In recent weeks, I’ve received a flurry of emails from parents asking about whether band uniforms, soccer cleats and other expenses related to children are deductible. I thought it might be useful to have a checklist of some child-related deductions that you may be overlooking.
1, Child tax credit. If your modified AGI (adjusted […]
Taxpayer asks:
I own a single-family home as rental property out of state that is characterized as investment property on my property insurance and as a non-owner occupied home on my mortgage. My brother manages and maintains the property for me. I bought his cell phone and pay his portion of the monthly charges […]
Taxpayer asks:My daughter attends an independent private elementary school. We pay around $10,000 a year in tuition. Is it deductible?
Taxgirl says:
Thanks for writing.
This is actually one of my pet peeves in tax policy. You don’t get a break for paying for private school tuition: if you pay for private or parochial school, no […]
Mark your calendars now for the second installment of ask the taxgirl - LIVE!
The segment will air on blogtalkradio.com Tuesday, March 4, at 1:00 p.m. EST - details to follow.
You can email me your questions beforehand - or call in and ask me LIVE.
Tags: ask the taxgirl, deductions, income-taxShare This
Actor Nicolas Cage (whose best role - by far - was in “Raising Arizona”) has filed a petition in Tax Court disputing deficiencies alleged by the IRS.
The Oscar Winner (he won in 1995 for “Leaving Las Vegas”) has been accused of using his production company to “wrongly write off $3.3 million in personal expenses.” […]
Taxpayer asks:
I do side work occasionally during the year. It is in the construction industry. I pay people to help me do this work and it is usually under $600.00. I am the one who gets 1099′d and would like to know if I can deduct what I pay these people. […]
Tax issues causes some folks to act in an irrational manner. True, the taxman shouldn’t be ignored. But feared? Nah.
Here’s my list of the top five things that taxpayers are irrationally afraid of - and shouldn’t be:
1, Being aggressive when it comes to deductions. You’re entitled to take deductions. C’mon, […]
1. Don’t check your math. While most people use software these days, some taxpayers still do their forms 1040 (and 1040-EZ) by hand and math errors are the top mistake that taxpayers make. What you might not know is that the IRS has a staff of “checkers” who basically doublecheck your math. If your […]
I know, I know. It’s August. Tax season is eons away. You don’t want to think about it.
But maybe you should. With some shrewd planning now, you can save thousands on your taxes come April. Consider these actions:
1. Refinance. Yes, the market is a mess right now. […]
Sorry. Bad pun. It’s late, I’m tired, I’m heading back to Philly shortly.
But I did want to link to my session… it was live blogged here. Enjoy!
And if you have questions, definitely ask me.
Tags: blogging, blogher07, deductions, income, taxShare This
tax news, tax info and tax policy - and it’s not as boring as you think!
Written by Kelly Phillips Erb [email] for b5media.
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