Every year, the Internal Revenue Service announces the optional standard mileage reimbursement rates. The IRS uses these rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Inflation is the primary reason why mileage reimbursement rates are have been adjusted for 2017.
Have you ever considered your time-share use as a charitable deduction? If you have ever attended a charity auction, it is not uncommon. Often you may see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks do so in hoping to be able to take charitable donation deduction on their tax returns.
Did you forget something when you filed your tax return? Maybe overlooked something? Alimony income? Tip Income? Maybe another item of income? Maybe you forgot to claim a deduction or credit? It’s not too late! The good news! File an amended tax return.
Mortgage Interest and Home Mortgage Tax Deduction is not all it may seem. One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Taxpayers are … Read More
In our last post we talked about, ages 0-49 birthday surprises from Uncle Sam. This week, ages 50 and up get to discover their birthday gifts or surprises from the IRS when you file your tax return next … Read More
On June 26, the Supreme Court ruled that the Fourteenth Amendment to the Constitution requires all states to license marriages between two people of the same sex. It also required that all same-sex marriages performed in … Read More
Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor. However, distinguishing the difference is necessary for tax purposes. Why? Because the tax treatments are substantially different. … Read More
Many of us have taken out a home loan. It is not uncommon for individuals to loan money to relatives to help them buy a home. In those situations, it is also not uncommon for a … Read More
By: Cindy Toran, MBA, BA Have you ever thought of hiring your spouse? If you did, should you provide them with health insurance? There are potential advantages and disadvantages to formally hiring your spouse if you own a … Read More
by Alex Franch, Tax Specialist In 2013, the IRS implemented an optional simplified method of calculating the Home Office Deduction. The intention was to reduce the paperwork and record keeping burden on small businesses. Limited and … Read More