The IRS Deductions Blog

Posts Tagged ‘business’

Question: Personal Income Tax: Can you deduct bad debt from rental income?

I have used the accrual method in reporting rental income and expenses. That is, I report rental income when earned (not when I collect) and expenses when incurred (not when paid).

Answer: Yes you can deduct this from rental income. You don’t have to pay taxes on expected income only on what you actually brought in. An adjusting entry on your ledger should reflect the bad debts (uncollected) and lower your rental income.

Items on Amazon Right Now for Deductible Personal Expenses:

Candidates for governor eye benefit costs, ta

MONTGOMERY — The two candidates for governor of Alabama agree on one economic issue: The number of years that new state employees must work before drawing full retirement benefits may need to be extended.

Health & Renter’s Insurance : About Very High Deductible Health Insurance

Question: a tax filing question?

I am filing married this year-should I file jointly or separately since my spouse is in the military and I was in college and we lived apart the entire year? Also, so far on turbo tax it is telling me I get no state refunds and a very low federal–is this correct and is it because I am now married whereas before I always got a higher federal refund and state refunds?? How come it will not let me enter in educational deductions just because I am married filing seperately?

Answer: You will almost always pay less tax by filing a joint return with your husband. You do NOT need to live together to file a joint return.

If you file separate returns, not only are the tax rates higher but you lose out on many deductions and credits that you would qualify for it you file a joint return. Turbo Tax (or any other tax prep software) won’t allow you to claim any of those on separate returns. Earned Income Tax Credit, educational credits and deductions, Child Tax Credit and the Additional Child Tax Credit are all lost when you file separate returns.

Married taxpayers filing separate returns pay the highest taxes, higher than Single taxpayers even. That’s why your refund is smaller if you file separately than if you were still Single.

Items on Amazon Right Now for Educational Tax Deductions:

Women are still paid less than men in state, nation – From the Poughkeepsie Journal

Last year, the gender wage gap was slightly better for women in New York state compared to national averages, according to a recent report from the U.S. Bureau of Labor Statistics.

Recovery: Education Tax Credit-Claim It-Students – Jan 2010

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

Question: Why are republicans claiming illegal Tax Deductions on the ad that says “obama socialist”?

u see the ad.

Answer: Do you have a head injury?

Items on Amazon Right Now for Political Tax Deductions:

Measuring ‘best place on earth’

Is B.C. really the “best place on earth” as Premier Gordon Campbell insists? Well, judging from his own advisory panel that charts this province’s performance when it comes to all things economic, social, environment and health, the answer is a decidedly mixed one.

Tips for Filing Taxes : Tax Tips for Political Contributions

Question: I need to amend my 2009 taxes to claim the first time home buyer tax credit.?

Can I send in my Form 1040ez (filled with HR Block Software), Form 1040x, Form 5405, and my HUD-1? I read somewhere that you cannot claim the FTHB credit with a 1040ez but I didn’t know if that was referring only to an initial refund and not an amended refund.

Answer: 1040 X and it will be manual since you need to send background documents with it
if you already filed a 1040EZ you don’t need to send another one, do not, ever send a return you already filed, the only way is by 1040X

Items on Amazon Right Now for Hr Block Software:

Fashion Q & A

Hunter Beaton, Law Student Glasses: Dolce and Gabbana, $600 Shirt: United Colors of Benetton, $125 Pants: J.

News Update: H&R Block (NYSE:HRB) Tax Season Results Improve, Still Disappointing