Tax Tips
Businesses that employ low-to moderate-income individuals should be sure their workers are aware of the earned income tax credit - not a deduction but a refundable tax credit meant to supplement income. The amount can range from
Those with student loans - or parents who are paying a child's student loans - can deduct interest on those loans:
Some expenses related to hobbies are deductible - up to the amount of money made on the hobby. Hobby expenses, along with other miscellaneous expenses itemized on Schedule A, must exceed 2% of the taxpayer's adjusted gross income for them to be deductible.
Those who serve as military reservists can deduct the costs of transportation, meals and lodging if they travel more than 100 miles for their reserve service.
Some fees related to managing your investments are taxdeductible, including:
* Fees for investment counseling
* Custodial fees you paid outside of the account
* Software and online services you used to manage investments
* Transportation costs to and from an investment or financial adviser's office
* Attorney costs you used to collect taxable income
* Costs to replace lost security certificates
Source:
529 EDUCATION PLANS
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