Deducting Unreimbursed Employee Business Expenses

Deducting Unreimbursed Employee Business Expenses
(More 1040 deductions are explained here) The employers I’ve worked for so far have been good to me with the expense account: if something comes out of my pocket, they cough up the dough to put it back in. Not everyone is so fortunate. Congress knows this, and in an attempt to provide some relieve for employees ...

Are Points Tax Deductible?

Are Points Tax Deductible?
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Points. Origination fees. Maximum loan charges. Loan discount. Discount points. Sometimes, when I look at the number of phrases in the Real Estate industry has that mean the same thing, ...

Section 179, Other Provisions Extended

Section 179, Other Provisions Extended
Looks like someone convinced Congress they’d only get their fruitcakes if they figured out our tax laws for 2014. I mentioned that the House passed this bill already, so this is the Senate rubber stamping the the bill and moving it to Pres. Obama’s desk. I’m not a Precog, but I’d put my money on the President signing the ...

State and Local Tax Deduction

State and Local Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) So you want to take a State and Local Tax deduction, huh? Good. It’s really pretty simple for the vast majority of people. Just take a look at your W-2, ...

Personal Property Tax Deduction: You’re Doing It Wrong

Personal Property Tax Deduction: You're Doing It Wrong
Hello everyone! I’ve had a nice break from writing about taxes this past month, but I’m finally ready to get back on that horse (though writing about taxes would probably be better described as getting on a mule or, better yet, an ass). I’m picking up where I left off on my personal tax deduction ...

Dealing with Taxable Refunds

Dealing with Taxable Refunds
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) Receiving a tax refund can produce feelings of elation matched only by winning the lottery–very minor lotteries, at least. Heck, the IRS even has an app whose entire purpose is so you can track your Federal refund status when ...