NEXT explains that if you’re an independent contractor, it’s your job to pay taxes on your own—and you’ll want as many 1099 ...

Brian Kearns, CPA and CFP at Haddam Road Advisors “One thing that taxpayers may not take into account is how a bunch of smaller itemized deductions can, with good record keeping, add up to much ...

For example, both partners must choose to manage deductions the same way (either itemized or claiming the standard deduction). And only one parent can claim any dependent children on their tax return.

Donations to the Ayodhya Ram Mandir may qualify you for an income tax deduction under the old I-T regime. Individuals who have opted for the old tax regime can claim up to 50% deduction under ...

As a result, you usually need more deductions, such as business expenses, mortgage interest or certain education expenses, to qualify for itemized deductions. It's best to do your taxes correctly the ...

The Income Tax Department has issued notices to Taxpayers who have been paying a rent of ₹50,000 or more per month and not deducted Tax Deducted at Source (TDS) while remitting the amount to ...

Business deductions can sometimes reduce your income on a dollar-for-dollar basis. You can also deduct certain expenses incurred during the startup phase of your business. The rules aren't as ...

Not every room with a desk counts as a home office for tax-deduction purposes. To write off your home office, you must use it regularly as your main place of business. That means you typically can't ...

Discover 16 last-minute 1099 tax deductions for independent contractors. From home office to business insurance, these deductions can save you money.

It is refundable at the end of the tenancy. Deductions can only be made for damages beyond normal wear and tear. Tenants must be provided with an itemized list of any deductions from the deposit.