Whether you choose to complete your tax return this year by hand, the old-fashioned way, with a multimedia interactive software package online, or by enlisting the help of a licensed tax professional, you need to be aware of the tax deductions and credits that are available to you.
Most taxpayers do claim their exemptions, and according [...]

You need to know about your tax breaks to know your tax deductions. There are many deductions which often taxpayers don’t remember. Only after few weeks of working out their taxes, they realize how they have missed out on the possibility of a deduction. So to ensure that next time you do not forget [...]

What’s the difference between claiming a standard deduction vs average itemized tax deductions?  Can those being single itemize versus only the married itemizing?
Deductions are expenses the IRS allows you to subtract from your taxable income, lowering your overall tax bill. There are two ways to file deductions – using the standard deduction, and “itemizing.”
Standard Deductions
Every [...]

What’s the difference between a taxidermist and a tax collector? According to Mark Twain, “The taxidermist takes only your skin!” Many Americans would agree with him – tax bills often seem unreasonably high. Fortunately, there are many completely legal ways to reduce your taxes and keep more of your hard-earned money for yourself and your [...]

Deducting mileage for your commute is not allowed by the IRS unless you know a few commuting mileage tax deduction tricks. The IRS mileage allowance can include virtually all your commuting mileage expense, allowing you to take a mileage tax deduction for the miles you log from your home to the office or other place [...]

Canada, like the US, has two tax systems – one for employees, and another one – for business owners. This is not what the CRA will tell you but the fact remains – employees are very limited in what they can write-off while businesses are entitled to a wide variety of legally deductible business expenses. [...]

Tax season is here. It’s time to dig out all your receipts, paperwork, documentation and cuddle up with your calculator.
It can be a real pain to figure out what you should, could, or can’t deduct. But, finding all your deductions can really add up to a big refund.
Experts have said many taxpayers forget to deduct [...]

The tax formula is fairly straightforward: your small business must pay taxes on what’s left of your revenues after you have deducted all your expenses. With that said, it would seem to make sense to claim the maximum allowable number and amount of deductions in order to reduce your tax liability. Luckily, the IRS gives [...]