I do my own taxes and want to know if there is a tax preparation deduction . Am I able to deduct tax software that I purchase to complete my tax returns?
You may be able to deduct tax software. Tax preparation software is a miscellaneous itemized deduction. To take the tax preparation deduction, both of these must apply:
- You itemize your deductions.
- Your deductions total more than 2% of your adjusted gross income (AGI).
Unfortunately, the cost of your engagement ring can't be deducted as a write-off on your personal income taxes. H&R Block tax pros explain why.
Head of household is a filing status for single or unmarried taxpayers who have maintained a home for a qualifying person, such as a child or relative. This filing status provides a larger standard deduction and more generous tax rates for calculating federal income tax than the Single filing status.
2017 has beckoned record-topping natural disasters. From wildfires in California to hurricanes throughout the south, the casualty loss tax deduction is a hot topic. Read to learn more.
Learn more about the potential tax benefits of charitable holiday giving. Your holiday donations may boost your refund, depending on the organization.