What can I deduct on my taxes in Texas?

What can I deduct on my taxes in Texas?

Common Deductions Loan interest on home equity, self-employed health insurance premiums and social security taxes, as well as alimony payments may also qualify. And for those who serve in the military reserve, travel expenses for duty trips in excess of 100 miles from home are deductible.

Are licensing fees tax deductible?

As long as your classes or your license relate to the work you’re already doing, it’s deductible. Tuition, books, fees and the costs of research are all covered by the deduction.

Are property taxes in Texas deductible?

State and local property taxes can be deducted as part of the state and local taxes deduction, which also can include state and local income taxes. But the total deduction is capped at $10,000 ($5,000 for people married filing separately).

What property tax exemptions do I qualify for in Texas?

What Property Tax Exemptions Are Available in Texas?

• General Residence Homestead.
• Age 65 or Older or Disabled.
• Manufactured and Cooperative Housing.
• Uninhabitable or Unstable Residence.
• Temporary Exemption for Disaster Damage.

What major purchases are tax deductible?

Major purchases include: A motor vehicle (including a car, motorcycle, motor home, recreational vehicle, sport utility vehicle, truck, van, and off-road vehicle) An aircraft or boat. A home or substantial addition to or major renovation of a home.

Is buying a new car tax deductible?

You technically can’t write off the entire purchase of a new vehicle. However, you can deduct some of the cost from your gross income. There are also plenty of other expenses you can deduct to lower your tax bill, like vehicle sales tax and other car expenses.

Is homeowners insurance tax deductible?

Homeowners insurance is typically not tax deductible, but there are other deductions you can claim as long as you keep track of your expenses and itemize your taxes each year.

What cars can you write off 100%?

Automobile Tax Deduction Rule You can only write-off 100% if the vehicle is used 100% for business AND you buy it brand new from the dealer (no private party used vehicle). It has to be brand new. The amount on the example factors in a brand new SUV over 6,000 lbs.

Can I claim a new car on my taxes?

You can deduct your sales tax on vehicle purchases whether the purchase including the sales tax was financed or not. Again, you’ll need to itemize your deductions to do this. The tax is charged to you in the year the vehicle was purchased even if the payments from the financing are spread out over many years.

What home expenses can I deduct?

There are certain expenses taxpayers can deduct. They include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Taxpayers must meet specific requirements to claim home expenses as a deduction. Even then, the deductible amount of these types of expenses may be limited.