How to Take a Tax Deduction for Bad Debt?

Answer Whether you're a small business owner who must write off his losses or simply loaned out money that was never repaid, you can claim the loss as a tax deduction. Before you can claim the loss on you... Read More »

Top Q&A For: How to Take a Tax Deduction for Bad Debt

Can you take a tax deduction for wedding receptions?

According to OneWed, you can take a tax deduction for a wedding reception if the reception was held at a not-for-profit location, such as a historical venue or museum. You can also take tax deducti... Read More »

Are health insurance premiums deductible if you take a deduction for an HSA?

Health insurance premiums are a qualified medical expense, according to the IRS. You may deduct qualified medical expenses that exceed 7.5 percent of your adjusted gross income. If you have a HSA, ... Read More »

Does Indiana allow you to itemize& take the standard deduction?

Indiana does not have a standard deduction. Indiana taxpayers itemize their deductions. The list of deductions for Indiana is on Schedule 2. Indiana taxpayers must attach Schedule 2 to their Form I... Read More »

Can you take garnishment payment as a deduction on your income taxes?

Garnishments are forced methods for collecting debt, usually from a taxpayer's paycheck or bank account. Even though garnishments are forced, they are treated the same as voluntary payments made t... Read More »