Tax deduction

Employee Business Expenses

March 23, 2012
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Courtesy of the IRS Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. Expenses that qualify for an itemized deduction generally include:  Share this:

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Staples $5K Tax Giveaway

February 28, 2012
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Transcript of the Staples and TaxMama Twitter Tax Event 2/28/12 I want to thank EVERYONE who joined us, retweeted us and asked great questions. Staples:  Kick off tweets  Welcome to our Twitter tax event! We were here with @TaxMama, ready to lay down some tax tips and answer questions.    Okay, here we go! Take it away, [...]

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Californians! Hold Schedule C Returns

February 24, 2012

 Hold Schedule C returns (02-23-2012) The FTB has changed Schedule CA to reduce the amount of self-employment tax deductible for California purposes. According to the FTB, taxpayers may only deduct 50% of the self-employment tax for California purposes, while they can deduct more than 50% for federal purposes. If the FTB is correct, there will [...]

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Commuting or Mileage

January 10, 2012

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Today TaxMama hears from Guy in the TaxQuips Forum with an interesting situation. “My wife took a part time job at the local community college campus about two miles from our house in 2010. Once every week or two she would travel to the campus at another town about 40 miles away. For this travel [...]

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Won $100,000

September 26, 2011

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 Today TaxMama hears from Anthony in the Tax Quips Forum with this question. “I won $100,000.00 at Bally’s casino in Atlantic City on January 15, 2011 However, by now I have gambled all my winnings away. I don’t own a house or car or anything, nor do I have any money left in the bank. [...]

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Advanced Placement (AP) Courses

September 7, 2011

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Today TaxMama hears from Kevin in the TaxQuips Forum, with an interesting problem. “Many high school students are taking Advance Placement (AP) courses through an eligible educational institution as a means to earn college credits at an economical price. I was trying to find out if the costs of these courses are deductible as Tuition and [...]

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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 Fee Deduction

April 14, 2011

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Today TaxMama hears from Julian in the TaxQuips Forum with an easy question. “I wonder if I can deduct immigration lawyer costs from my tax return? The fees were to get me the work permit for my current job in the US.” Share this:

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