Archived Posts: tax breaks

Tax Tips for July 2025

Tax Tips for July 2025

Click on the links below to jump to each section in this article: The Tax Impact of Business Bartering Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   The Tax Impact of Business Bartering Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the...

read more
Tax Breaks for Teachers and Other Educators

Tax Breaks for Teachers and Other Educators

It’s almost time for the start of the new school year, and if you are a teacher or other educator, you should know that you can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel will reduce your 2023 income tax liability. And you don’t even have to itemize to claim this deduction.

read more
Tax Breaks for Teachers and Educators

Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return. Teachers and educators should keep in mind, however, that the deduction can only be claimed for expenses that weren’t reimbursed by their employer, a grant or other source.

read more
Tax Breaks for Taxpayers Who Itemize

Tax Breaks for Taxpayers Who Itemize

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind: Deducting State and Local Income, Sales, and Property Taxes The deduction that taxpayers can claim for state and local income, sales, and property taxes is...

read more