The IRS Deductions Blog

Posts Tagged ‘taxes’

Question: Can I claim a tax deduction for donating towards a graduate students tuition expenses?

I want to contribute toward the tuition of a graduate student who is unrelated to me. Is it possible for me to get a tax break of some kind?
Do they have to set up some sort of fund?

Answer: No, you would not get any tax break for that. If you wanted to set up a scholarship, then you would get a tax break, or if you were paying for yourself or for your spouse or a dependent then you would possibly get a tax break, but not for someone unrelated to you.

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The best part is, I get to write it off as a business expense. Card 5 x 7 inch premium quality folded paper greeting card. Find Humor cards for everyone on your list at Greeting Card Universe. Make the occasion a memorable one by sending a custom Humor card. Allow Greeting Card Universe to handle all your Humor card needs this year. This paper card includes the following themes: Accounting, taxes, and business expenses. General Humor cards from Greeting Card Unive…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

H&R Block At Home Premium + State 2011 Win [Download] $24.21 H&R Block At Home: Premium–Self-Employed/Rental Property Owners, Federal + State H&R Block At Home Premium is the right choice for those with more complex tax situations to easily complete their federal and state returns. It includes the H&R Block tax expertise you trust–plus H&R Block’s maximum refund guarantee. H&R Block At Home Premium includes everything you need to easily complete your fe…

TurboTax Home & Business Federal + e-File + State 2010 [Download] [OLD VERSION] $54.64 TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File. Everything you need to easily do your personal and business taxes. Guides you Step by Step through Self-Employment Income, Deductions, an…

Question: Basically here is the short list of my tax problems.?

I need to file the paper work for an LLC/sole proprietorship.
I need to file the paper work to declare the money I made ($9525) and I have about 2200 in deductions.

I also need to figure out something on my personal taxes:
I also have a letter from the IRS about a W2- I got on April 15th after I sent im my efile already. I never filed an amended return so they are counting the $158.xx of federal taxes not paid as income for this year.

Those are the issues I got. I know that my revenue is for now pretty low so I don’t have to worry about an instant IRS audit, but I don’t want to ever get one so I want to have someone file this right the first time, and I’m pretty sure that I’m not that person.

Basically, the issue is whether I should file this as personal income, or file as a business. Either way I file I dont know the forms to fill out and if I did them myself the danger is that I dont know enough to catch my own errors. Which is why I need someone to do em for me.

Answer: Best thing is talk to your CPA.That would give you a right advice.Different people have different opinion therefore you will be confused.You may think that out of different opinions which is the best.But opinions are free.CPA’s are not free they are professionals and know what they are talking about.ok

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Self-employed Tax Solutions: Quick, Simple, Money-Saving, Audit-Proof Tax and Recordkeeping Basics for the Independent Professional $16.99 A how-to book of practical know-how for the some 25 million Americans who are self-employed — about business deductions, easy recordkeeping, estimated taxes, pension plans — everything an independent professional needs to know about the tax consequences of his or her business. …

The New Tax Guide for Artists of Every Persuasion: Actors, Directors, Musicians, Singers, and Other Show Biz Folks $13.00 Peter Jason Riley is a CPA who for many years has practiced in the Boston area. His book opens with basic material that applies to everyone, offering a roadmap through today’s tax landscape and general discussions of different types of income, various kin…

TurboTax Home & Business Federal + e-File + State 2010 [Download] [OLD VERSION] $54.64 TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File. Everything you need to easily do your personal and business taxes. Guides you Step by Step through Self-Employment Income, Deductions, an…

Tax Tip: Fair Market Value of Charitable Donations

Question: Tax Deductions for a former RE agent?

I was a real estate agent at the beginning of the year of 2009, but unfortunately due to the slow market, I made no sales but racked up a ton of related bills. I understand that these things are tax deductible, but I made no income from my brief time there. Am I still eligible for any deductions seeing as how I made no income from the job and still had to pay bills and taxes, etc. Thanks in advance for any and all pertinent answers.
To clarify, I only started as an RE agent this year and since I made no headway I had no choice but to find a new job in order to recoup my losses incurred while being an RE agent.

Answer: If you had income last year from being an RE agent, the IRS is going to understand if you had no sales this year.

In fact, if you have substantial negative income, you may have a Net Operating Loss that you can carry back to prior years.

Items on Amazon Right Now for Sales Tax Deduction 2009:

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TurboTax Home & Business Federal + E-file + State 2011 $70.09 This tax software features the EasyStep® Interview for a step by step guide to efficient calculations in deductions, investment sales history and other tax-related issues. Ideal to use if you are a sole-proprietor, consultant, 1099 contractor, self-employed or a single-owner of LLCs; this software features ItsDeductible®, Audit Risk Meter® and Cost Basis Lookup to help accurately calcu…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

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Michael Mille & Jesse Duplantis Using Church Funds For Personal Gain (Lee Zurik Investigation)

Question: What all vehicle deductions are allowed on my 2010 income taxes. I’m a landlord?

Besides insurance, maintenance, tags, what else can I deduct for business?

Answer: I claim a mileage deduction vs. trying to use every item.

On my business vehicle which I drive 15,000 miles per year. I claim that 90% of those miles are business related. The IRS gives (2010) $.50 per mile deduction on all business related mileage. Which means I deduct about $6750 on vehicle usage.

Also you can deduct vehicle license fee’s separately because they are considered taxes.

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A Firing Line Debate: Resolved: That the Flat Tax Is Better than the Income Tax $10.00 Taped on June 6, 1995. Among the many tax-reform proposals floating about, one of the most interesting was the flat tax (which, contrary to the formulation of the above Resolution, is indeed an income tax, as opposed to a consumption tax). The version being propounded by Texas Congressman Dick Armey (and developed with the help of the National Center for Policy Analysis) would exempt from taxatio…

Classic Internal Revenue Service Business Tax Preparation Film DVD: 1970s Small Business Finance & Accounting Tax Preparation & Advice Film $12.99 No one likes to pay taxes – whether you’re an individual or a business. The complexity, anxiety and frustration of the bureaucratic process affect us all. There’s the fear of filing wrong and being penalized, the fear of a thorough, unexpected audit, and the disappointment of forking over a large chunk of hard-earned money to Uncle Sam. This vintage film breaks down the basics of business taxes fo…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Tips & Advice for Income Tax Deductions : Tips for Transportation Worker Income Tax Deductions

Question: I paid $23 to replace my EZ Pass transponder used for business and personal use. Is this expense deductible?

Answer: The percentage of business use would be applied to the $23.00 to find the dedcutible portion. If you used it 50% for biz, than $11.50 would be deductible.

Items on Amazon Right Now for Business Expense Deductible:

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J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

What Business Expenses Can Taxpayers Deduct?