Tax Deductions

Taxes on Gambling Income and Losses

There are only two issues people who gamble are concerned with, how much do they get taxed on their gambling income and how much of their gambling losses is tax deductible. Let us help you figure out the answers to these questions and more!

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Charitable Contributions

Every man and woman in this world who are able enough to feed themselves on income earned by them should always give to those who don’t share the same luck not out of obligation but because humanity can’t survive on a empty stomach. IRS realizes this and it lets your client deduct up to 50% of their adjusted income for charitable contributions...more

Miscellaneous Deductions

Did you know that you can deduct dues your client pays to his Chamber of Commerce or even the costs incurred for placing situation wanted ads? We have even more helpful deduction tips for you!...more

Sometimes Overlooked Investment Deductions

All of your clients who are investors out there, take heed! There are many investment-related expenses that can be deducted from their taxes that people commonly overlook or forget about. Your clients need to know what they are!..more

Business Entertainment Expenses

Things like golf trips, trips to casinos, eating at expensive restaurants, and tickets to your client's favorite sporting events are frequent activities on the company bill and can be deducted when related to business entertainment expenses. Find out more!

Choosing Standard or Itemized Deductions

There is a very simple way to determine if you should itemize your client's deductions. If the combined total of her itemized deductions is greater than the standard deduction for her filing status, then do it!

Deductions for Medical and Dental Expenses

Take a look at all the deductions your client may be eligible for, from stop-smoking programs to drug and alcohol treatment centers, contact lenses, maybe even her swimming pool! More!

Deducting Paid Taxes

Save tax dollars by deducting costs for state and local real estate taxes paid, foreign income taxes paid and one-half of your client's paid self-employment taxes!

Expenses Relating to Business

Take a look at what work-related expenses your client may be able to deduct: shipping baggage between regular and temporary work locations, dry cleaning and laundering services while away on business, more.

Casualty and Theft Related Losses

One is generally eligible for tax deductions on anything that they own that is damaged, stolen or destroyed in an act of nature or an accident that you are not compensated for by insurance...

Using Part of Your Home for Business

What form do I use to claim business use of my client's home for tax deduction purposes? What are the criteria that must be met in order for him to be eligible for this deduction? Find out the answers here!

Deducting Home Improvements

There is a fine line between improvements and repairs on your client?s home when it comes to the IRS. Improvements to the house are tax deductible and even help your client pocket more gain when they sell the house. Repairs are not considered tax deductible because they are necessary. Find out more!

Claiming Deductions on Student Loan Payments

The taxpayer, his or her spouse, or dependent can use this relatively new student loan deduction to save up to $2000 on interest paid on a student loan for up to 60 months after the loan was acquired. But this deduction does carry some restrictions on it. Find out more!

Tax FAQs


Does my client have to keep track of my business-related car mileage on a car owned by his employer? What tax schedule does my client use to itemize my deductions?