Deductions

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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Did you file an EXTENSION???

Time is ticking!!!! Get that return filed! Here are the extension deadlines: S Corporation: September 15th C Corporation: September 15th Individual/Personal tax return: October 15th Partnership return: October 15th

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Is it income?

The IRS says “all worldwide income” is taxable.  What does it mean?  It means if you find a $10 bill on the sidewalk, the IRS wants you to include it on your taxes.  Good ole Line 21 of Form 1040.  What else goes there? Barter income (so if you do work for someone and they […]

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Donating your griddle?

Good news. If you itemize your deductions on your tax return (and you want to do this if the total of your itemized deductions exceed your standard deduction) you can claim a deduction for the fair market value of the goods that you donate to a qualified charitable organizations. Get proof of the donation.  A door […]

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College costs getting you down?

Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives.  Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs.  […]

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