Most of us regularly look for tax advantages that allow us to reduce our liability. When you’re self-employed, this can be an especially important move to make. There are a number of tax deductions you can take when you conduct business, but two that you might overlook are meals and entertainment.
Here’s what you […]
When we think of tax breaks, we normally think of the boring things we all claim: charitable contributions, Earned Income Credit, and mortgage interest. We might think about our business expenses, or deductions for things like moving and student loan interest if they apply.
However, when it comes to tax breaks, there are some […]
As you prepare your taxes this year, it’s important to understand the key differences between certain tax breaks. Knowing how deductions and credits work can help you make more informed choices about how you fill out your tax return, and help you legally reduce your tax liability as much as legally possible.
What are Deductions?
You probably know that you can get a tax break when you donate to certain causes. You can even donate a stock or other asset to charity and get a tax deduction. However, it’s possible to go beyond just giving an asset and being done. The tax benefits […]
You know that “nothing is certain except death and taxes,” as Benjamin Franklin once said.
This is true whether you have earned income from a job, or whether your income is the result of financial investments.
The good news is that investment income can be more efficient than […]