You don’t have to be in business to deduct certain vehicle expenses

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You don’t have to be in business to deduct certain vehicle expenses

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October 30, 2024 , , ,

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You don’t have to be in business to deduct certain vehicle expenses

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.

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It’s possible (but not easy) to claim a medical expense tax deduction

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January 2, 2024 , ,

medical expense tax deduction

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually claim a deduction.

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When can seniors deduct Medicare premiums on their tax returns?

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June 13, 2023 , , , ,

Medicare tax deduction

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying the premiums.

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Medical expenses: What it takes to qualify for a tax deduction

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November 26, 2019 , ,

Dr with dollar sign - medical expenses

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

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Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

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March 12, 2019 , , , , ,

vehicle expense deduction

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.
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