The IRS Deductions Blog

Posts Tagged ‘finance’

Question: temp work location,home on weekend.Tax deduction=airfare or limited to lodging and meals amount?

If I fly home on weekends off from a temp work location away from my tax home, can I deduct the airfare? Do I need to limit the deductions to the amount I would have spent on meals and lodging if I had stayed at the temp site? I get conflicting answers to this question.

Answer: Surprisingly yes. Go to the middle of page 4 to see in official IRS publication:

http://www.irs.gov/pub/irs-pdf/p463.pdf

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Landlord tax deductions, for beginners

There are significant tax advantages for a landlord. In contrast, single family and condo homeowners who are not landlords can…

Home Business Tax Deductions (Home Office Deductions)

Question: IRS Deductions on Lottery Sale?

Someone told my grandmother that collect all her lottery sale and or purchase she had made. So, she can place them on filing of income tax. She has over thousands and thousand piled up somewhere. Is purchasing lottery sale can it be use to gain an better refund? Our state is South Carolina. I always file her & my taxes online. Our average of gross income each is around less than $30,000. So, I am not sure how it goes. Or how much if affect our refund if we do save the lottery sales. I am new to this.

Answer: IF you itemize and IF you show gambling winnings on your return, you can deduct gambling losses for that year up to the amount of your reported winnings, if you have the required documentation. If you don’t have gamling winnings on your return that year, or if you don’t itemize, there’s no deduction.

BUT – a bunch of losing tickets are not what’s needed. The IRS is as aware as anyone else that you can collect them from your friends or out of wastebaskets or off the floor at lottery outlets. To deduct gambling losses, you have to have a log of ALL of your gambling activity for the year, containing various required info.

So tell grandma she might as well toss any from earlier years, and if she isn’t keeping the required log, toss this year’s also.

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Facade Easement Deduction Allowed

??COMM. v. SIMMONS, Cite as 107 AFTR 2d 2011-XXXX I once asked one of my clients what it really mean

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Question: what’s the maximum amount for each itemized deduction on federal tax return? Where can I find this information

For example, What are the amounts I can deduct for Dental, job search travel expenses, food, phone, fax, internet, charitable donations, etc…

Answer: There are no maximum amounts for most of them.

Charitable donations are limited to 50% of AGI. Any charitable donation that exceeds this can be carried over to future years.

Medical deductions must exceed 7.5% of AGI.

Casualty losses must exceed 10% of AGI + $100 for personal losses or 2% of AGI for business losses.

Meals are limited to 50% of amount spent for entertainment expenses.

Itemized Deductions can also be limited if your income exceeds certain levels. Most taxpayers don’t need to worry about that but if you’re in to 6-figure territory you need to be aware.

Phone, fax & internet are only deductible to the extent that they are business expenses. If they’re employee business expenses there’s a 2% AGI limitation. If they’re direct business expenses (Schedule C) there’s no limit.

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More Business Travel/Vacation Tax Treats

Following up on my suggestions for combining business travel and low cost vacation time, here are so

Can I get a tax deduction for the pro bono work I did for my church?

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+ SCF hosts Workforce Forum State College of Florida, Manatee-Sarasota hosted the Educating and Certifying Florida’s Manufacturing Workforce Forum June 16 at SCF’s Lakewood Ranch campus.

Question: What is HRA and is Deductible a part of HRA or a different entity?

I understand that HRA funds are contributed by Employer and funds can rollover Yearly.
What im confused is with the deductions part
How does the deductions from HRA start to take place??
What is deductible and when does it come into effect.Does it happen in PPO?

Answer: A deductible is a set dollar amount, that you have to accumulate in medical services in one year. Once you meet that dollar amount, your percentage based coverage starts to apply.

Most insurance companies will automatically take money from your HRA, and apply it to your yearly deductible. So, you don’t actually end up ‘paying’ all of your deductible… The money that comes from your HRA will need to be paid to the doctor/hospital for the service that applied towards your deductible. Meaning either you or the insurance company will need to pay it. You pay it with the funds rec’d from your HRA or your insurance pays directly to the provider. Usually you pay the amount yourself.

Most PPOs have a deductible. Yes.

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New school administrator contracts have changes

PORTSMOUTH — The school committee and district administrators’ contract negotiations ended last week with the sides agreeing to multiple changes.