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Employees who are given car allowances by their employers are treated somewhat differently than employees who are reimbursed for their automobile expenses. Explore and understand those differences and how to properly report expenses on your return.
Reimbursement Plans
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Many employees incur expenses during the course of performing their jobs. These expenses may or may not be reimbursed by your employer. Can you deduct these expenses on your tax return? Maybe. It depends on 1) how your employer treated any reimbursements they made to you and...
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Figure out the best way to deduct auto expenses.
If you use your car for work either in your own business or as an employee of a company, you can deduct some of your car-related expenses. Exactly what you can deduct depends on how you calculate your deduction. The IRS...
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It feels great to get a raise or bonus; but, you still have to pay the tax man. Here's how to do it without spoiling all the fun.
Good news: Your employer likes the work you are doing and your company had a good year (or they were just feeling generous). Whatever the case...
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Can I ever get a tax benefit out of all the money I’ve spent fixing up my house?
You generally can't deduct the cost of a new roof (or any other home improvement) in the year when you spend the money. But if you keep track of those expenses, they will help you reduce your...
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If you own a vacation home, you'll be glad to learn that there are a variety of tax breaks to offset your costs of ownership.
Getting away to a vacation home is a great way to relax and enjoy the beach, the mountains, or the wide open spaces, but there's another advantage:...
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