Tax benefits for disabled individuals

You may qualify for different tax deductions, income exclusions or credits if you have a disability or have a child with a disability. There are a variety of tax credits and tax benefits for disabled individuals available for those living and working with disabilities. Don’t miss: Drought relief for farmers and ranchers As a disabled …

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Is a cattle ranch with no cattle a hobby or a business?

Generally, a taxpayer can deduct all ordinary and necessary expenses paid or incurred to carry on a valid trade or business, even if this would create an overall loss on the income tax return. However, if the taxpayer’s activity is considered a hobby, rather than a business, deductions are limited to the gross income earned …

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How does selling my house impact my taxes?

Congratulations! You sold your house! And in this market, no doubt made a mint. So now you’re probably wondering how does selling my house impact my taxes? A gain on the sale of a home is the result of when the home sells for more than what was paid for it. When it comes to …

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Can you carry over your charitable contributions?

Do you make charitable contributions because you get a tax deduction, or do you make them because you believe in the mission of the nonprofit organization? Or is the real answer somewhere in-between those two? Regardless of your answer, there may a time when your charitable contributions made in a tax year exceed the amount …

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2019 Tax season concerns, tax reform impact

In case you haven’t heard it enough, there have been a ton of changes in the tax world recently. With the Tax Cuts and Jobs Act (TCJA) of 2018 being the first major tax reform in over 30 years, there is an estimate of about 450 forms, publications and instructions that need to be revised …

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Get PHIT with Uncle Sam, deduct your gym membership

No, it’s not a cheesy exercise video. Thanks to a recent bill passed by the House Ways and Means Committee, taxpayers now have the option to shed a few pounds while also (potentially) shedding a bit of their tax liability. The new Personal Health Investment Today Act – PHIT – adds a variety of exercise …

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Own a sports team? That’s a deduction!

Are you tired of writing checks to the government every year at tax time? I mean hey, who enjoys that? Well, good news – if you’re looking for ways to reduce next year’s tax liability, you may want to check out buying a pro sports team. Granted, the barriers to entry are pretty high, but …

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Are roofing repair costs currently deductible? It depends

Are roofing repair costs currently deductible? For tax professionals, this question comes up frequently when we have discussions with clients regarding the tax deductibility of repairs and maintenance costs incurred in their business. “What do you mean I have to capitalize and depreciate over 27.5 years or 39 years for tax purposes” is often a …

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Do education expenses qualify as business expenses?

I recently ran across a court case (Czarnecki v. The United States) that addressed the deductibility of education expenses as business expenses. Czarnecki, an engineer, amended his 2010 tax return to deduct expenses related to the researching and writing of his doctorate thesis as ordinary and necessary business expenses. The resulting refund, however, was denied …

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Big changes to moving expenses deduction

As if moving and a career change aren’t stressful enough, the rules around deducting moving expenses have dramatically shifted beginning in 2018 with the passage of the Tax Cuts & Jobs Act (TCJA). Work-related moves for 2018 and beyond Relative to qualified expenses of a work-related move, starting in 2018, both the deduction for qualified …

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