The IRS Deductions Blog

Archive for May, 2010

Items on Amazon Right Now for 2010 High Deductible Health Plan Limits:

Labour and Employment

On May 4, 2010, the Department of Health and Human Services (HHS) issued an Interim Final Rule establishing the temporary early retiree reinsurance program under the Patient Protection and Affordable Care Act (PPACA) signed into law on March 23, 2010.

Health Reform and Insurance Industry Oversight (04/30/2010 Web chat)

Items on Amazon Right Now for Valuation Fee Deductible:

SCBT Financial Corp. Reports Operating Results (10-Q)

By 10qk. SCBT Financial Corp. ( SCBT ) filed Quarterly Report for the period ended 2010-03-31. Read more » »

Question: Mileage Deductions for Contact work?

this summer I installed water meters for a city,I used my vehicle and tools,I was paid by the meter, and will be receiving a 1099.I’ve been trying to figure out whether or not my drive from home to the job sites is considered a commute.I worked all around the county but didn’t keep a record or log but I know the distance from my home to the different towns i worked in.Couldn’t i just estimate mileage of my round trip travel and deduct it?I’m really only worried about having to pay federal and state tax.I assume i will not get a refund.

Answer: The miles from your home to your first jobsite, and your last jobsite back home, are non-deductible commuting. The miles from site to site are business miles and are deductible. But if you didn’t keep a log, you aren’t allowed to take a deduction for mileage.

Items on Amazon Right Now for Tax Deduction Tools:

SBP to regulate shareholdings in banking companies: Senate body approves proposed amendments to BCO

ISLAMABAD (May 07 2010): The SBP is being given additional powers to regulate shareholders of banking companies. Hith-erto, the central bank could only regulate the management of these institutions.

Tax Reduction

Question: Job Related Move Tax Deduction?

Has anyone claimed this deduction under the 50 mile limitation? Were you audited?

Answer: Read the section where you sign your return. It says “under penalty of perjury, I declare that I have examined this return and accompanying schedules…they are true, correct and complete.” People do lie on their tax returns. It’s a crime, but that doesn’t bother everyone. Some of them get away with it, some don’t. Your call…….

The year I deducted moving expenses, I was audited because of the moving expenses. I ended up not owing anything, even got a small (around $50) additional refund – but my move was a legal deduction under the law.

Items on Amazon Right Now for Tax Deduction Limitations:

Employer mistakes can be costly for tax preparer

By Edward J. Loughrey Let’s assume that the employer hires workers and actually pays with checks and then records and deducts these payments. He knows that they will only be needed for afew months and wants to save some money on payroll taxes. So he lists them as independent contractors (ICs) and does not take any payroll taxes from these payments.

Can I Deduct New Windows For My Home?

Items on Amazon Right Now for Non Embedded Deductible:

Davis + Henderson Reports First Quarter 2010 Results

Davis + Henderson today reported solid financial results for the three months ended March 31, 2010. These results reflect the inclusion of the operations of Resolve which was acquired on July 27, 2009 as well as the positive impact of a recovering economy in Canada.