The IRS Deductions Blog

Posts Tagged ‘business’

Items on Amazon Right Now for Car Insurance Deductible Calculator:

Insuring the rich and famous

Take a behind-the-scenes look at what it takes to protect celebrities and the super-rich.

Question: Why do Republicans want to give health care to pets but not humans?

Even as his party blocks Democratic attempts to expand health insurance for humans, a Republican congressman is trying to round up support for a bill that would provide a $3,500 annual tax deduction for Americans to pay for the medical care of their pets.
Rep. Thaddeus McCotter (R-Mich.) sent out a “Dear Colleague” letter on Tuesday asking fellow members to co-sponsor his Humanity and Pets Partnered Through the Years (HAPPY) Act, despite the upsurge in concern over the rising cost of health care coverage for actual humans.

http://www.huffingtonpost.com/2009/09/23/house-goper-seeks-co-spon_n_296670.html

Answer: Evidence of their mentality. Insure cars and pets, but people, oh they don’t matter apparently? Where is the logic there? Man I’m glad I live in a country where health care is something most people support and appreciate.

Items on Amazon Right Now for Pet Tax Deduction Bill:

Don’t you dare deduct these expenses!

Steer clear of certain deductions or risk the ire of the IRS. But note these exceptions.

Question: What is considered taxable income according to the tax bracket?

Is your tax bracket considered after deductions or before? For instance, say a grossed $50k and had $10k in expenses. Would my income for the tax bracket percent be $50k or $40k?

Answer: Your tax bracket is based on your taxable income, which is after deductions and exemptions.

Items on Amazon Right Now for Tax Deduction Brackets:

ZERO BRACKET AMOUNT: An entry from Thomson Gale’s West’s Encyclopedia of American Law $0.95 “West’s Encyclopedia of American Law” is 13 volumes and 5,000 entries of comprehensive information on the fascinating American Legal System and its components. Covering historical and current terms, concepts, events, movements, cases, and persons significant to U.S law, West’s has been written, updated, and reviewed by lawyers and professors with the everyday user in mind. Everyone from the…

To amend the Internal Revenue Code of 1986 to modify the tax brackets, eliminate the marriage penalty, allow individuals a deduction for amounts paid … limits for individual retirement plans. $9.84 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

No capital gains taxes due for some investors

Some taxpayers won’t pay any capital gains tax. Find out if you are eligible for this break.

Individual Tax Deduction Online Tips for 2010, 2011

Question: When I can already itemize my medical expenses as deductions, how does McCain’s plan really benefit anyone?

Besides…if you ca’t afford to pay fopr your insurance up front, you don’t get a credit? Sounds like a big NOTHING to me!

Answer: You can itemize, but you will only be able to deduct the amount that exceeds 7.5% of your income. So if you made $100,000.00, and had $10,000.00 in medical expenses, you would be able to deduct only $2,500.00. That then gets multiplied by your tax bracket (so lets say it’s 28%, Your tax benefit of the 10k in medical expenses would be $700.00 in this case. McCain wants to change that, and actually give everyone a tax credit of 5,000.00 if I’m not mistaken.

Items on Amazon Right Now for Itemized Deductions Medical Expenses:

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2011: Your Complete Guide to Everything Deductible $14.96 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2011 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2010: Your Complete Guide to Everything Deductible $4.99 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2010 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

Taking Advantage of Miscellaneous Deductions

These catch-all expenses offer another way to cut your tax bill, but only if you have enough of them.

How To Do Your Own Taxes Guide

Question: Had to recharacterize Roth contributions to Traditional IRA… now back to Roth in 2010?

In 2009 my husband and I each contributed $5000 to our Roth IRAs. We are a good 30 years from retirement. When we got our tax returns in order a couple of months ago we realized we had exceeded the limit for Roth and we had to recharacterize these contributions into Traditional IRAs. Now that 2010 is here and there is no income limit for rollovers, would we have to pay taxes on the rollover even though the contributions were already taxed in 2009?

A related question: If we were to contribute another $5k each for 2010 to the Traditional IRAs could we rollover this to the IRAs by the end of FY2010? In other words, is it possible to add the 2010 funds and then rollover? We are above the deductible income limit – so what taxes would then have to be paid in this scenario?

Answer: You are misusing the term “rollover.” If you are above the deductible income limit for traditional IRAs, it makes no sense to contribute to them – especially since you are 30 years away from retirement. Make your 2010 contributions directly into the Roth IRA(s) instead.

If you want to convert the traditional IRAs to Roths, 2010 is the year to do so because you can spread the tax bite out over two years.

Items on Amazon Right Now for Deductible Ira Limits 2009:

Not too early to think about 2011 taxes

The Bush-era tax cuts have been extended, the alternative minimum tax is patched and capital gains rates are set.