Sentences with phrase «deduction on one's income tax return»

A standard deduction on an income tax return is based on your specific circumstances.

Maine Revenue Services must report any income tax refund or overpayment credit amount as well as property tax refunds issued during the tax year to individuals who claimed itemized deductions on their income tax returns for the year.

Many of your everyday expenses can be itemized as deductions on your income tax return, saving you lots of money at tax time.

You can also deduct up to $ 2,500 in student loan interest even if you don't itemize deductions on your income tax return.

You can also deduct up to $ 2,500 in student loan interest even if you don't itemize deductions on your income tax return.

For those that itemize their deductions on their income tax returns, mortgage interest is one of those nifty items that taxpayers take advantage of lowering taxable income.

There are certain expenses that qualify as a deduction on your income tax return.

If you itemize deductions on your income tax return, it may be possible to claim a deduction for your car donation.

If you itemize deductions on your income tax return, it may be possible to claim a deduction for your vehicle donation.

Like other capital assets, if your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns up to $ 3,000.

If your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns up to $ 3,000.

To put it another way, you are allowed a deduction on your income tax return for the wearing away and expensing over time of property or assets, such as aircraft, vehicles, livestock and buildings.