Tax deduction

Deducting Free Services

April 6, 2011

Today TaxMama hears from Jenna in the TaxQuips Forum, who needs help. “I work as a cosmetologist. I am considered self-employed and rent a chair in a local salon. I give free haircuts throughout the year during my normal business hours. Could these haircuts be tax deductible? If so, would they be considered advertisement or [...]

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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: Share this:

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Property Tax For NonItemizers

January 24, 2011

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Today TaxMama hears from Sethu in the TaxQuips Forum, who is angry. “For the 2009 tax year the non-itemizers (those who used standard deduction) could add up to $1,000 to their regular standard deduction if they paid real estate taxes greater than $1,000. I do not see that provision for the tax year 2010. When [...]

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Deducting Business Car

January 6, 2011

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Today TaxMama hears from Michael in the TaxQuips Forum who wants clarification. “I drive a lot. Is there a maximum dollar amount I may deduct for my vehicle expenses?” Share this:

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We Have Bush-Era Extenders

December 17, 2010

Just to get the law passed last night, the House agreed to the Senate’s version of the extender bill. But they limited the benefits for two years, giving them time to improve on the balancing act and refine the benefits. Let me give you a brief summary of things that affect your life. Share this:

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TaxMama’s In Depth Tax Web Workshop for Writers, Journalists and Bloggers

August 9, 2010

When: August 13, 2010 10:00 am – Noon PT Where: Online in TaxMama’s Conference Room Cost: $50.00 Discounts: $20 discount to members of writers groups – Check with your association for discount code CPE Credits: 2 hours for Enrolled Agents How to Register - Include the name of your writers [...]

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Student Loan Payments

March 22, 2010

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Today TaxMama hears from Heidi in California, with a common misunderstanding. “I know I can report student loan interest paid, but I’m wondering if I qualify for the tuition and fees deduction if I officially ended school in 2008, graduated in Jan. of 2009, and made payments for all of 2009.” Share this:

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Feral Cat Contributions

February 18, 2010

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Today TaxMama hears from Elisa in Santa Clara, California who is doing something brave. “I am involved with groups and individuals who feed and Trap/Neuter/Return (TNR) feral cat colonies. The cats live outdoors and are not owned by the feeders. Some people are part of non-profit groups but many are individuals. For the individuals, can [...]

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Computers for College

February 1, 2010

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Today TaxMama hears from Linda in Kentucky with a reasonable question. “My son-in-law had on-line college classes that required him to have internet services and a computer. Do these count towards the tax credits? Also, how would he go about getting the books, supplies, gas, etc. credited?” Dear Linda, In a very odd and inconsistent [...]

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Contributions to Relief for Haitian Earthquake Victims

January 18, 2010

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Many people may wish to contribute to relief funds for the victims of Haiti’s recent earthquake. Contributions to domestic, tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes, provided that the U.S. organization has full control and discretion over the uses of such funds. [...]

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