The IRS Deductions Blog

Archive for August, 2010

Question: How do deductions work?

In the 2010 tax year I will be, for the first time ever, itemizing and not using standard deductions. I’m going to have many deductions, from moving expenses, to job finding expenses, to job-related depreciation expenses for cell phones and desks. I will also qualify for the first time home buyer’s tax credit. How do deductions affect tax obligation?

Answer: They reduce your taxable income. Whether itemizing will be more advantageous than claiming the standard deduction is an unknown until you “run the numbers” both ways.

Tax credits are a separate thing. A tax credit directly reduces your total tax owed.

Items on Amazon Right Now for Standard Deductions 2010:

Remedent Reports Fourth Quarter and Year End Results and Remedent to Host a Conference Call at 11:00 A.M. EST, Tuesday …

DUERLE, BELGIUM–(Marketwire – July 15, 2010) – Remedent, Inc. ( OTCBB : REMI ), an international company specializing in research, development, and manufacturing of oral care and cosmetic dentistry products, reported results for the final quarter and for the year ended March 31, 2010 (in US Dollars).

Standard Deduction 2010, 2011

Question: Can I receive Tax Deductions for contributing to a charity if I am claimed as a dependent?

My parents are claiming me as a dependent on their taxes. I made a monthly tax deductible cash contribution to a charity. I was wondering if I could itemize the deductions, or if my parents could since they claim me.

Answer: No, only one can take that deduction…………Jr..

Items on Amazon Right Now for Tax Deductible Contributions:

Vermont landscape auction links city and country

The first landscape auction in the United States will give people who value Vermont’s working landscape a chance to make a direct financial contribution to the farmers and foresters who keep the state green.

Tax Deduction Tips : Tax Deductions for Cash Contributions

Question: Wondering about deductions for personal vehicle usage?

I am employed as a pizza delivery driver and i use my personal vehicle. My employer doesn’t pay me for mileage, they do however provide insurance. I’m keeping track of my mileage, and expect it will exceed the 2% AGI minimum. What I’m wondering is, since I will be eligible for this deduction, should I also be keeping track of my parking meter/parking ticket costs for the course of the year and will they be deductible as well? Also what is the current rate for mileage?

Answer: dude…you better get your mileage reimbursed.

there is a 99.9% probability that you will not benefit from mileage deduction.

what is happening is you get paid then you get that pay to buy gas and fix the car..great deal for your boss, bad deal for you because you are really getting paid less then you thought.

tell him to at least pay for the gasoline too.

Items on Amazon Right Now for Deductible Mileage Rate:

Midyear Tax Check: Organize Now, Save Later

Don’t let tax season catch you off guard.

Are Home Improvements Tax Deductible 2010, 2011

Items on Amazon Right Now for Medicare Inpatient Deductible 2009:

Humana Reports Second Quarter 2010 Financial Results

LOUISVILLE, Ky.—-Humana Inc. today reported diluted earnings per common share for the quarter ended June 30, 2010 of $2.00, above management’s guidance of $1.65 to $1.70. The 2Q10 results compared to EPS of $1.67 for the quarter ended June 30, 2009 .

Prevent Medicare Fraud 299 Ring Scam.wmv