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Jul 2, 2018Casualties and Thefts – Form 4684
You can deduct casualty and theft losses for both personal use property and income-producing business property. Prior to tax year 2018, you did not have special limitations. However, you can only report a loss caused by a federally declared disaster. Destruction of property by fire, storm, shipwreck, or other casualty and theft by larceny, embezzlement, […]
adminJul 2, 2018If I received a refund from the IRS, can I expect a refund from my state also?
If you receive a refund from the IRS on your federal tax return, you can most likely expect a refund on your state return as well, though this is by no means assured. Though there is a general correlation between refunds on the federal and state levels, it is entirely possible you could end up […]
adminJul 2, 2018Tip Income
All tips are taxable and must be reported to the IRS, including cash tips you get directly from customers, tips from customers using credit cards, and the value of any non-cash tips such as tickets, passes, or other items of value. As an employee who earns tips you have three responsibilities. You must Keep a daily […]
adminJul 2, 2018Who must file taxes?
Whether you must file taxes depends on several factors, including your gross income, filing status, age, and whether you are a claimed as a dependent. For most U.S. citizens and permanent residents, the requirement to file is based on you gross income relative to the standard deduction for your filing status and age. The gross […]
adminJun 28, 2018Tuition and Fees Deduction
The tuition and fees deduction, which allow a maximum deduction of $4,000, expired after the 2020 tax year. This means you cannot claim this specific deduction for tax years 2021 and later unless Congress extends it again. For Tax Years 2020 and Prior The tuition and fees deduction is still applicable for the tax years 2020 and […]
adminJun 28, 2018Employee Business Expenses – Form 2106
Form 2106 is currently used for employees to deduct employee business expenses as an Armed Forces reservist, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses. Employees who do not fit into one of these categories may not use Form 2106 due to the suspension of this […]
adminJun 14, 2018Expenses for Business Use of Your Home – Form 8829
For individuals filing a Schedule C, Form 8829 is used to calculate allowable expenses for the business use of your home as well as any carryover amounts not deductible for the current year. You can only deduct expenses for a specific part of your home that you use regularly and exclusively as your principal place of business, […]
adminJun 14, 2018Lifetime Learning Credit
The Lifetime Learning Credit is one of two tax credits, along with the American Opportunity Credit, that help offset the costs of higher education. You can claim the Lifetime Learning Credit for up to $2,000 of an eligible student’s qualified higher education expenses. The eligible student must be you, your spouse, or your dependent. Unlike […]
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