The IRS Deductions Blog

Archive for May, 2008

Question: why is the rental of fine art tax deductible?

Answer: Every expense that is justified for needs of the company is tax deductible (there are exceptions), the leasing of art (if justified by the needs of the company) is no exception to it.

Note that art owned by a company does not allow to depreciate it, however the capital loss (or gains) on the selling of corporate owned art is tax deductible. (depreciation of art is “impossible” since art has no preset lifespan).

Items on Amazon Right Now for Tax Deductible Art:

Community Calendar of SWLA

JANUARY 8 •Frederic Remington Makes Tracks Opening Reception On Friday, January 8, from 6 p.m. to 9 p.m., at the Historic 1911 City Hall Arts & Cultural Center, 1001 Ryan Street in Lake Charles, an Opening Reception will be held for ‘Frederic Remington Makes Tracks…Adventures and Artistic Impressions’ exhibition.

The 2009 Puppy & Kitten Art Show and Open House

Items on Amazon Right Now for Aggregate Deductible Health Insurance:

Vanguard Announces Tender Offers and Consent Solicitations

NASHVILLE, TN–(Marketwire – January 14, 2010) – Vanguard Health Systems, Inc. (“Vanguard”) announced today that its wholly-owned subsidiaries Vanguard Health Holding Company II, LLC (“VHS Holdco II”) and Vanguard Health Holding Company I, LLC (“VHS Holdco I”) have commenced cash tender offers (the “Offers”) and consent solicitations (the “Consent Solicitations”) for (i) any and all of the $575 …

Question: How to calculate estimated taxes for 2009?

I am trying to fill out form 1040 ES to calculate my estimate taxes for 2009 to make 4 payments furing 2009. but I can not understand how to fill the form up! in 2008 (self employee) I made income 13260.00 one half self employee tax $936. 2 exceptions (married filling jointly) and standard deduction. please! i need to calculate my estimated tax for2009 help

Answer: It depends on your expenses. I tell my clients that a good general rule is to pay in 25% of your GROSS earnings before any expenses. That should come very close to covering your Fed bill. But, as I mentioned, it will depend on how much you have for expenses.

Items on Amazon Right Now for Standard Deduction Married 2009:

State Tax Returns Done and Ready to File for Many Californians

SACRAMENTO, Calif.—-The Franchise Tax Board today announced that many of the state’s taxpayers may have a completed tax return ready for review and to file—all for free.

Question: Tax Deductions & Wedding Ring?

If I were to donate a wedding ring to goodwill (or something similar) would it be tax deductible based off the original purchase price, the current appraised value, or the value they are able to auction the item for? Also does anyone know of any good sites/companies that deal with jewelry donations?
I still have the original purchase receipt and can get an appraisal for current value.

Answer: It would be tax deductible(get a receipt from Goodwill when you donate it).

If it has “high value,” you may need an appraisal to support the deductions. Otherwise, it would go by “thrift value,” the value a similar item is sold for in Goodwill.

Items on Amazon Right Now for Tax Deduction Donation Values:

Grass Roots: How to decide where to send those year-end charitable dollars?

There’s a couple of days left before the end of the year, and you’re thinking about making a donation now to net a tax deduction along with the after glow of generosity. How to tell where to send your hard-earned money?

Personal Financial Planning Tips : How to Determine Fair Market Value of a Charitable Donation

Question: In Canada is psychotherapy tax deductible?

If yes, Does it need to be provided by psychologist or psychiatrist? Does it need to be prescribed by doctor to be deductible?

Answer: Services provided by a medical practitioner are medical expenses includable on line 330.

“Medical practitioner” includes the following, as per the link below:

(viii) a psychoanalyst who is a member of the Canadian Institute of Psychoanalysis or a member of the Quebec Association of Jungian Psychoanalysts;

(ix) a psychologist;

and of course any MD, meaning a psychiatrist.

No prescription/referral is necessary for the above services.

Items on Amazon Right Now for Tax Deductible Canada:

Dave Henderson: Seneca White Deer, Inc., seeking to expand in 2010

Three autumns of sold-out buses at the Seneca Depot have convinced Seneca White Deer Inc., that eco-tourism is a viable application for the defunct military installation, and that it’s time to expand.

Tax Deductible Mortgage Plan – Advanced