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by DP Financial & Tax
- Oct 7, 2015
- 1 min
Tax Deductions With Some Of The Biggest Payouts
SAN FRANCISCO (MarketWatch) — A $5,000 or $6,000 deduction for IRA contribu- tions, a $4,000 deduction for college tuition and fees, a $1,000 child tax credit — these are hefty tax breaks for which a taxpayer may understandably yearn. But they’re small beans when compared with the tens of thousands of dollars in savings some reap through deductions and credits. How about taking a $50,000 deduction for state and local taxes paid, a $37,000 deduction for medical expenses, a $28
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by DP Financial & Tax
- Oct 7, 2015
- 2 min
What Can You Itemize On Your Tax Return?
There are several expenses you are allowed to itemize on your tax return that will reduce the amount of income on which you are taxed. These include: medical expenses, non business taxes, charitable contributions, and miscellaneous expenses. The following paragraphs provide a brief overview of each category.
Medical expenses: You can deduct expenses you paid for medical care during the year for yourself, your spouse, and your dependents. Medical expenses include payment
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