Posts Tagged ‘taxes’
2009 Standard Deduction Exemption
July 7th, 2011
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TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH… |
Nexen Announces Second Quarter Results & Return to Drilling in the Gulf of Mexico
CALGARY, ALBERTA–(Marketwire – 07/14/11) – Nexen Inc. today reported second quarter 2011 operating and financial results, led by strong oil prices, high netbacks, and a portfolio weighted towards unhedged, Brent-priced oil. We generated cash flow from operations of $598 million ($1.13/share) and net income of $252 million ($0.48/share). Production of 204,000 barrels of oil equivalent per day …
Young Turks Episode 10-06-09
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Home Tax Deductions
July 5th, 2011
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
Items on Amazon Right Now for Home Tax Deductions:
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TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 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,… |
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Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $135.00 … |
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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… |
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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… |
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)
Sales Tax Deduction Irs
July 5th, 2011
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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IRS requests comments on disguised-sale prop. regs.: 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 January 1, 2002. The length of the article is 4638 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 DetailsTit… |
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Year-Round Tax Planning: 43 Ways to Slash Your Taxes $43.00 There’s no such thing as “tax season.” If you want to keep all the money you’re entitled to, you need to know how to fight the tax battle year-round. Reduce your tax liability with 43 of the best strategies that are completely legal – and will save you thousands. Even one could save you a ton of money at year’s end, but we give you 43 to help you get your fair share – and more. Here are just a fe… |
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All you need to know about the IRS: A taxpayer’s guide $2.36 … |
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TurboTax Deluxe Federal + e-File + State 2010 – [Old Version] $5.75 TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes. Everything you need to do your taxes with ease. Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund Maximizes Your Tax Deductions … |
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
“Scared Of The IRS” If You Are Scared Of The IRS Let Joe Mastriano, CPA Help You.
Travel Tax Deduction
July 2nd, 2011
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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Every Landlord’s Tax Deduction Guide $18.93 The only book on tax deductions specifically for residential landlords! Named a “Top 10 Real Estate Book” by Robert Bruss, syndicated real estate columnist If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the ser… |
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Tax Deductions for Professionals $34.99 The only “know how” guide for professionals who want to reduce their tax burden. If you’re ready to hold on to more of your hard-earned money, turn to Tax Deductions for Professionals. Comprehensive, easy to read and filled with interesting examples, the book is organized into practical categories featuring common deductions, including: -start-up and operating expenses -health deductions -… |
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The Ultimate Mileage Log: Lined Format (Volume 1) $7.95 The Ultimate Mileage Log records the information required by the IRS for tracking employee or business owner mileage expenses.Plenty of space is provided for recording all the details of each trip.Two layouts are available, lined and unlined, this copy has the lined format. To view the lined copy visit https://www.createspace.com/3796541… |
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TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 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,… |
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?
Standard Deduction Vs Itemizing
June 29th, 2011
Question: Overpayment of Income Taxes for Tax Year 2004?
Dear All,
In prior years, I have been doing taxes using just the 1040 booklet and calculate all the numbers on my own. This year, I bought a software and to much of my surprised, I actually should have itemize my deductions vs. taking the standard deductions. This saved me about $500 in taxes.
I realized that I had overpaid 2004 taxes because I used standard deductions, rather than itemize my deductions. Can I amend my 2004 tax returns and use itemize deductions so I can get some refund back for both Federal and State(CA)?
If so, which forms should i use?
Thanks
Kaya
Answer: Yes you have three years from when you file to amend your taxes. You would file a 1040X. You can probably find it on the website www.irs.gov or go to a local H&R Block and have them do a FREE double check challenge. They only charge you if they get you more money back or save you more money on your taxes. If you do it on your own, then the 1040X is what you would file.
Items on Amazon Right Now for Standard Deduction Vs Itemizing:
IRS write offs