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deductions – XtremeCuztoms

Category: deductions

Small-Business Tax Planning for the Coming Increased Taxes

Small businesses can save a lot of money if they take time to plan how they can reduce their taxes. Waiting until the end of the year to discover which tax credits or tax deductions you can get is too late. Most likely, you will wish you knew about some new deductions before the year…


Tax-Filing Facts for Working Families

Tax season can be nerve-wracking for many American families. There are a lot of deductions that need to be taken advantage of, and the tax laws constantly change. There are some changes this year that will affect your return. For example, COVID-era tax breaks have expired, which may reduce some families’ refunds. But it’s not…


How Seniors Can Avoid an IRS Tax Audit

Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some seniors think they are immune. The reality is that the IRS can audit anyone if the IRS thinks that tax forms are not honestly reporting income, expenses,…


Meal and Entertainment Deductions—What You Should Know

Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades. It’s essential to know the current rules for the tax year 2022. This lets you take the…



Family Finances: Use Tax Breaks to Lower College Costs

By Sandra Block From Kiplinger’s Personal Finance It’s often said that buying a house is the largest investment most of us will ever make. But if you have a couple of children, the cost of sending them to a four-year college could exceed even that big-ticket item. Three kids—or at least one with Ivy League…