Thursday, February 9, 2012

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Tax Decuctions

Obama Wants to Repeal Tax on Company Cell Phones

by taxnick on January 30, 2010

Ever make a personal call on your company cell phone? Did you record the value of that call as taxable income, as required by law?
Join the club, but don’t worry. President Barack Obama will propose repealing the widely ignored requirement as part of his 2011 budget plan, a Treasury Department official said Saturday.
The administration made [...]

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Haiti Relief Donations Qualify for Immediate Tax Relief

by taxnick on January 28, 2010

People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.
Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. [...]

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Why the home mortgage interest deduction may not be good for us

by taxnick on April 28, 2009

The home mortgage interest deduction is probably the single most sacred provision in the Internal Revenue Code. I remember when, in 1986, Congress flirted briefly with the idea of repealing it. The secretaries at my law firm – normally an apolitical bunch – marched through the halls yelling revolutionary slogans. Congress backed down the next [...]

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What Medical Expenses Are Tax Deductable?

by taxnick on March 5, 2009

If you are unsure of what medical expenses you can deduct on your taxes check out this great list from the tax girl:
1, Abortion
2, Acupuncture
3, Alcoholism treatment
4, Ambulance service
5, Artificial Limb
6, Artificial Teeth
7, Bandages
8, Breast Reconstruction Surgery (following a mastectomy for cancer)
9, Birth Control Pills
10, Braille Books and Magazines
11, Capital Expenses for home improvements and [...]

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