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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?
If your gross income was as least as great as the amount shown below and you are under 65 years old, you must file an income tax return Single – $9,500 Head of Household – $12,200 Married Filing Jointly – $19,000 Married Filing Separately – $ 3,700 Qualifying Widow or Widower – $15,300 […]
adminJun 28, 2018Tuition and Fees Deduction
The tuition and fees deduction allows you to deduct up to $4,000 of qualified educational expenses from your adjusted gross income. Qualifying expenses include tuition and fees for enrollment at an eligible institution for higher education that you paid for your own education, that of a spouse, or of a dependent. Personal, living, or family expenses, such […]
adminJun 28, 2018Employee Business Expenses – Form 2106
Form 2106 is for employees to deduct ordinary and necessary expenses for their jobs. An ordinary expense is one that is common and accepted in your field, trade, business, or profession and a necessary expense is one that is helpful and appropriate for your business. Note that an expense does not necessarily have to be required in […]
adminJun 14, 2018Expenses for Business Use of Your Home – Form 8829
Form 8829 is used to calculate allowable expenses for the business use of your home as well as any carryover of 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, as a place for your […]
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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