by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
A taxpayer may deduct contributions made to a qualified charitable organization. Only contributions to eligible organizations qualify; gifts to individuals or nonqualified groups do not. Qualified organizations include: Religious organizations Nonprofit charitable...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Taxpayers may deduct certain types of interest when itemizing deductions. The two primary categories are home mortgage interest and investment interest. Home Mortgage Interest The home mortgage interest deduction applies only to qualifying debt—loan proceeds used to...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Taxpayers may deduct certain state and local taxes (SALT) and specific other taxes when itemizing deductions. These deductions apply only to taxes the taxpayer is legally liable to pay. Deductible Taxes State and Local Taxes (SALT) Taxpayers may deduct state and...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Medical expenses include the costs of diagnosing, treating, mitigating, or preventing disease, and expenses for treatments affecting any part or function of the body. Dental care and medical insurance costs are also included. Medical expenses must be primarily for...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Taxpayers reduce taxable income by claiming either the standard deduction or itemized deductions. Most taxpayers choose the larger amount to minimize tax liability. Standard Deduction The standard deduction reduces the amount of income subject to tax. Taxpayers...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Most taxpayers can no longer deduct moving expenses. The One Big Beautiful Bill Act permanently eliminated the employee moving expense deduction for civilians, except for two groups: Active‑duty U.S. Armed Forces members moving under military orders U.S. intelligence...
