2015 Year End Newsletter, Deductions

Deducting Un-reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession.  The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Deductions

Deducting Un-reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession.  The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Taxes

IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

[Editor's Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented more than 25 years ago, all I've seen is more and more complex tax rules… Continue reading IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

Taxes

IRS Delays Tax Season

The IRS has announced it will delay the start of tax season due to the Federal government shut-down.  The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest individual tax returns will be accepted is now January 28, 2014.  The filing deadline remains… Continue reading IRS Delays Tax Season

Planning, Taxes

Tips if you Owe Taxes

While most taxpayers get a refund when they file their taxes, some do not.  Here are some tips and options from The IRS if you owe federal taxes: 1. Tax bill payments. If you get a bill from the IRS this summer, you should pay it as soon as possible to save money. You can pay by check,… Continue reading Tips if you Owe Taxes

Planning

Keep Financial Records Safe in Case of a Disaster

From IRS News: Hurricanes, tornadoes, floods and other natural disasters are more common in the summer.  We encourage you to take a few simple steps to protect your tax and financial records in case a disaster strikes. Here are five tips from the IRS to help you protect your important records: 1. Backup Records Electronically.  Keep… Continue reading Keep Financial Records Safe in Case of a Disaster

Income

Renting Your Vacation Home?

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases,… Continue reading Renting Your Vacation Home?

Charity, Planning, Taxes, Uncategorized

Tips for Taxpayers Who Travel for Charity Work

From IRS Tax Tips Newsletter: Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work… Continue reading Tips for Taxpayers Who Travel for Charity Work

Planning, Taxes

Tax Tips for Newlyweds

From IRS Tax Tips: Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes.  Here are several tips from the IRS for newlyweds. It’s important that the names and Social Security numbers that you put on your tax return match your Social Security… Continue reading Tax Tips for Newlyweds

Planning, Savings, Taxes

Summer Job Alert for your Working Kids: Claim Exempt

I graduated from Wharton in 1987. For those of you keeping score at home, that means I've been working at my practice for a score and a quarter plus one.  Now that I've been practicing for twenty-six years, many of the clients I picked up earlier in my career have children in high school or… Continue reading Summer Job Alert for your Working Kids: Claim Exempt

Miscellaneous, Taxes

Spring Clean Up Project #2: Your Tax Files and Records

With the April 15th deadline still a recent memory, most of us probably still have our tax records piled up somewhere in our homes. Why not take this opportunity to shred all the documents that you no longer need to keep? According to the IRS: Well organized records make it easier to prepare a tax… Continue reading Spring Clean Up Project #2: Your Tax Files and Records

Uncategorized

SAVE MONEY WITH THE CHILD TAX CREDIT

From the IRS Tax Tips News: If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit. Amount.  The non-refundable Child Tax Credit may help reduce your federal income tax by up to $1,000 for… Continue reading SAVE MONEY WITH THE CHILD TAX CREDIT

Uncategorized

Five Tips if Your Name Has Changed

From the IRS Tax Tips News: If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that… Continue reading Five Tips if Your Name Has Changed

Uncategorized

First-Time Homebuyer Credit Look-up Tool

From The IRS Tax Tips Mailing: The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool: 1. Who needs to repay… Continue reading First-Time Homebuyer Credit Look-up Tool

Uncategorized

IRS Online Tax Tools for Small Business and Self-Employed

From IRS Tax Tips News: You don’t need to be a tax expert when you’re running a business, but you may need to know the basics so your business can run smoothly. The IRS.gov Small Business and Self-Employed Tax Center has useful tax information and services for business owners. The tax center can help whether… Continue reading IRS Online Tax Tools for Small Business and Self-Employed

Uncategorized

CAT FOOD IS DEDUCTIBLE?

From Peter Blank, The Kiplinger Washington Editors in the original article on http://money.msn.com/taxes/14-extraordinary-tax-deductions-1 Here are two feline examples of the types of extraordinary deductions that have been allowed by the IRS: Cat food, part one A couple who owned a junkyard were allowed to write off the cost of cat food they set out to attract wild cats. They argued… Continue reading CAT FOOD IS DEDUCTIBLE?

Uncategorized

HOMEOWNERS GET A LITTLE EXTRA CREDIT

Mortgages do provide homeowners with a little credit - Mortgage Interest Credit to be exact.  Check out Form 8396, Mortgage Interest Credit.  According to the IRS: Mortgage Interest Credit The mortgage interest credit is intended to help lower income individuals afford home ownership. If you qualify, you can claim the credit each year for part… Continue reading HOMEOWNERS GET A LITTLE EXTRA CREDIT