Deductions

Tax Relief for Hurricane Victims

The IRS is offering some help to victims of Hurricanes Harvey and Irma. Read more about it here: Harvey Irma   Reconstructing records after a disaster: to recreate inventories business owners can get copies of invoices from supplies get copies of prior year tax returns: sales tax, payroll returns, business licenses, federal, state and city […]

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What’s a W-4?

New job?  Did they hand you a Form W-4 to fill out? Confused? Well you aren’t alone. This form seems to confuse a lot of people. What you are doing is telling your employer how much to withhold from your paychecks. The higher the number of allowances, the less they withhold and the less you […]

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Last Minute Ideas!

Did you file yet?   Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of.  Perhaps your parents are dependents?  Are you supporting them?  Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]

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Deducting clothing on your tax return

The answer is almost always NO unfortunately. If the clothing is required to be worn by your employer, your employer won’t reimburse you and the clothing is not something you COULD wear outside of work, then maybe. Suits are a  no no….even if you don’t want to wear them outside work….you COULD….so not deductible. Jean, […]

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Moving Expenses – Are They Deductible?

Moving expenses may be deductible if you moved due to a change in your job or business location.  In order to deduct moving expenses, three requirements must be met: The time of the move must closely relate to the start of work.  Generally, you may consider moving expenses within one year of the date you […]

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Employee Business Expenses

Did you have expenses on behalf of your job that were not reimbursed by your employer? If so, some may be deductible on your tax return if you itemize your deductions.  In order for these to be deductible, they must be qualified expenses.  Only amounts not reimbursed by your employer may be deducted. Some examples […]

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Deductible Job Search Expenses

Are you looking for a new job?  If so, some of your job search expenses may be deductible.  Following are some of the requirements for these expenses to be deductible: Your expenses must be for a job search in your current line of work.  You cannot deduct expenses if the job search is for a new […]

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Childcare costs got ya down?

If you are paying for childcare either because you work or are looking for work or because you are a student then GOOD NEWS……….You may be able to get a credit on your taxes because of it. That money you are paying is also includible as income to the person you are paying which is […]

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Your return is wrong??? Yikes!

Well…as long as the error is within the last 3 years it can still be amended. Returns for tax years 2013, 2014, and 2015 are still open years.  So if you forgot to take a deduction or maybe even forgot to claim someone on your tax return that you were entitled to claim, there is […]

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Donating a car, boat, or plane?

Maybe it’s not worth the trade in value.  Maybe you need it hauled away.   Maybe you just feel like giving today.  If you donate your car to a charitable organization and want a tax deduction then here are some tips for you. Here is the Donor’s Guide to Vehicle Donations, courtesy of the IRS. […]

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