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Job Search Expenses and Deductions

Many people in this country are looking for jobs, and oftentimes, there are expenses that go along with that search. At a time in your life when there is no money coming in, but you find yourself having to spend in your quest searching...

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...

Unreimbursed Employee Expenses - What CANNOT be deducted?

If you paid for expenses related to your job during the tax year, many of these expenses may be eligible to be deducted on your return. For you to be able to deduct the expense, it must be a common, helpful, and appropriate expense...

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...

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...

Unreimbursed Employee Expenses - What can be deducted?

If you paid for expenses related to your job during the tax year, many of these expenses may be eligible to be deducted on your return. For you to be able to deduct the expense, it must be a common, helpful, and appropriate expense...