You know that you can deduct the cost of visits to the doctor and dentist, right? And that you can deduct the cost of parking and transportation to and from those visits? What else is deductible? Check out this handy list: 1, Abortion 2, Acupuncture 3, Alcoholism treatment 4, Ambulance service 5, Artificial Limb 6,…
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 gross…
The House of Representatives has voted to repeal $18 billion of tax breaks for oil and gas producers, as expected. The bill passed by a vote of 236-182. The bill now heads to the Senate, where it will be more difficult to get a win. Even if it does pass in the Senate, the White…
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 on…
The crackdown on tax evaders who depend on Liechtenstein in order to shield income has escalated. Nine countries from the Organization for Economic and Co-operation Development (OECD), Britain, France, Italy, Spain, Canada, Sweden, the United States, Australia and New Zealand, have reportedly received and are examining information on Liechtenstein accounts from two banks. The Bundesnachrichtendienst…
On Wednesday, Congress will consider rolling back nearly $18 billion in tax breaks for large oil companies pushed through in 2005. The White House has already voiced its intention to veto such a bill if it passes. Democrats are hopeful that the bill will pass. Last year, a similar bill languished in the Senate when…
Taxpayer asks: Since whoever has earning in excess of $87K of AGI for singles ($174K married), they don’t qualify for rebate check. Here is the question: 2007 AGI? or 2006 AGI? (in other words, in my situation, my 2006 AGI is way less than 87K, and 2007 AGI is way more than 87$)? 🙂 so…
Taxpayer asks: A taxpayer with 9 children didn’t list them all on the ’07 return because they were not all required to obtain the maximum refund, but now wishes to file an amended return, since the number of children affect the amount of the rebate. Will the amended return produce the desired effect – i.e….
Taxpayer asks: I understand that one must file a tax return in order to get the upcoming tax rebate. What is the effect on the tax rebate of filing an extension and completing the return by the October deadline? Taxgirl says: Checks will be mailed beginning in May for taxpayers who timely file their tax…
Taxpayer asks: I have a question regarding a 1099 or rather a lack there of. I did independent contractor work for a company and they have not issued me a 1099 for 2007. I have a friend who did work for them in years prior and they never issued her one either. Do I report…