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Entertainment Expenses that are Tax Deductible

The IRS allows you to include certain business entertainment expenses on your tax returns each year. Expenses are treated differently depending on the type of entertainment. There are also firm guidelines you must follow for the expense...

What are "Qualified Medical Expenses"?

Generally, qualified medical expenses for HSA purposes are unreimbursed medical expenses that could otherwise be deducted on Schedule A (Form 1040). However, you cannot treat insurance premiums as qualified medical expenses unless...

Examples of other deductible expenses

Examples of other Deductible Expenses: Archer MSA deduction (see Form 8853 ). Jury duty pay if you gave the pay to your employer because your employer paid your salary while you served on the jury. Deductible expenses related to income...

What are "qualifying education expenses"?

For purposes of the student loan interest deduction , these expenses are the total costs of attending an eligible educational institution, including graduate school. They include amounts paid for the following items. Tuition and fees. Room...

What is the difference between "Direct Expenses" and "Indirect Expenses"?

There are 2 types of expenses that you can deduct related your home office/business: Direct Expenses and Indirect Expenses. Direct Expenses: Direct expenses are those expenses that are paid only for the business part of your...

How do I calculate the amount of qualified expenses?

You should have received a Form 1098-T from your school. You will need this form in order to calculate the qualified expenses that you can claim. According to the IRS you must reduce any amount of qualified expenses by the amount you...

What adoption expenses can and cannot be claimed?

Qualified adoption expenses include: Adoption fees Attorney fees Court costs Travel expenses (including meals and lodging) while away from home Re-adoption expenses relating to the adoption of a foreign child Qualified adoption expenses do...

General Information about Educator Expenses

If you are an eligible educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies. These out-of-pocket expenses may lower your tax bill even if you don’t itemize your deductions...

Who qualifies to deduct educator expenses?

If you are an eligible educator, you can deduct up to $250 ($500 if married filing joint and both spouses are educators, but not more than $250 each) of any unreimbursed expenses [otherwise deductible as a trade or business expense] you...

What are "Qualified Medical Expenses" for an MSA?

When filing Form 8853 for an Archer MSA Deduction, you are required to figure the limitation that applies to you in regard to how much of a deduction you are eligible to report. The IRS provides a worksheet to calculate the amount of this limitation. It is located withi...