The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from the 2013 rates. The optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical,
Category: Tax Deductions
Tax Tips – Deducting Moving Expenses
If you make a work-related move, you may be able to deduct the costs of the move. This may apply if you move to start a new job or to work at the same job in a new job location.
Tax Tips – Back-to-School Tips for Students and Parents
Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit. This
Tax Tips – Gambling Income and Losses
Six Tips on Gambling Income and Losses Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. Gambling income includes winnings from
Tax Tips – Special Tax Benefits for Armed Forces Personnel
If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat
Tax Tips for Taxpayers Who Travel for Charity Work
Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about
Health Insurance Deduction for Self-Employed
Don’t Miss the Health Insurance Deduction if You’re Self-Employed If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance
Maximize Medical Deductions
Medical costs seem to increase every year. There is a way to get Uncle Sam to foot some of the doctor bills, but you need to make sure you know and follow the rules. The Internal Revenue Service lets you
Employee Business Expenses
Employees often give a little extra in their jobs. If that giving is literal, you paid some work-related costs and weren’t reimbursed, so you may be able to turn your professional dedication into a tax break. Itemization required Many unreimbursed employee
Alimony and Taxes
When the end of matrimony leads to the start of alimony, each parting partner can feel the tax effects. If you are the ex-spouse getting alimony payments, the money is taxable to you as income in the year it is received. This