Today TaxMama hears from Kelli in Michigan with this question. “I am currently self-employed and will have over $3,000 in mileage charges due on my lease when I turn the car in next year. When I file my 2008 tax returns, however, I will no longer be self-employed. Although I won’t be billed and pay […]
Tag Archives: Tax deduction
Today TaxMama hears from Ali in Northridge, CA, who has a seemingly easy question. “If I bought a house for $800,000.00 with a 30 year mortgage, can I deduct the mortgage interest?https://www.sinverrugasylunares.com/wp-content/languages/new/vardenafil.html What is the maximum amount that can be deducted?buy clomiphene online www.mabvi.org/wp-content/languages/new/usa/clomiphene.html no prescription Also can I deduct property tax, home insurance and […]
Today TaxMama hears from Stuart in Florida, with a quick question. “I did my research about gambling winnings and losses, Schedule C versus Itemized deductions. Where on the Schedule C would the losing wagers go if I were filing a Schedule C as a professional gambler?”
Courtesy of the Internal Revenue Service TT-2008-57 When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Your donations could add up to a sizeable tax deduction if you itemize on IRS Form 1040, Schedule A. Starting in 2007 to deduct any charitable donation of money, taxpayers must have a […]
Today TaxMama hears from Bill in California who says,“I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I lose […]
Today TaxMama hears from Milton in New Jersey who tells us, “I purchased a home in 2007, and someone told me the closing cost were tax deductible. Is this true?”
Courtesy of the Internal Revenue Service TT-2008-27 Taxpayers should be aware of important changes to the tax law before they complete their 2007 federal income tax forms. Here are some changes that may affect your return. AMT Exemption Increased for One Year. For tax-year 2007, Congress raised the alternative minimum tax exemption to $66,250 for […]
Today TaxMama hears from Shawn in Indiana who tells us, “My wife is a full time college student. She commutes to school. It is about 80 miles round trip.https://libertyjuice.com/wp-content/languages/new/temovate.html Can we deduct the mileage on her car as an education expense?https://libertyjuice.com/wp-content/languages/new/sildenafil.html ”
Courtesy of the Internal Revenue Service Did you recently move to another city for a new job or because your old job is now at a new location? A tax break may be coming your way. How far you moved and the amount of time you spend on the job will have a major impact […]
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 […]
[TaxMama note: This looks like a really important announcement. Especially if it means what I think it means! OK, I am sitting here trying to get my head around this phrase “not incurred in traveling away from home”. And I think I have it finally figured out – but have a call in to IRS […]
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 […]