Deductions
Six Important Facts about Dependents and Exemptions
The IRS issued a tax tip on six important facts about dependents and exemptions. While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. Remember that a … read more
How to Deduct Business Meals and Entertainment
Meal and entertainment expenses incurred for business purposes are very common, and necessary. Unfortunately, many businesses do not include the proper documentation for these expenses, and leave themselves open to IRS disallowance upon audit. These expenses require you to jump … read more
Credit for Employee Cash Tips
If you work in the restaurant industry you may qualify for a credit regarding the Social Security taxes you pay on your employees’ tip income. This credit relates to the Social Security taxes you pay on an employee’s cash tip … read more
2013 Standard Mileage Rates Up 1 Cent
When gas prices increase, it’s pretty much a given that your standard mileage rate will increase also. However, it may not increase quite as quickly as the gas station prices do. Beginning on Jan. 1, 2013, the standard mileage rates … read more
Save Taxes With Extended Energy-Related Tax Breaks
In addition to permanently extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income for high-income individuals, modifying the estate tax, providing permanent relief from the AMT, and imposing limits on the deductions … read more
How Can I Deduct My Hotel Room on My Tax Return? (Hint: Think Medical)
Medical expenses sound like they would be fairly straightforward. As they should be. If you seek the advice of a medical professional when you are feeling unwell or need stitches, then it is fairly simple to determine the expenditures qualify … read more
Simplified Home Office Deduction
Are you tired of spending hours figuring out how much you can deduct for your home office? Good news for you as the Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers … read more
Are Frequent Flyer Miles Taxable?
When you travel on business for your company, you may earn frequent flyer miles or other promotional benefits, such as those often offered with rental cars or hotels. These promotional benefits can be exchanged for free or discounted travel, upgraded … read more
IRS “Smacks Down” California on Limits to the Real Estate Tax Deduction
Last year the California Franchise Tax Board (FTB) began an education campaign informing taxpayers that certain items on a real property tax assessment were not deductible under federal law as real estate taxes. (See blog post “California Wants You to … read more
U.S. Tax Court Not “High” on Medical Marijuana
There are currently seventeen states and the District of Columbia that have enacted laws that remove criminal sanctions for the medical use of marijuana. Arizona is one of those states and they just had the selection process in August to … read more