Congress finally passed a deal saving us from the “fiscal cliff” at the beginning of the year. But what does that mean for you and your taxes? Let Contributing Editor Barbara Weltman explain what ...
Understanding taxes is complicated, more so by the fact tax pros and the IRS often use abbreviations to denote various tax terms. To better utilize tax breaks and opportunities, it’s helpful to know...
What’s up with 2012 taxes? That’s a good question! It’s important to know the answer because it affects the moves you make this year as well as the 2012 estimated tax payments you make. Unfortun...
Soon, you'll be focusing on your 2011 tax return. But before you do, start thinking ahead to 2012 so you can take advantage of opportunities for this year. Here are some of the changes to know so that...
If someone owes you money and you do not get paid, you may be able to write off your financial loss as a bad debt. There are 2 types of bad debts:Business bad debts that arise in the course of yo...
Tax terms can be confusing, especially when they appear only as acronyms. In order to benefit from tax articles designed to help you in tax planning where acronyms are included, it is important to und...
Maybe you've had a paper route, baby-sat, or worked at a fast-food restaurant while you were growing up and pursuing your education. Now you've landed a full-time job or are in the market for one. Wha...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I have to take a required minimum distribution from my IRA. Can I take stock instead of cash?
- Can exercise equipment qualify as a deductible medical expense?
National Guard and Military Reservist Travel
As of January 2009 there were about 848,000 members of the National Guard and military reserve (in February 2009, about 124,000 were on active duty).
You can deduct your overnight travel costs as an adjustment to gross income rather than as an unreimbursed employee business expense subject to the 2 percent of AGI floor.
In 2006 (the most recent year for statistics), 24.7 million individual taxpayers who itemized deductions reported $52.6 billion in deductions for noncash charitable contributions, of which $46.8 billion were sizable enough to require reporting on Form 8283, Noncash Charitable Contributions (a 14.1% increase over the prior year).
Source: Statistics of Income Bulletin, Summer 2009
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