The IRS Deductions Blog

Posts Tagged ‘taxes’

Question: individual income taxes?

During the year, May had a salary of 30,000 and experienced following losses: loss from danage to rental property ($10,000), Loss from theft to rental properties (5,000), personal casualty gain 4000, Personal casualty loss (after $100 floor) (3,000). Whhat is the amount of May’s Itemized deduction from these losses?

Answer: Well, the loss from damage ($10,000) and the loss from theft ($5,000) should be reported on Schedule E rental, the personal gain ($4,000) would be other income, so only the personal casualty loss ($3,000) would be on schedule A – Itemized Deductions, and only what exceeded 2% of May’s AGI would be deductible. And her itemized deductions in total would have to exceed her standard deductions for the casualty loss to mean anything.

Items on Amazon Right Now for Casualty And Theft Losses:

Instructions for Form 4684, casualties and thefts (SuDoc T 22.51:4684/INST./) …

New refund opportunities for prior casualty and theft losses.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2000. The length of the article is 3395 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle…

Nonbusiness disasters, casualties, and thefts (SuDoc T 22.44/2:547/990) …

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

Ohio Wind Storm Anniversary; Lessons Learned

It was two years ago today that a wind storm caused by Hurricane Ike, left thousands of dollars in damages here in the Miami Valley and the state.

“Casualty & Theft Loss” from The Tax Lady Sings

Question: Are moving expenses from storage to a new home tax deductible?

I moved from KY to WI a few months ago as my wife and I both started new jobs. We’ve had our belongings in storage while looking for a new home and finally found one. We’re planning to move next month and I want to know if the moving expenses from storage to the new house are deductible. I read the IRS publication and I meet the time and distance criteria. It says moving of personal property is deductible but I’m not sure if its a one time trip only (i.e. from KY to storage only) or if it includes all moving expenses until we move into our new home. Thanks for your help…

Answer: Your long-term storage is not deductible. But the costs of moving the contents from storage to your home is part of your moving expenses. Add it to the costs of moving your belongings from KY to the WI storage location.

When you figure your deduction, treat both legs of the move as one move.

Items on Amazon Right Now for Deductible Moving Expenses Irs:

Tighten the belt in 2010

Here are tips on how to move with lower costs and less hassle: Be prepared: Plot out where furnit

Adam Huttler – The Business of Charity in the New Economy

Question: Is it worth itemizing my deductions or should I take the standard deduction?

I have just recently gotten married and have only been employed for two full years. I do not have a mortgage payment, but I have contributed a little over 10% of my income to a church and other volunteer organizations.

Answer: well if you itemize both yours and your wifes state and local taxes are part of the itemized.. so add those up (state taxes + local taxes + contrabutions) plus what you contributed and see if they’re more than 10.9k.

Items on Amazon Right Now for Standard Deductions:

CRL Flat Black Deluxe Showcase Sliding Track Assembly D613 Upper & D601 Rail with Steel B.B. Wheels – 12 ft Long $100.49 A Great Way to Keep Popular Assemblies in Stock Commercial and Residential Applications Pass-Thru Windows, Trophy Cases, Showcases, Book Cases, Gun Cases, Medical Cabinets and China Cases This CRL Deluxe Rolling Track Assembly has an aluminum upper channel with an aluminum shoe. The rails drop into the double lower channel. The nylon rollers allow up to 1/4 inch (6 millimeter) glass doors to have …

QuickBooks Enhanced Payroll 2012 $116.99 Financial Management – Standard Retail – CD-ROM – PC…

The House of Silk (Sherlock Holmes Novel 1) $21.42 THE GAME’S AFOOT…It is November 1890 and London is gripped by a merciless winter. Sherlock Holmes and Dr Watson are enjoying tea by the fire when an agitated gentleman arrives unannounced at 221b Baker Street. He begs Holmes for help, telling the unnerving story of a scar-faced man with piercing eyes who has stalked him in recent weeks. Intrigued by the man’s tale, Holmes and Watson find themsel…

Exemptions, standard deduction and filing information (SuDoc T 22.44/2:501/990) $9.99 …

State will have to cut deeply as forecast worsens

OLYMPIA — State agencies must slash their spending soon after a revenue forecast issued Thursday shows tax collections will be hundreds of millions of dollars less than expected in the coming months.

Tax Forms & Deductions : Federal Income Tax Standard Deductions

Items on Amazon Right Now for Standard Deduction And Personal Exemption 2009:

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

‘Millionaire’s tax’ could hit more Mainers this year

When the alternative minimum tax first was passed in 1969, it was called the “millionaire’s tax” and was aimed at preventing the very rich from escaping federal income tax …

House Session 2010-04-15 (17:25:18-18:26:55)

Question: Tax Donation Deduction – Maximum?

Lets assume you owe $20,000 in taxes. If you donate $20,000 to some charity,
can you deduct that full $20,000, thus owing $0.00 in taxes?

Answer: No.

The savings is based on your tax bracket. If if you are in the highest tax bracket (35%), a $20,000 donation would only save you $7000 in taxes ($20,000 x .35). You would still owe $13,000.

Items on Amazon Right Now for Tax Deduction Charity Donation:

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 If you’re a sole proprietor, consultant, contractor or single-owner LLC, TurboTax Home & Business will get you the biggest tax savings. Get Your Refund Fast: Efile Your 2009 Taxes with TurboTaxHere’s how efile works: Start your return and efile with TurboTax today. The moment the IRS starts accepting returns, scheduled for January 15, 2010, TurboTax will submit your efiled return. The IRS wil…

Charitable Giving Law Made Easy $19.99 This authoritative guide presents in-depth discussions on such hot topics as the timing of charitable deductions, estate and gift tax considerations, special property rules, and planned giving. Packed with practical tips and hard-to-find advice, Charitable Giving Law Made Easy sheds light on complex legal issues concerning charitable giving with plain-language explanations of laws and regulations …

PricewaterhouseCoopers Guide to Charitable Giving $19.97 Get the Most Out of Giving with PricewaterhouseCoopers’ Guide to Charitable GivingPrivate philanthropy is the cornerstone of charitable organizations in the United States. This support provides numerous benefits to society as well as a tax-efficient means for you, the donor, to transfer wealth. Understanding the tax implications of your donations can be confusing as well as financially detrimental…

Fundraisers calendar

To have an item considered, submit it in writing two weeks in advance. Include a daytime phone number readers may call. Send items to Fundraisers, P.O. Box 8099, Walnut Creek, CA 94596-8099. To obtain an announcement form, call 925-943-8235.

Tax Deductible Charitable Donations for 2010, 2011