or read about. That's generally a good idea. These moves can cut your tax bill, but you have to read the fine print to make sure you qualify.Miscellaneous Tax Deductions
Every tax season, frantic filers search for ways to reduce the checks they must write to Uncle Sam. A proven tax strategy is deducting as much as possible. But sometimes, technically deductible expenses are wasted because they don't meet other Internal Revenue Service rules. This is often the case for most of the miscellaneous deductions found on Schedule A.10 Overlooked Tax Breaks
The goal of every taxpayer is to make sure the Internal Revenue Service gets as little as possible. For that to happen, you need to take every tax deduction, credit or other income adjustment you can. Here are 10 tax breaks. Some for itemizers only, others that any filer can claim that often get overlooked but could save you some tax dollars.Don't You Dare Deduct These Expenses!
Every tax-filing season, the great quest by filers is to find the most tax deductions. But there are some deductions you should steer clear of. If you claim these wrong write-offs, you'll deduct expenses that don't meet Internal Revenue Service guidelines. Bankrate has put together this list of expenses you might be tempted to claim. Don't you dare!Special Deduction Amounts for Tax Payers 65 and Older
Some older taxpayers may be able to cut their tax bills with very little work. All they have to do is check a couple of boxes on their tax returns.Bunching Itemized Deductions
You always seem to have a lot of expenses that you think could help cut your tax bill if you itemized. But every year, they go to waste. Get around this tax-reduction roadblock by bunching your expenses. It maybe too late to help cut your current tax bill, but by setting up this strategy now, you can ensure that your "nearly" deductible expenses become full-fledged tax breaks next filing season.The IRS Can Help in Disastrous Times
There's no way to plan for a disaster. But there is recovery help from an unexpected source: the Internal Revenue Service. In most instances, you can count unforeseen casualty losses as itemized deductions. Of course, you have to fill out extra paperwork and keep good records.Home Sweet Homeowner Tax Breaks
Congratulations, you've just taken another step up the American-dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you now have some new tax considerations. The good news is you can deduct many home-related expenses. The bad news is, to take full tax advantage of your home, your taxes will likely get more complicated. In most cases, homeowners itemize.
Weddings, Kids, Homes: Taxes for Life's Big Events
3 Qualifications for Deducting Moving Expenses
Don't Miss These Tax Breaks
Taxes that Lower Your IRS Bill
- Let Uncle Sam Help Pay for Your Move
- Take the Standard or Itemized Tax Deduction?
- Cut Taxes without Itemizing
3 Lesser Known Ways to Save on Taxes
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