The IRS Deductions Blog

Posts Tagged ‘deductions’

Question: This group should not receive tax-deductible donations – whom do I contact about this?

I just got a questionnaire from a CLEARLY partisan political group. They said that donations to this group are tax-deductible, but I thought that donations to partisan political organizations were not eligible for this kind of treatment. Am I wrong about this? Whom can I contact to report them?

Answer: File a form 3949-A http://www.irs.gov/pub/irs-pdf/f3949a.pdf with the IRS and attach a copy of the suspect questionnaire.

Items on Amazon Right Now for Deductible Donations:

Ceremonies and Celebrations Seeks Donations

Barbara Butler, Westport’s director of the Department of Human Services, announced today that the “Ceremonies and Celebrations” division of the Families in Need program is currently accepting donations for students in need of new clothing for their middle and high school graduations.

Renaissance High School Fundraiser

Question: Tax deduction on a rental property that is still being rehabbed.?

I bought a property in 2006 that needed extensive rehab. The rehab is still in progress and the property is not yet available for rental. Meanwhile I am paying mortgage interest. Is the interest tax deductable even though the property is not yet rented? Or should i capitalize once it is rented in 2007? I would really like to deduct it in 2006. Can i deduct it as interest on building a second home and convert to rental once it is completed?

Answer: You can deduct the interest for 2006 whether its rented or not.

Items on Amazon Right Now for Rental Tax Deductions:

IRS Tax Tips for the 2010 filing season

Five Tips for Great Record-Keeping

Episode 131 – Tax deductions on rental properties

Question: I am self employed what expenses are totally tax deductible….?

I am self employed what expenses are totally tax deductible….?

Answer: There are many things that are tax deductible, however to list them all here is near enough impossible (without being overwhelmed).

For the basics, you can check the BusinessLink and HMRC websites that provide general help with regards to what you can claim and what you can’t. But, for a rule of thumb, you can only claim expenses that are incurred wholely and expressively in the undertaking of your work (excluding travel between home and any off-site work as that is deemed a normal commute).

Items on Amazon Right Now for Books Tax Deductible:

Tax help today: Scholarships, stock options, and a lawsuit settlement

Members of the American Institute of Certified Public Accountants are answering your tax questions at USATODAY.com through April 15.

USO Books Eagle Project

Items on Amazon Right Now for Intuit Tax Deductions:

Five Top Tax Season Questions

A tax pro answers questions she hears most often and quashes some myths.

turbotax Searches Over 350 Tax Deductions

Question: Executive apartment: tax deductible?

I own a small business in New York City. We are incorporated as an LLC. My partner commutes into the city and wants the company to pay for an apartment in the city for him to stay in during the week. Is this a deductible expense for the business? Is it considered personal income for him?

Answer: no this is not an ordinary business expense.

Items on Amazon Right Now for Deductible Expenses Personal:

New Ways to Save on Your Taxes

Do Your Own Taxes or Hire a Pro? (CBS) April 15 isn’t far off, but it’s never too early to start thinking about taxes. So, money maven Ray Martin filled in “Early Show Saturday Edition” viewers on …

Deducting Business Expenses Explained By New York Accounting & CPA Tax Firm