The tax code provides specific rules for when taxpayers can claim deductions for losses. These are rules enacted by Congress. There are other ...

What Are the Tax Deductions Available For Medical Expenses?The Income Tax Act offers various deductions for individuals to reduce the tax burden for ...

Parliament passed into law the extension of the instant asset write-off for the current year and the permanent denial for deduction for GIC ...

Navigating the complexities of taxes can be overwhelming, but leveraging tax deductions and credits is essential for reducing your federal and state tax ...

When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant medical expenses before the first ...

Mortgage interest for up to two residences is deductible on Federal Schedule A. If you have a third home, the interest might be deductible as business ...

Generally, state and local taxes, real estate taxes, personal property taxes and foreign taxes (real property and income taxes) are all deductible but ...

Before I started my own business, and despite my accounting background, I would receive a paycheque without really questioning or understanding the ...

Contributions First, let’s look at what type of organization qualifies to receive deductible contributions. The organization has to be a domestic ...

A casualty or theft loss is allowed only if the property is located within an area officially declared a federal disaster area. All emergency and major ...