Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Tuition and Fees Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). You cannot claim this deduction if your filing status is married filing separately or if another person can claim

Standard Deduction and Exemption Amounts

2015 Standard Deduction and Exemptions Single - $6,300 Married Filing Joint - $12,600 Married Filing Separately - $6,300 Head of Household - $9,250 Qualifying Widow(er) - $12,600 Personal Exemption(s) - $4,000 IF THE TAXPAYER OR SPOUSE

Section 179 Deduction Limitations

Taking the Section 179 election allows the taxpayer to elect to deduct the total cost of the property purchased in lieu of depreciating the property over the life value. Your section 179 deduction is generally the cost of the qualifying

Deduction for Educator Expenses

. *If you do itemize your deductions, you cannot claim the same educator expenses as both a Deduction for Educator Expenses and as a deduction for Unreimbursed Employee Expenses. You can only list these expenses as a deduction in one place

Federal > Deductions > Standard Deduction

The IRS allows every taxpayer, based on your filing status, to deduct a flat dollar amount from your Adjusted Gross Income (AGI). 2014 Standard Deduction Amounts: Single or Married Filing Separate (MFS) $ 6,200 Married Filing Joint (MFJ

Schedule C - Expenses

. Unrelated Expenses are expenses that are only associated with your home and are not a deductible expense. This type of expense would include items such as lawn care or painting of the home. A Depreciation deduction can be claimed on your

Section 179 Expensing Deduction

If you reported 80% of federal section 179 expensing as an addition to income on in a year 2008 through 2012 on your Minnesota M1M, you can elect to have 20% of this as a subtraction for 2013. 2013 Form M1 Instructions

Non-Indiana Locality Earnings Deduction

You may be allowed a deduction if you have income being taxed by a locality (local governmental unit) located in another state. A "locality" could be a city, county, parish, etc. Example : You earned wages in Louisville, KY. Your employer

Limitations on your deduction for Charitable Contributions

If your charitable contributions meet one of the following conditions, the amount of your deduction may be limited: Your cash contributions of ordinary income property are more than 30% of your AGI. Your gifts of capital gain property

Do I qualify for either the Maximum Exclusion or the Reduced Maximum Exclusion for the sale of my home?

When you sell your home, many times you can exclude up to $250,000 ($500,000 if married filing jointly) of the profit that you make from the sale. There are 2 exclusions that you may qualify for: the Maximum Exclusion or Reduced Maximum