Category Archives: Deductions

Stamp Collecting

Today Krishnan from the Internet is wondering. “I have a “Stamp Collecting Hobby” and spend about 00 to 00 each year.https://firstcanadianpharm.com/wp-content/languages/new/levitra.html Are those expenses deductible under “Miscellaneous Expenses” when you itemize using Schedule A.”

Total Write-Off

Today Irina from the Internet is concerned. “My husband is self-employed and he hasn’t had any deductions taken out of his checks since the time he started his business.https://www.seehowcan.com/wp-content/languages/new/math-homework-help.html He claims that after he writes off his business expenses, he’ll get more than he owes. On top of that, he is telling me to claim […]

Pay What?!

Today Rod from SC has some money burning a hole in his pocket. “If you had $14,000 to pay some bills, which payment would provide the best tax advantage: Pay student your loans of $14,000; Pay car note of 14,000: Or put the total into your home mortgage of $60,000? Please explain your suggestion. My […]

Farmer Rings the Bell

Today Mark in Mississippi is still reeling.https://libertyjuice.com/wp-content/languages/new/bactroban.html Here’s why – The other day, I dropped twenty bucks into a 50-cent slot machine and I won $326,000.00! I suspect that over half will be taken for state and federal taxes. As a farmer, can I offset the taxes due by adding to my farming operation (i.purchase […]

S Corp and Office in Home

Today Heather from Portland, Oregon asks, “Can I report income from S Corporation on Schedule C? If not, how do I get the home office, depreciation, etc. deduction as I cannot find these in the 1120S form?”