Today TaxMama hears from Tom in Durango, CO who wants to know, “If I pay a former employer money to let me out of a non-compete agreement can I deduct the amount from my taxes? If so, then on what form?”
Category Archives: Deductions
Today TaxMama hears from Ross in NJ who wants to know. “My wife is self-employed and I am employed at an office. We were told that I could adjust my W-4 to cover her estimated taxes, thereby eliminating the need to make quarterly payments. Is this correct? If so, how do we do that?”
Today TaxMama hears from Jun in Passaic, NJ who asks. “Foreign tax is withheld from my dividends or other investments. Where can I get a credit or deduction on my tax forms?”
Today TaxMama hears from Deneice in Petaluma, CA, who says. “I am the bookkeeper for an actor, who is (uh hem) getting older. He does commercials and the company he works with would like him to maintain as much of his ‘youthful’ image as possible. For him to do this, he has had some Botox […]
Today TaxMama hears from Penny in Wichita, Kansas, who has an excellent question. “If someone wants to take advantage of the tax credits being offered for energy efficient projects at home (like replacing a furnace or AC unit), how do they do that? “
Today TaxMama hears from Sylvia in Laguna Hills, CA who asks, “Is there a list of deductions we can take being self employed? Any website?”
Today TaxMama hears from Barbara in Georgia, who says, “I was sued by my sister after our father’s death. Are these legal fees deductible?”
Today TaxMama hears from Steve in Massachusetts who asks, “Can a federal criminal fine of $60,000 be tax deductible?”
Today TaxMama brings up her own concern about the way seniors and those who care for them are not taking care of their tax issues. These are the three issues – deducting medical care and knowing what is deductible; drawing your retirement funds; and having a living trust.
Today TaxMama hears from Sherrie in Salina, KS, who tells us, “I am an independent marketing executive working out of my home.buy flexeril online www.pharmalucence.com/wp-content/languages/new/generic/flexeril.html no prescription The company I work for requires a monthly purchase in order to earn commission checks. Can I claim the cost of that monthly purchase as a business expense […]
Today TaxMama hears from the Mike in Florida, who tells us, “We received an assessment from our condo association. This assessment was to repair damage caused by hurricane Wilma when it hit Florida. Can we report this assessment as a casualty loss on our tax return? If we can, what schedules should we use to […]
Today TaxMama hears from the Humane Society with a warning about phony museum donations by hunters. The press release is below. I won’t read it to you – but I will summarize it. You’re going to see some words in the following press release that will trigger all kinds of hostility and negative reactions, no […]