The IRS Deductions Blog

Posts Tagged ‘deductions’

Question: income tax deduction question for married business people?

It’s common for business owners to deduct certain expenses such as car mileage etc. Can the business owner still claim the deduction if some of the mileage was driven on his or her spouse’s car (for instance because the main “business car” was stuck in the shop waiting for a part for a few weeks, the business had to be run on the family car for a while). Thanks
Assume there is full documentation for everything. I’m just trying to determine whether the technicality of whose name is on the car title (business-owner or spouse) matters at all.

Answer: You may use the mileage method for any car that you own. If the car is leased (a regular lease, not a purchase lease) or if you use a rental car (from Avis, Hertz, etc.) then you can only use the actual cost.

I hope this helps.
Gary

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It’s New To Us: Playboy Bunny Manual, Circa 1968

            Playboy founder Hugh Hefner might be pining for simpler times today. If that’s the case, we might suggest he flip through this Playboy Bunny Manual from 1968, posted to ExPlayboyBunnies.com . [ more › ]

What Are Energy Tax Credits? – TurboTax Video 2010

Question: stomache pain, what could it be?

This morning I woke up with really bad pain on my lower right Stomache area. As the day went on it lightened up a bit, but still hurts but i move certain ways, sit down, get up, etc. I looked online at WebMd.com and it said it could be due to Apendicitis and that I should go to the emergency room. When I told my mom, she said don’t go to the emergency room because it’s a 250 deductible, and that if I had apendicitis i wouldn’t be able to walk. Is it possible it could be related to a muscle strain or something else that could cause similar symptoms? it hurts when you press it, but i can walk lol. My mom isn’t a doctor, just a business woman so i dont know what to do. i’m 21 but still under her insurance. What could it be? should i sit it through and see what happens like she says?

Answer: I wouldn’t sit it through. I had my appendix rupture, and it is not fun. I was in the hospital for three-weeks because the infection from my burst appendix had gotten into my body. Do you have a personal physician, clinic, or school nurse you can go to? That should be less than $250. You might also have an inguinal hernia. I know times are hard; but I can’t believe your mother would put $250 before your health. I spent more than that on my dog’s health this week.

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Consumers hope new law will provide cheaper health insurance

Georgia insurers will soon be able to offer stripped-down health insurance policies to people who don’t get coverage at work, under a new state law authorizing the sale of health plans approved by other states.

Harry Baals Wins Online Poll In IN

Question: Property Tax Deduction for Non-Itemized 2008 Return?

I’ve read that on my 2008 tax return, I can claim the lower of: The amount of property taxes we paid, or $1,000 (for married filing jointly).

My questions is, where do I enter this credit on my 1040 form? (What box number?)

I’m not itemizing our deductions. I actually did a Schedule A, but the standard deduction came out to be more for us, even with over $10,000 in medical/dental expenses last year!

I’ve searched Google, but can’t seem to find an answer to this question anywhere.

Any help you have would be greatly appreciated!

Thank you,

Answer: On Form 1040, it’s box 39c and line 40. On Form 1040A, it’s box 23c and line 24. You can’t use 1040EZ or 1040-NR. See pages 34-35 in Form 1040 Instructions and the worksheet (pages 32-33 in Form 1040A instructions).

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Leon’s Furniture Limited – 2011 FIRST QUARTER

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Senate Session 2011-04-12 (09:59:57-11:03:24)

Question: what are Legal Tax Deductions concerning charities?

Answer: Donations of cash or the value of stuff (Goodwill) is deductible. Expense associated with volunteering for a charity, such as mileage and meals, are also deductible. Check the IRS web site for approved charities and restriction.

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VP Biden Skimps On Charity, While His Boss Gives Big

Federal income tax returns released today by President Barack Obama and Vice President Joe Biden show that the VP continues to be chintzy with his charitable contributions, a characteristic that was also noted when he ran for national office.

HR 4462 Haiti Charitable Deduction Bill: Rep. Charles Rangel

Question: I bought a home in May and was wondering what items off the closing statement are deductible?

Pretty much was wondering what I can deduct on top of the interest I paid monthly and the PMI

Answer: Very very little.

1) Points and Loan Origination Fees (if any) paid at closing.
2) Property Taxes

Besides interest and PMI, that is it.

Note: If you qualify, don’t forget about the first time home buyer’s credit.

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Welcome Home: Tips for first-time home buyers

Renting comes with benefits but if you’re looking to say goodbye to your landlord and have your own white picket fence, there are ways to educate yourself to make the process of buying easier, as outlined in a recent class

PMI, Yes you Can Deduct!!!