Tax Strategies
Is a live-in girlfriend or boyfriend tax-deductible?
Maybe, if she wasn’t working last year, or didn’t earn very much. A qualifying partner gives you an extra personal exemption, worth $3,800. This works…
How much tax should I have withheld?
Withholding tax (also known as “payroll withholding”) is essentially income tax that is withheld from your wages and sent directly to the IRS by your…
Tax Tip: The head of household loophole you won’t want to use
One spouse in a married couple filing separate returns can file as 'Head of Household,' but the trick isn't a pleasant one. NEW YORK…
Understanding and establishing ‘Material Participation’ for tax purposes
When it comes to your income taxes, U.S. tax law makes a distinction between different types of income — including income from passive investments and…
Special rules for deducting moving expenses
There are many costs associated with moving and they can really add up fast. Fortunately, if you are moving because of a new job, or…
What is mortgage forgiveness?
The Mortgage Debt Relief Act of 2007 can help homeowners in foreclosure or short sale situations The current housing market is full of foreclosed…
2025 and 2026 Work From Home Tax Deductions
[video width="1280" height="720" mp4="https://www.irs.com/wp-content/uploads/2013/01/wfh.mp4"][/video] There are certain work from home tax deductions that can reduce your taxable income by a sizable amount, but only…
Is It Worth It To Itemize Your Taxes
While the U.S. tax code is rife with loopholes, few people take advantage of them. Only about a third of taxpayers itemize their deductions, according…
