Archive for February, 2010
Tax Deductible Items
February 2nd, 2010
Question: Name items which are tax deductible?
Answer: This sums it up quicker than I could type it…….
Items on Amazon Right Now for Tax Deductible Items:
Take a break: Don’t miss out on tax credits and deductions this year
“I feel like a kid in a candy store,” says the man in an IRS radio spot. Only in the febrile imaginations of tax officials could filing a 1040 prompt such glee.
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My Deductible
February 2nd, 2010
Question: How do I become a tax-deductible charity?
I want to raise some money to go over to India to carry out some health care work, but I need to raise some money to get there.
Is there a way I can become a tax-deductible charity so people who give money at my fundraising events can get some of it back?
Answer: No. A charity can’t be set up to benefit one person — you — no matter how nice your intentions.
Buy a copy of “How to Live Your Dream of Volunteering Overseas” — it has a lot of advice on fundraising for these types of individual “missions.” Also look through the resolved questions of Yahoo, as questions about fundraising for these kinds of trips have been asked, and answered, oh-so-many times.
Items on Amazon Right Now for My Deductible:
Weird, but this time, no shots directed at Kobe Bryant
Ordinarily, it would take someone pointing a gun at my head to defend Kobe Bryant , and while there are apparently a number of NBA players equipped to do so, let me try to explain why I’m suddenly in Kobe’s corner.
141 Musecast – April 15, 2008 ~ Deductible!
Tax Deductible Daycare
February 1st, 2010
Question: I pay a neighbor to watch my son a few days a week while I’m at work. Is this tax deductible/creditable?
The woman who watches my son is just a stay-at-home mom…not an official daycare center. I can’t form a conclusion as to whether this is a tax deductible/creditable expense. I’m sure that for regular daycare centers (such as Kinder-Care) this is allowed, but I’m unsure of the rule when paying an individual. Thanks!
Answer: Of course it’s eligible to be used on the form 2441 (child care credit).
Give her a form W-10 and ask her to fill it in.
Also mention to her that your records show that you paid her $x.
She in turn is REQUIRED to report the income on her tax return, whether she’s licensed or not.
PS, you are not a trade or business. *YOU* do not issue a 1099-Misc. Since it was at her house, not yours, you also do not issue a W-2.
Items on Amazon Right Now for Tax Deductible Daycare:
Excess Snow Days Challenging for Working Parents
All of the extra snow days are starting to become a concern for some parents. Some working parents are going to extremes to make sure their children receive care.
Volunteer Abroad Tanzania Arusha Dar Es Salaam Child Care Assistance Orphanage Opportunities
Office Tax Deduction
February 1st, 2010
Question: Income Tax Question; Home Office Deduction how do I compute land value if all I know is home value?
Answer: i’m assuming you’re using turbotax or some other software and it’s asking you for it…generally the value of a home includes the land which is not depreciable…so if you think your home is worth 200,000 that includes the value of the land…are there any new housing additions in your area? if so, call a realtor and ask what lots about the same size as yours are going for…then subtract that from what you think your house is worth…the result is the depreciable amount that you can use in the home office deduction.
Items on Amazon Right Now for Office Tax Deduction:
‘E-file’ help available from the IRS
Hard to believe, but we’re already in the second month of 2010. And, yes, tax time — April 15 — is approaching.In former times, preparing taxes was a gargantuan task — tables strewn with paper, files spread across the floor, boxes of receipts, hours passing while order slowly
Home Business Tax Deductions (50% Deductible Expenses)