Tax deductions can help lower your tax bill and even increase your tax refund on your return. Here are seven tax deductions you might not know are deductible.
The IRS recently announced that there has been an increase in tax-related scams where taxpayers personal financial information could be at risk of being exposed or stolen. CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what tax scams to be on the lookout for and how to avoid them in the future.
You can deduct vehicle expenses if you use your car for business purposes. You can even deduct the vehicle’s entire cost of ownership and operation, with some limitations, if it’s only used for business purposes. Tax implications can vary on this topic, so it’s important to understand the deduction rules when it comes to vehicles for business use.
Sometimes the idea of taking out a second mortgage can be a viable solution to eliminating debt, funding home renovations, or paying off unexpected medical bills. Before taking out a home equity loan, you should know the tax implications that come with it.