People may think that the mileage tax deduction is only for employer expenses, such as traveling for your own business or using your personal car to travel for an employer. Both of these scenarios make you potentially eligible to claim the mileage tax deduction on your taxes. However, there are several other scenarios where you [...]
If you and any of your dependents have had a significant amount of medical expenses over this past tax year, you may be eligible to claim a medical tax deduction. Medical Expense Threshold The Medical Expense deduction is not meant to cover typical taxpayer expenditures from visiting a doctor a few times a year, filling [...]
There are many reasons that you could need a copy or a transcript of a past tax return. Perhaps you are taking advantage of low mortgage rates and applying for a loan or mortgage and need to prove your income from past years. Or if you are applying for college, or refinancing your home you [...]
What is a Personal Tax Exemption?
Posted byYou pay taxes based on your income. But before that income is calculated, the IRS allows you to reduce it based on exemptions. What is a tax exemption? A standard amount of money (defined each year by the IRS) that is not taxed. For Tax Year 2011, the standard personal tax exemption is $3,700. That [...]
What is Modified Adjusted Gross Income?
Posted bySo you want to contribute to a retirement plan, and you’re trying to find out if you are eligible? Then you arrive at the eligibility for IRAs and Roth IRAs and find they’re based on your modified adjusted gross income. What is that exactly? Let’s take a look! What is Modified Adjusted Gross Income? Modified [...]