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Tag Archives: Tax Deductions

Wonder What a Tax Deduction Is Worth?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 4, 2023 by Lake Wylie Tax Services StaffJanuary 4, 2023

Do Tax Deductions make a DifferenceIndividuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for everyone, depending on their particular situation and tax bracket.

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Posted in Belmont Tax Preparation, Clover Tax Preparation, For Business, Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, Tax Deductions | Tagged Tax Deductions

Is Interest Paid on Borrowed Money Tax Deductible?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 1, 2022 by Lake Wylie Tax Services StaffFebruary 1, 2022

Is Interest on Loans Tax DeductibleIf you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the loan proceeds are used for: personal items, investment, home mortgage, business activities or higher-education. Interest expense can fall into any of the following categories covered in today’s Blog.

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Posted in Tax Central, Tax Deductions | Tagged Tax Deductions

Are You a Candidate for Bunching?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 2, 2021 by Lake Wylie Tax Services StaffNovember 2, 2021

combining tax deductions Bunching is an effective tax strategy to keep in mind as the end of the year approaches. If your itemized deductions typically are roughly equal to the standard deduction amount, you may be a good candidate for using the bunching strategy.

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Posted in Tax Central, Tax Deductions | Tagged Tax Deductions

Obscure and Overlooked Tax Deductions, Credits, and Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 2, 2021 by Lake Wylie Tax Services StaffFebruary 2, 2021

Obscure and Overlooked Tax DeductionsAs tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 issues you may not be aware of and that can save you tax dollars.

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Posted in Tax Central | Tagged Tax Deductions, Tax Planning

What Does a Tax Deduction Save You?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 3, 2020 by Lake Wylie Tax Services StaffMarch 3, 2020

What does a Tax Deduction Save youTaxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation.

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Posted in For Business, Tax Central | Tagged Tax Deductions
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