Deductions

Reduce your taxable income by claiming the available deductions to you. Updates to the itemized deduction thresholds, amounts, eligibility requirements; and standard deduction increase.

Can You Get Tax Credits for Hosting a Foreign Exchange Student?
Hosting a foreign exchange student can be a rewarding experience, providing cultural enrichment and personal growth for both the host…
Is Purchasing an Existing Business Start-Up Cost Deductible?
When considering the financial implications of purchasing an existing business, one of the crucial questions that arise is whether the…
Are Pastors Exempt from Taxes?
Pastors are not fully exempt from taxes, but they do enjoy certain unique tax benefits and exemptions under federal law.…
Should There Be a Charitable Deduction?
Charitable DeductionCharitable deductions allow individuals and corporations to reduce their taxable income by the amount of their contributions to qualifying…
Idaho Property Tax Reduction
The state of Idaho is waiting on data from local taxing districts before it can start calculating property tax savings.…
Montana Personal Deductions and Credits
Montana is a taxpayer-friendly state with low sales and property taxes. However, its income tax rate is fairly high. To…
Tax Consequences of Buying vs. Renting a Home
Renting has its benefits, including less hassle, the flexibility to move when your lease ends, and lower upfront costs. But…
IRS Tax Forgiveness Program
An IRS tax forgiveness program can help taxpayers manage their back tax debt. These include installment agreements, offers in compromise,…
Tuition and Fees Deduction 2024 - 2025
The tuition and fees deduction allowed taxpayers to subtract up to $4000 of education-related expenses from their federal taxes. This…
Mortgage Interest Deduction
The mortgage interest deduction is a tax break that allows households to deduct a limited amount of their home mortgage…