Tax Deductions and Credits | The TurboTax Blog

Tax Planning

TurboTax Life Events Calculator Helps Estimate Tax Savings

July 1, 2020 / TurboTaxLisa

Whether you got married, had a baby, or purchased a home last year, your life events can feel exciting, scary, emotional, and expensive all at once. Although life’s transitions may bring about some expenses, these life changes can also bring...

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Deductions and Credits

Virtual Wedding? Deduct Your Wedding Dress on Your Taxes!

May 28, 2020 June 4, 2020 / TurboTaxBlogTeam

Weddings can be an expensive endeavor, but in this time of social distancing, opting for a virtual wedding could end up saving you a fortune at tax-time! Have you considered hosting a virtual wedding? If you’re on the fence about...

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Education

Is My Student Loan Tax Deductible?

May 27, 2020 / asbbaines

Student loans have become a tremendous burden. Even though you can’t escape the payments, are there any tax breaks for student loans? Luckily, taxpayers who make student loan payments on a qualified student loan may get a little relief.

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Self-Employed

Snap A Pic of These Tax Deductions Photographers Can Take

May 22, 2020 June 3, 2020 / Jim Wang

One of the most lucrative side hustle businesses to start is a photography business. With the right amount of training and equipment, anyone can be a photographer. There are no licensing rules and few relevant certifications — it basically comes...

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Tax Deductions and Credits

What Are the 2020 Standard Mileage Rates?

May 18, 2020 / TurboTaxLisa

Calling all commuters! The IRS announced the 2020 “standard mileage rates”. Whenever you drive for business, medical reasons, or in support of a charitable organization, you may be able to get a mileage deduction and save money on your taxes....

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Expenses

Are Work-Related Devices a Tax Write Off?

May 7, 2020 / Ginita Wall, CPA, CFP®

You may have heard tax reform eliminated tax deductions for un-reimbursed employee business expenses beginning with your 2018 taxes. If you own your own business, however, you can still deduct business expenses. So what high-tech toys (oops, excuse me, necessary...

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Tax Deductions and Credits

What’s the Difference Between a Tax Credit and a Tax Deduction?

April 27, 2020 / TurboTaxBlogTeam

While both tax deductions and tax credits can save you a significant amount of money on your taxes, they work in significantly different ways. Find out how here.

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Self-Employed

TurboTax and Create & Cultivate Share #SolopreneurTaxTips: Ep. 2

March 31, 2020 May 15, 2020 / TurboTaxBlogTeam

With the current COVID-19 situation, we know these are difficult times for both self-employed individuals and small businesses. In an effort to support and empower our self-employed community, we’re sharing step-by-step guidance on how to easily file your self-employed taxes...

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Self-Employed

TurboTax and Create & Cultivate Bring You #SolopreneurTaxTips – Episode 1

March 6, 2020 March 20, 2020 / TurboTaxBlogTeam

Calling all #solopreneurs, Tax Day is coming up! If you haven’t started filing your taxes yet, don’t fret! You still have time, and as always, we’re here to help. In partnership with Create & Cultivate and Founder of Maed Denise...

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Tax Deductions and Credits

What Medical Expenses are Tax Deductible?

February 28, 2020 / Philip Taylor

The article below is up to date based on the latest tax laws. It is accurate for your 2019 taxes (filed in 2020). Even with good insurance and a low deductible, no one truly enjoys paying medical bills. One bright...

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The Tax Deadline is July 15th. Find out more information here.

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