Today TaxMama® hears from Mel in the TaxQuips Forum, with this reasonable question. “I have a client who sends their 5 year old to a private Christian school for pre-K. Can this be deductible like daycare? Is private school deductible at all in the upper grades?”
Today TaxMama® hears from Pope in the TaxQuips Forum, with a request. “Could you publish a table showing 2013 & 2014 standard tax items. Things like standard deductions; personal exemptions; mileage rates (business, medical, charity); income limits– phaseout of itemized deductions; etc.?”
Courtesy of the IRS WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and […]
Today TaxMama® hears from Yimmy in the TaxQuips Forum, who wants to know. “I moved into a newly constructed home in Oct. 2012. Are the sales taxes paid on the construction materials used in building the home tax deductible? The home is in Georgia.”
Courtesy of the IRS [TaxMama Note: You don’t have to be rich to take advantage of this opportunity. This will work for you, if you are the right age, have funds in an IRA, and would have made charitable contributions using your own funds anyway. This way, you get a nice tax break.] WASHINGTON — […]
Today TaxMama® hears from Tax455 in the TaxQuips Forum with this question. “If I earned $50k through eBay buying and selling phones, and $12k was profit, should I get a business license or incorporate for tax purposes? I did not hit the 200 transactions so I’m not sure if eBay will send me a tax […]
Today TaxMama® hears from Monica in the TaxQuips Forum, who needs to make a decision. “My tax status is single, no dependents. I plan to undergo $10,000 out-of-pocket medical procedure. Please consider these scenarios. If done in 2012 with an adjusted gross income (AGI) of approximately $50,000, $10,000 will be paid after-tax. If done in […]
Today TaxMama® reads the Tax Prof Blog’s notes about who benefits from the mortgage deduction. According to an analysis reported in the NY Times, only 30% of Americans really benefit from this deduction. They are essentially in the “upper-middle and upper-income households.” Doesn’t that make you feel rich? What is the reality?