Itemized Deductions

Bride Files Alone

June 22, 2011

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Today TaxMama hears from Nancy in the TaxQuips Forum with several questions.  “I am to be married this year. I am going to file as married, filing separately (MFS).  Can I claim my husband since he is disabled and collecting social security disability? Also I understand that I cannot mix the standard deduction and itemizing on [...]

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Coaching Expenses

June 15, 2011

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Today TaxMama hears from Mimi in the TaxQuips Forum who tells us. “My husband coaches my son’s Little League and travel basketball team.  Occasionally, he buys equipment for the team’s use and hosts an after-season party, complete with pizza, cake and beverage.  Some of these expenses are not reimbursed by the league.  Are these deductible?  How about [...]

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Legal Fees on Cancelled Debt

April 11, 2011

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Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income [...]

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Employee Business Expenses

March 18, 2011

Courtesy of IRS If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include:

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Medical Massages

February 3, 2011

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Today TaxMama hears from Angela in the TaxQuips Forum, who wants to do this. “I’m trying to maximize my deductions and this is the first time I’m able to use medical deductions. My husband is unemployed and has high co-pays and COBRA payments. When I was reading the IRS info on what can be deducted, [...]

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Loss on Surrender

August 30, 2010

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Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

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New Law Encourages Cash Donations for Midwest Disaster Relief

December 5, 2008

IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual [...]

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Is Your Hobby a For-Profit Endeavor?

August 29, 2008

FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when [...]

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