Today TaxMama hears from Tawfiq in the TaxQuips Forum with questions. “Can I deduct my qualified medical expenses with other itemized deductions if I used HSA funds to pay them? And where can I find health insurance that specifically qualifies as an HSA (Health Savings Arrangement)?
Category Archives: Itemized Deductions
Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income […]
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:
Today TaxMama hears from Angela in the TaxQuips Forum, who wants to do this. “I’m trying to maximize my deductions and this is the first time I’m able to use medical deductions. My husband is unemployed and has high co-pays and COBRA payments. When I was reading the IRS info on what can be deducted, […]
Today TaxMama hears from Karla in the TaxQuips Forum, with this question. “Is the loss on surrender of life insurance deductible on 1040?”
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H&R Block Radio Show – Tax Tips for Bloggers, Writers, and Journalists
Tax Tips for Bloggers, Writers and Journalists Read the script here: PROGRAM 2: Tax Tips for Bloggers, Writers and Journalists Originally aired: Thursday, March 25 11:30 – 12:30 EDT Introduction – Tax Mama Welcome and Introductions o Thanks for joining o Introduce hosts: § Chris Wilson, Master Tax Advisor o Wilson has been a master […]
IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]
FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]
Today TaxMama hears from Anne in Minnesota, who wants to know, “Can an individual deduct charitable contributions and car donations on tax forms if unable to itemize deductions?” Dear Anne, You are giving away your age. Many, many years ago, in deepest, darkest memory, we used to be able to take charitable contributions deductions without […]
Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement and then donated the items to a local charity? Charitable contributions can be tax deductible, but you must have the proper records to support your deduction. Due to the Pension Protection […]
Today TaxMama hears from Bob in CT, who tells us. “I arranged a grant for $40,000 for a 501©(3) organization. Normally I require a finder’s fee of 20%. This time, I did not charge a fee to this organization, and essentially gave it back. Is the $8,000 I actually donated by not taking it, a […]
Today TaxMama hears from Sylvia from Aransas, Pass, Texas wants to know “Are maintenance fees on time shares deductible if you don’t generally itemize?”