The IRS Deductions Blog

Posts Tagged ‘refunds’

Question: Do sales Tax Deductions carryover to the next year?

My sales tax deductions exceed my AGI, can I carry the excess over to next year?

Answer: No.

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Map featuring this weekend’s yard sales

Earn a tax deduction and help change lives! Drop off any of your gently used items at our area Triad Goodwill locations or schedule a pickup for large items.

New Car Buyer’s Deduction

Question: Can I claim a deduction for foreign dependents on tax return?

I am a foreigner working in the US. I file the resident 1040 tax return. I support my parents abroad. Can I claim tax deduction on my tax return? If so how?

Answer: I find it fascinating that every time I’m asked this question, the person asking is from India and working in the US on an H1B visa. I realize there are a LOT of Indians working in the US, but I never seem to get the question from other Asians. It’s like a bad rumor that spread through out only the Indian community

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Johnson, Hall to seek re-election

U.S. Congressmen Sam Johnson and Ralph Hall have filed official paperwork in Austin to run for re-election to represent Allen and the Third and Fourth Congressional Districts, respectively.

Tax Deduction Tips for Businesses : Per Diem Tax Tips

Distance learning is a highly popular method of advancing one’s education. The primary reason is that it provides a great deal of flexibility in completing course requirements. This means that one can pursue a new career while maintaining current employment or attending to family responsibilities.

There are a number of income tax preparation courses offered online. Which one you choose will depend on costs and what you plan to do with the certificate. If you seek to enroll in a program solely to have the ability to complete your own tax returns, you may be able to locate free online courses. If however, you wish to work for a tax preparation firm or open a solo-based practice, both the breadth of topics covered and cost will be important areas for you to consider. In this latter case it will be best to stay away from any free programs as they will likely not offer all the topical areas necessary to sufficiently prepare you for entry into the field.

The process of enrollment in a program is fairly simple. Once you identify a program in which you have an interest, simply send for an informational brochure which outlines course requirements. There are three distance learning programs: private tax preparation schools, continuing education departments of local colleges, as well as tax preparation firms which offer coursework online. In all cases be sure to perform sufficient due diligence so that you can be comfortable that the program you choose is reliable and in good standing. In this regard you can ask about their graduation requirements, placement statistics, and also read the faculty biographies to determine the level of experience of those teaching the curriculum.

To enroll in a certificate tax preparation course, whether online or classroom-based, you will need to have a GED or High School diploma. While knowledge of advanced accounting and finance principles is not required, you should be comfortable with basic arithmetic, using a calculator and computer software programs as many returns are now prepared in this way.

In general, the course work can be intense as there are many tax regulations and filing requirements with which you must become familiar. You will need to structure your time in such a way as to permit you to move through the curriculum in a consistent manner so as not to lose the thread of the material. However, if you prefer to learn at your own pace rather than be restricted to a given ten week time period, it would be a good idea to research those programs which offer a more flexible structure with open-ended completion dates.

Before enrolling in any course it may also be a good idea to peruse the text of one or two courses at a college bookstore. Browse through the table of contents and subheadings of each chapter to see if this is material with which you feel you feel comfortable and able to succeed.

Additional educational options include pursuing a degree in accounting or finance at a regionally accredited college to advance your career into that of a tax advisor or tax manager. The responsibilities of these positions entail the completion of highly complicated tax returns, as well as advising clients and businesses on new tax laws.

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Crunch Time for Tax Deductions

MASON CITY, IA – It may have looked quiet at Kevin Dolpin’s Mason City office on Monday afternoon, but like most certified public accountants, Dolphin’s getting ready for tax season, and he says you should be doing the same.

Tax Deduction Tips & Advice : How to Take Tax Deductions for Charitable Giving

Question: tax deduction?

i have a job that requires me to work from home, the company has asked if i have a phoneline, etc, which i had to get installed amongst other things for them. if the phone line is for business use only.. can i write this off all year as well as my Broadband, etc. what can i write off for 2008?

Answer: It’s not just business phone lines and Internet access. Under certain conditions, you can take a deduction for a home office if your employer requires you to work from home. However, you have to use a particular area of your home exclusively for business. Go to www.irs.gov and download Publication 587 for all of the requirements.

By the way, most companies that require you to work from home will pay for a business line and broadband access if they require you to have it. I’ve never had an employer ask me to pay for these. If they are reimbursing you, then the cost is not deductible. If they’re not reimbursing you, I would ask for it.

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The UMCOR Hotline for January 5, 2010

United Methodist Committee on Relief (UMCOR) – USA In Today’s Hotline: Read how UMCOR is responding to needs around the world: VIETNAM: TYPHOON AND FLOOD RELIEF UMCOR: HAPPY BIRTHDAY UMCOR! US: …

The Extended Home Buyer Tax Credit | WAHomeowners.com