What can you write off on Schedule A?
Here is a list of allowable Schedule A itemized deductions: Medical and Dental Expenses. State and Local Taxes. Mortgage and Home Equity Loan Intere......
Which is college education expenses are tax deductible?
Reminder: Keep your documentation! Schools will provide (via mail or electronic portal) the student with a Form 1098-T , which will reflect tuition an......
Do you pay state taxes on TSP withdrawal?
The TSP does not withhold for state or local income tax. However, on IRS Form 1099-R, we do report all TSP distributions to the taxpayer’s state of re......
Is a freelancer a business entity?
Sole proprietorship is the default business entity for freelancers. This means that if you start working as a freelancer without forming an LLC or cor......
How do I report interest on a family loan?
The federal income tax results are straightforward if your loan charges an interest rate that equals or exceeds the AFR. You must report the interest ......
