Ask The Taxgirl: Standard Deduction Versus Itemized Deductions
It’s Ask The Taxgirl! Today, we tackle claiming the standard deduction versus itemizing your deductions.
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2015 Tax Rates, Standard Deductions, Personal Exemptions, Credit Amounts & More
With tax season firmly behind us (er, for those of you who didn’t file for extension), now is a good time to take a look at your current financial picture and check to see how it squares against the 2015 tax rates, adjustments and other tax items. If you aren’t expecting any significant changes, you…
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Fix The Tax Code Friday: Time To Ditch Itemized Deductions?
I do a lot of radio and other interviews this time of year and inevitably I’m asked why doing your taxes is so complicated. My answer is predictable, “The Tax Code is too complicated.” Of course, that’s easy to say. And the proof is easy to find. The National Taxpayer Advocate Nina E. Olson agrees,…
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11 Things To Know Before Filing Your Tax Return For 2012
With so many changes looming for 2013, it’s easy to forget that there were some significant tweaks to the Tax Code for 2012. Here’s a list of eleven changes to keep in mind before you file your 2012 tax return, due April 15, 2013: 1. Payroll tax credit will still affect self-employed taxpayers. The expiration…
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The Most Noteworthy Tax Changes Of 2011
We’re down to the wire! Tax season is nearly over for the 2011 tax year: just 15 days remain until Tax Day (remember that you have until April 17, 2012, to file your 2011 individual federal income tax return). If you haven’t yet filed, here’s your chance to get caught up on what was new…
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Taxes From A To Z: S Is For Standard Deduction
S is for Standard Deduction. Most taxpayers have the option of claiming the standard deduction or the itemized deduction. I say “most” because, as with almost everything tax-related, there are some exceptions. You cannot use the standard deduction if you file as married filing a separate return and your spouse itemizes deductions; you are a…
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Is Your Mortgage Interest Deduction At Risk?
Is your mortgage interest deduction at risk? What about your charitable donation deduction? Your real estate tax deduction? Your medical expenses deduction? Under a new conservative plan introduced by Sen. Pat Toomey (R-PA), one of the members of the “Super Committee”, the amounts that taxpayers could claim as a deduction on a Schedule A would…
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Movin’ On Up: Inflation May Translate To Lower Tax Bills
If you think that the cost of living is increasing, it’s not your imagination. Everything is getting more expensive from gas to milk to peanut butter. Fortunately, that might translate to a drop in your tax bill. The IRS has announced a number of adjustments to tax exemptions and deductions as a result of rising…
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Deduct This: History Of The Tax Attorney’s Fees Deduction
Wait? You mean that you didn’t know that there was such a thing as the tax attorney’s fees deduction? Well, perhaps that’s because it’s not actually called the tax attorney’s fees deduction. Tax attorneys like me just like to call it that. It’s technically part of the Job Expenses and Certain Miscellaneous Deductions subject to…
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Deduct This: The History Of The Medical Expenses Deduction
When you ask most taxpayers about available tax deductions, the deduction for medical expenses immediately springs to mind. It’s probably one of the most talked about deductions (in fact, a fairly significant portion of the questions submitted to the blog by taxpayers focus on the medical expenses) but the reality is that very few taxpayers…