Archive for the 'Deductions' Category

Mileage Rates

Wednesday, February 10th, 2010

If you used your personal auto for business, medical or non-profit purposes and were not reimbursed or reimbursed and a rate below what the IRS allows, you may be able to deduct the difference.  For 2009, the business mileage rate is $.55, the medical mileage rate is $.24 and the non-profit contribution mileage rate is [...]

Mortgage Points Deduction

Tuesday, February 2nd, 2010

If you are deducting the mortgage points you paid in a previous year, over the life of your loan, you can deduct the remaining balance of those points this year if you sell or refinance your home.  If you refinance with the same mortgage company, however, you must deduct the remaining balance over the [...]

Sales Tax Deduction

Friday, January 22nd, 2010

If you purchased a new car after February 16, 2009, you may be able to deduct your sales tax even if you are not eligible to itemize.