Itemized Deductions

Itemized Deductions

Itemized Deductions 2015 – 2016 When completing a tax return, individuals are faced with the decision of filing itemized deductions or the standard deduction.  That decision is made on line 39 of the IRS Form 1040.  If the itemized deductions

Is Insurance Tax Deductible?

Is Insurance Tax Deductible?

Payments for many types of insurance are deductible. However, for individual taxpayers, insurance premium payments are only deductible if they itemize deductions, typically on Schedule a of Form 1040. Self-employed individuals and independent contractors also claim these deductions on Schedule

Deduct Home Improvements

Deduct Home Improvements

Deduct Home Improvements from Income Taxes The Internal Revenue Service (IRS) allows taxpayers to deduct the cost of home improvements from their income taxes, but only if the improvements were performed for medical reasons and on their main residence. Additionally,