As a hair stylist, you’re probably more focused on giving your clients the perfectly tousled waves than thinking about your tax liability. But a bit of tax savvy can save you some serious dough at tax time—just make sure all your documentation is in line. See the full TurboTax article to learn how to get the most from your business deductions and minimize the taxes you may owe.
If you find yourself dreading tax season after a year of pounding out college reports on your computer, take heart—you may be able to get back the cost of that computer on your income taxes. The IRS publishes specific requirements for educational expenses and a computer often qualifies. If it doesn’t qualify under the credit, you still may be able to list it as an itemized deduction on your taxes. Read the full TurboTax article to see how that’s done.
In order for your donation to be deductible, it must go to a nonprofit group that is approved by the IRS. Most often, these are charitable, religious or educational organizations. See the full TurboTax article to learn how to get the biggest tax savings when making charitable contributions of cash or checks, household goods, cars or appreciated property.
The Educator Expense Tax Deduction allows teachers and certain academic administrators to deduct a portion of the costs of technology, supplies, and certain training. To learn more about taking the Educator Expense Deduction on your tax return, see the full TurboTax article.
Annual car registration fees may be partially deductible on your federal income taxes, but only under certain circumstances. If part of your registration is indeed deductible, you must itemize your deductions to claim it, rather than using the standard deduction. To find out more, visit the TurboTax article.
For most people, the biggest home-related deduction is for mortgage interest. How do you figure out how much you’ve paid in mortgage interest during the year? You should have received a statement from your lender by the end of January listing the mortgage interest you paid last year. This statement will be labeled Form 1098. The amount shown as interest paid on Form 1098 is the amount you deduct on your tax return. To find out more, read the full the full TurboTax article.
“Just write it off.”
“Go ahead and deduct it.”
“I think there’s a tax credit for that.”
Although you might have heard or even uttered one of the sentences above, have you ever wondered what they really mean? While both tax deductions and tax credits can save you a significant amount of money on your taxes, they work in significantly different ways. To find out more, visit the TurboTax Blog.
School’s out for the summer! Now, what to do with the kiddos? Hint: summer camp may be tax deductible! Find out more on the TurboTax Blog! ☀️
Many people dread filing taxes, but maybe it’s time to embrace it and file as soon as possible! There are at least three reasons why you should file your taxes before the actual deadline.
There is no reason to procrastinate any longer. Grab your forms and file your taxes with TurboTax.
What Are Itemized Tax Deductions?
The IRS gives you two different options when it comes to claiming deductions on your tax return. Find out more about which option may be best for you with this helpful TurboTax tax tip video.
Can you claim your pet as a dependent?
Like children, pets rely upon you to support them - but veterinary bills, grooming, licenses, cleanup and repairs caused by pet damage, etc. can get expensive.
Read more about tax dependents in this TurboTax Blog post.
Get accurate values for the items you donate to charity. It’s free, it’s easy—TurboTax ItsDeductible™.
What are standard tax deductions? Watch this video to learn about changes in the standard deduction for certain tax filers.
Self-employed taxpayers have many opportunities to deduct business expenses. For example, self-employment tax deductions on cell phones.
Find common income tax deductions that you are eligible for in this video on annual tax filing.