SEYMOUR & PERRY, LLC | BLOG

In addition to other types of expenses, certain federal, state, local, and foreign taxes also qualify as deductible business expenses. Which taxes can I deduct as business expenses? When can I deduct taxes as a business expense?

If you run your own business, you may be able to claim a 100% tax deduction for the salaries, wages, commissions, and bonuses paid to your employees during the year. Employers are generally able to deduct employee pay as a business expense if the pay meets the following requirements: [...]

If you are self-employed, you may be eligible to deduct certain insurance premiums on your tax return. Business owners can generally deduct premiums paid for the following types of insurance: [..]

If you are contemplating becoming a homeowner, you may be surprised by the myriad of expenses associated with owning your own home [...]

Do you own a home, or are you looking to purchase one? Although homeownership will add to your tax obligations, there are also several tax benefits that come with being a homeowner, such as the Homestead Exemption and the Home Mortgage Interest Deduction. The Home Mortgage Interest Deduction is available to homebuyers who itemize deductions on their tax return and have a secured mortgage on a qualified home.

All United States taxpayers must file an annual income tax return. Completing your tax return determines your tax liability, or how much you owe in taxes for that year. Your tax liability takes into account your income, any taxes that have already been paid in advance or withheld from your wages, tax deductions or credits that you are eligible to claim, and any other relevant information. There are three main sections of your tax return: [...]

If you spent money on education-related expenses for yourself or a dependent this year, you are likely eligible for a tax benefit on your 2019 return. Continue reading for answers to common questions regarding education-related tax deductions and credits [...] If your modified adjusted gross income is $65,000 or less (or $130,000 if married filing jointly), you may claim a deduction of up to $4,000. If your MAGI is between $65,001 and $80,000, you may claim [...]

Did you know that you may be able to deduct local and state taxes on your 2019 tax return? This option is available to taxpayers who choose to itemize deductions on their tax return; if you choose to take the standard deduction, you may not deduct state or local taxes. If you are eligible to itemize state and local taxes on your return, you may only deduct taxes that were imposed on you and that you have paid during the tax year. This means that you cannot deduct taxes paid

If you’re wondering whether you can deduct medical or dental expenses on your 2019 tax return, the answer is...maybe. If you take the standard deduction on your federal tax return, you may not deduct any medical or dental expenses. If you choose to itemize your deductions instead, you may deduct eligible medical/dental expenses that exceed 7.5% of your adjusted gross income (AGI) for 2019. For tax year 2020, this threshold will increase from 7.5% to 10% of your AGI. [...]

As the decade comes to an end, tax season draws near. If you are looking for ways to reduce your taxable income, you may be surprised at just how easy it can be to lower your tax bill. Follow these suggestions to help you save this tax season. If your last tax bill was larger than expected, you can avoid another unpleasant surprise next tax season by adjusting your withholding amount. You can change your withholding amount at any time by filing a new W-4 form with your empl