CREDITS & DEDUCTIONS
What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar for dollar reduction of the taxes you owe. For example: A $1000 credit means you pay $1000 less in taxes. WHILE a tax deduction reduces the taxes you owe by a percent of every dollar you are allow to deduct. For example: If ...
What Moving Expenses Are Deductible?
The deduction covers the reasonable expenses you incur to transport your personal and household items to your new home. You can even include the cost of renting a storage unit for up to 30 days if you are unable to move into your new home ...
What is Standard Deduction?
The standard deduction is a preset amount that you are allowed to deduct from your taxable income each year. The standard deduction for single taxpayer is $6,200, for married is $12,400 and for HOH it is $9,100.
What deductions can I take as an owner of rental property?
This is very common question every landlord ask us. the common deductions are mortgage interest and taxes . They can depreciate their rental property . If they have done any repairs to rental property (provided the repairs are ordinary, necessary, ...