Sometimes a tax ... 2020 We love our pets, but could they be seen as an employee? So it's important for cat owners who are also business owners to realize that cat food too can be a tax deduction ...

You need to itemize to take a tax deduction for your charitable donations, but fewer people itemize now that the standard deduction has doubled. Even if you don’t itemize, there are other ways ...

It was indeed possible to claim tax deductions in certain scenarios, such as medical costs for licensed service animals, performance animals, donations to qualifying nonprofits that support animal ...

The standard deduction in income tax is a fixed amount that salaried individuals and pensioners can claim to reduce their taxable income, without having to list out expenses or submit proof of ...

QBI allows people with "pass-through income" — business income reported on personal tax returns—to deduct up to 20% of their business income. There are limitations though. To qualify for the deduction ...

For example, the 2020 tax year introduced a $400 deduction to cover home and office expenses for Canadians working from home due to the COVID-19 pandemic — this temporary home office expense ...

covering everything from filing statuses and tax deductions to tax credits and advanced strategies. You may be eligible for more than one filing status; compare them and choose the one that ...

All those expenses come with a silver lining, however -- tax credits and deductions for your home can lead to a bigger tax refund. For homeowners, learning as much as you can about your potential ...

Tax deductions reduce your taxable income, while tax credits directly lower your tax bill dollar for dollar. Refundable credits can result in a refund if they exceed your tax bill, while ...