Last Minute Deduction – Donate to Families of Slain Cops

Last Minute Deduction - Donate to Families of Slain Cops
When you’re a week from the tax filing deadline, there’s only a couple things you can do to lower your tax liability. This year there’s one more option on that very short list: a new, last minute deduction just signed into law that allows you to claim a 2014 deduction for 2015 donations to charities aiding ...

Tuition Tax Deduction – Getting That 5% Cash Back

Tuition Tax Deduction - Getting That 5% Cash Back
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) I’m at that great time of my life where I have all my college tuition and fees paid off, and my kids aren’t yet sucking my wallet dry for their own education. I know it won’t ...

Deducting That Student Loan Interest

Deducting That Student Loan Interest
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) First, my condolences on your student loan. The good news is that there is a student loan interest tax deduction. Which isn’t really that great of news, but it’s something. I’d say it rates somewhere above finding ...

Moving Expense Tax Deduction for 2014

Moving Expense Tax Deduction for 2014
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) My dad speaks German, and when he overhears someone speaking German in the US, he can’t help but interject for a brief chat. When he asks the tourist what they think of the US, they almost all ...

Possible Changes to Education Expense Tax Credit

Possible Changes to Education Expense Tax Credit
As of right now, the tax treatment of education expenses is a bit of a mess. We currently have two education expense tax credits, the Hope Scholarship Credit and the Lifetime Learning Credit. Add in the recently expired American Opportunity Credit and the expired deduction for qualified tuition expenses, and it’s just a mess how ...

Deduction of Club Dues

Deduction of Club Dues
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) In a tax code that is rife with carve out and exceptions, club dues are one of ...

Home Office Expense Deduction

Home Office Expense Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) With her nail business ramping up, Amy cleans out a spare bedroom in her house and turns it into ...

Deducting Vehicle Expenses

Deducting Vehicle Expenses
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) As part of Amy’s burgeoning nail wrap business, Amy has to drive all over the metro area to attend various ...

Tax Medical Deduction

Tax Medical Deduction
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) The Medical Deduction line on 1040 Schedule A is one of the most depressing tax deductions offered. Items that go in this line are your actual medical and dental expenses, not things like you HSA, ...