If you drive your vehicle for certain purposes, you can deduct the associated costs of using the vehicle. The amount you can write off depends on the purpose for the driving and other factors. Here ar...
Today, many individuals rely on their smartphones, tablets, and laptops to conduct business wherever they may be. They use these items to connect with coworkers, customers, and suppliers, and to perfo...
Taxes usually aren’t on your mind in the summertime. You’ve already filed your 2011 return or obtained an extension and do not have to do so until October. However, there are some actions you may ...
The tax rules seem pretty straightforward when it comes to deducting home mortgage interest. Homeowners can deduct interest on acquisition indebtedness (a loan to buy, build, or substantially improve ...
A farm or business may be the single largest asset within the owner's estate. It is important to plan ahead to ensure that:The interest in the farm or business passes to the intended heir or heirs (...
A family limited partnership (FLP) is a partnership in which the general partnership interest is usually held by a senior family member, with limited partnership interests owned by younger or junior f...
The answer to this important question matters because a real estate professional may be able to deduct losses from real estate activities, such as rental properties, while a non-real estate profession...
When the real estate market is hot, savvy investors may look to real estate as a way to make fast cash. They buy a home, do some cosmetic fix up, and then resell the property. In very hot markets, hom...
If you run a business from your home and use a portion of the space regularly and exclusively for this activity, you can write off expenses allocable to the space. Such expenses include not only real ...
Homeowner's insurance may not cover all of your losses resulting from a storm or other unexpected catastrophe. Fortunately, the tax law can help by allowing you to deduct the uninsured loss. Here's wh...
With summer approaching, taxes may be the farthest thing from your mind. However, there could be some savings in what you do this summer. Here are some points to help you make summertime plans. Short...
Forget deductions and tax credits. In the best of all possible worlds, you receive tax-free income. This is income on which you don't have to pay any federal income tax. Some types of income are tax f...
- 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 sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Don’t Overreport Bond Interest
You’re taxable only on the interest earned from the date you purchased the bond. But the purchase price of the bond may have included accrued interest (interest earned between the time of the last payment and the date of purchase). Report the full interest stated on the 1099 you receive and then subtract
The federal child tax credit of up to $1,000 per child under age 17 can only be claimed by those with income below set limits. States showing the biggest average tax savings for in 2008 because of the child tax credit, were Utah, Idaho, Wyoming, Alaska and Nebraska. States showing the lowest average tax savings from the child tax credit were D.C., Florida, New York, Massachusetts and New Jersey.
Source: Tax Foundation
View all factoids
