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TAX LAW NEWS - TAX LITIGATION
From the category archives:
On Monday, President Obama signed into law HR 5297, the Small Business Jobs Act of 2010. The law includes a series of temporary tax deductions for businesses of all sizes. The bill also includes provisions, which the government hopes will offset some of the costs of the bill. The following is a summary of certain [...]
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Our suburban neighborhood held our annual garage sale event this weekend. Rather than have 100 yard sales scattered across 100 Saturdays and Sundays, everyone puts out their junk on the same day.
The hubby and I actually find it pretty annoying. We don’t participate, either as sellers or buyers, although I have been tempted to wander [...]
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If you missed out on last year’s tax rebate or did not receive the full amount because your income was too high, you may get a second chance. “The Recovery Rebate Credit should not be overlooked,” says Mark Steber, vice president of tax resources for Jackson Hewitt. “You may be due more money when you [...]
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While hunting for a job most expenses are tax deductable. Some examples are as follows:
* Paper, preparation expenses and printing for your resume.
* Stamps to send out your resume.
* Online expenses to post your resume (on monster.com, for example)
* Fees paid to employment agencies
* Travel to and from interviews.
* Long distance calls to prospective employers.
* [...]
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If you’re unemployed, your tax bill will probably decline:
Deduction for medical expenses. Co-payments, deductibles and other unreimbursed medical expenses are deductible only if they exceed 7.5% of your adjusted gross income.
The income cut-off prevents most people with jobs and employer-provided health insurance from deducting medical expenses. But if your income has declined and you’re paying [...]
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Make sure to get your maximum refund. Why should the IRS get to keep a penny of your money?
For 2007, you got to take off as much as $3,400 from your income for each qualified exemption you have, up from $3,300 in 2006. (The level rises to $3,500 in 2008.) Despite myths to the contrary, [...]
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Steve Bennett, president and CEO of Intuit, the maker of the TurboTax software program, reports this one:
A client gave away his house to a local fire department to burn up in a training exercise. So far, so good. It appears to be a legitimate, allowable charitable contribution that was made to an appropriate organization.
But here’s [...]
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Charity, as I hope everyone remembers, begins with a tax deduction. If you didn’t have the cash to contribute in 2007, I hope you charged it. And, likewise, if you don’t have the cash when it comes time to contribute in 2008, go ahead and charge it. The deduction is allowed in the year of [...]
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Bank basis point donations will be made as a fixed, relatively small percentage of each credit card transaction.2 Cardholders will have the ability to designate a charity or charities to receive these donations, and will be notified of the amounts of these donations in an annual or semi- annual statement (Statement).
Unlike rebates these amounts will [...]
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