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Archive for the ‘Deductions’ Category

14
Dec

A 529 plan is a tax-advantage college savings plan.  It allows a taxpayer to put money aside for a beneficiary that must be used for qualified college expenses. For federal tax purposes, the 529 plan is treated similar to a Roth IRA; there are no tax deductions up front. You pay taxes on the money […]

15
Sep

Many small businesses may qualify for the office in home deduction, which is available to both homeowners and renters. In order to take this deduction, the taxpayer must have a designated portion of their house that is used exclusively for their business. This area must be the principal place of business or where they regularly […]

15
Aug

Prior to 1997, student loan interest was considered personal interest, and therefore not deductible. With the idea of alleviating some of the burden of these loans, the tax law was updated to allow for a deduction for some of the interest incurred. Currently, the taxpayer can deduct up to $2,500 in student loan interest paid […]

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