Can you deduct garnishments from your income taxes?

Answer No. Tax law regards all income earned by you as taxable even if your employer withholds any amount to pay outstanding debts. You must pay income tax on the full amount you would have received prior... Read More »

Top Q&A For: Can you deduct garnishments from your income taxes

Can i deduct the cost of my uniform from income taxes?

Work uniforms are tax-deductible. However, to deduct a work uniform from your income taxes, you must meet a two-part test. First, the employer must require the work uniform as part of employment. S... Read More »

Can I Deduct a Divorce Attorney's Fees & CPA Fees From My Income Taxes?

Divorces are not only emotionally draining but can also be expensive after paying your attorneys and CPAs the fees you owe. The IRS will not, however, allow you to claim a deduction for every fee y... Read More »

How to Deduct Stock Loss on Income Taxes?

When you buy a stock, you hope that the value will go up and you will make money on that stock (also known as a security). When you make money on a stock or other asset, you have a capital gain, an... Read More »

Can you deduct sales tax from your income tax?

On One Hand: Deducting Sales Taxes Can Save MoneyAs of 2010, sales tax may be deducted on a federal income tax return if the filer itemizes deductions on Form 1040, Schedule A. The filer may deduct... Read More »