The IRS Deductions Blog

Question: Are gambling debts ever deductible?

I know you can deduct various investment losses, but was wondering if it was possible with proff in the case of gambling

Answer: Gambling losses can only be deducted up to the amount of any gambling winnings. To claim the deduction you would have to Itemize your deductions on the Schedule A. The schedule A is for deduction home mortgage interest etc. You want to compare the Itemized Deductions to the standard deduction to see which would allow you to deduct the most.
For more information call the IRS at 1-800-829-1040

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Download this free guide which shows how to manage a budget. (PDF – 548KB) More>>

Question: Taxes: Day camp summer 2008 deductible?

It was my understanding from researching on the internet that day camp expenses are deductible. Last year my daughter attended a day camp through our local park district during the day when I worked. They will not give me their Fed Tax ID number, and are telling me that it is a summer program, not childcare, and they are not a licensed childcare provider. (Neither are half the poeple that are paid for watching children, so I really don’t think that comes into play here.) I am in Illinois.
This is from IRS Publication 503: “The cost of sending your child to a cay cam mpay be a work related expense even if the camp specializes in a particular activity such as computers or soccer”. It doesn’t elaborate any further on that, which is where I am looking for some guidance.
The rest of the year she is in school during most of the day and then in an after care program at her school.

Answer: If the purpose of the day camp is to educate or entertain your child it would not be deductible. As you point out Day Camp may be considered child care. However Pub. 503 also says that a care facility that cares for greater than six children must be licensed (meet all state requirements). The problem is that you will be burdened with meeting all of the other requirements for child care. Since you will need to file a paper return due to the refusal of the care provider giving you a TID #. I would be prepared to explain what you do with the children at other times.

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It’s time to take the plunge at Polar Bear Dip

We’re here for a good time, not a long time, said the executive director of the Ness Lake Bible Camp, about the ninth annual Polar Bear Dip held Friday at Ness Lake.”This is not an endurance swim, that’s why it’s called a dip,” said Paul Bailey. The New Year’s day event takes place between 2:33 and 2:37 p.m.”And don’t think you need to dress up like a knight in shining armour, either, choose …

Harmon Field Summer Camp 2009

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Stimulus Act eases taxes for individuals, small businesses.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on April 1, 2009. The length of the article is 1973 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Stimulus Act eases taxes …

Converting traditional IRAs to Roth IRAs in 2009.(individual retirement accounts): An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on December 1, 2009. The length of the article is 1717 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Converting traditional IRAs t…

Window of opportunity in 2010 for tax credit

Fretting because you didn’t replace those leaky windows in 2009 and take advantage of the federal government’s $1,500 energy tax credit offer? Relax, you have another 12 months. Same deal. Same credit.

How do Tax Deductions Work for 2009, 2010.mov

Handheld gaming consoles are no longer for the 14 & under demographic. Sony has revolutionized that way that we think of video game consoles with the introduction of PSP 3000, the latest release of one the most popular handheld gaming consoles on the market today.

Design

When you think of handheld gaming consoles the image that may immediately come to mind is one of a teenager, who although should be doing his home, has his eyes glued to the screen yelling at his player who is losing the race. Surely this would steer you away from purchasing this device, especially if you hope to hang on to your adult persona, however, Sony’s newest release of the PSP has won over even some of the most uptight adults.

The newest release, PSP 3000, boasts a sleek, black and chrome appearance that almost resembles a miniature DVD player rather than a high-tech, all-in-one gaming console. PSP 3000 is a savvy combination of technology that meets high-tech design. Gone are the flashy colored buttons and lines that reek of “childhood,” and in its place are a new set of black on black buttons which might even confuse even the most avid gamer.

Bigger is always better, and when it comes to the Sony PSP 3000, expect no less. PSP 3000’s screen is now capable of displaying 16 million colors at a 480X272 pixel resolution. On a screen that weighs in at 16:9 wide, that’s quite an accomplishment, especially if you desire a high resolution device that is compact in size.

Functionality

So why are so many adults purchasing a PSP 3000 for themselves as well as the kids? Simply put, PSP 3000 is more than a gaming console. With the ability to stream video, access the Internet, playback music and videos, and store images, amongst a host of other features, PSP 3000 shows adults that it is a force to be reckoned with.

As more and more individuals are catching on to the increased functionality, it’s no wonder that it is becoming the popular choice for gaming and entertainment needs.

Don’t rule the PSP 3000 out just yet because your neighbor’s son has the same exact one. Instead, consider Sony’s PSP 3000 as the ultimate connectivity device which boasts features that you would need 2 or 3 other electronic devices to accomplish. If you want a gaming console that you can sit through your long commute on the train with while enjoying a game of Tiger Woods PGA Tour, or the latest news, PSP 3000 is the choice for you.

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Businesses question insurance tax credits

California small-business owners expected to be early beneficiaries of health reform, with billions of dollars in federal tax relief flowing this month to help them purchase medical coverage for their employees.

Question: What are the statistical averages in regards to deductions made on your tax return?

I work in a business that requires me to travel about twice a week. Also, Does dry cleaning work clothes qualify as a deduction? I make about 52,000 a year and would like to get as much possible without being triggered for an audit. I have no receipts to back myself up.

Answer: Dry cleaning is not deductible for ordinary street clothes. If you do not have a mileage log, IRS will allow you nothing. You should try to reconstruct as many of your expenses as possible and keep good records in 2008.

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Urban Affairs: County considering shuttle as commute option; deadline today for early deduction on tax bill.

County considering shuttle for employees

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