Tax Deductions

Tax

Disasters Come with Tax Breaks—Know the Rules

The tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes, and more. But the law imposes several restrictions.
Tax

5 Tax Advantages for Small Businesses This Filing Season

There are a myriad of tax benefits and deductions available to small businesses this filing season. Two tax partners with BDO USA LLP shed light on five in particular that business owners should consider.
Tax

Who Knew? Donating Body Parts Is a Taxable Event

Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
Tax

With NFL Season Kickoff, Players Look to Cut Tax

UPDATE: Our recent article listed what NFL players can deduct on their taxes, and two of those deductions are making headlines in sports news this week: fines for personal behavior and rookie hazing expenses.
Tax

2014 Income Tax Bracket Increase Estimates Revealed

Although slow rises in prices have been paired with only modest wage increases in many sectors of the current economy, taxpayers will at least receive some relief in 2014, thanks to the mandatory annual inflation adjustments provided under the Tax Code, according to CCH, part of Wolters Kluwer.
Tax

Single Out Charitable Volunteers for Tax Breaks

Do some of your clients serve on the boards of private foundations or work in the trenches for public charities? Volunteers are entitled to deduct their unreimbursed expenses incurred on behalf of qualified charitable organizations.
Tax

Midyear Tax Planning: Drum Up More Business

The summer doldrums have set in. Aside from the occasional "emergency," your office is quiet, as most clients pursue outdoor activities and tend to personal business. Tax planning is probably the last thing on their minds.
Tax

Limits of Health Savings Accounts to Increase in 2014

For calendar year 2014, the annual limitation on deductions under §223(b)(2)(A) of the Internal Revenue Code for an individual with self-only coverage under a high-deductible health plan is $3,300, up from $3,250 in 2013.
Tax

Tax Reform? Mortgage Interest Is All About Location

According to a new study, the amount of the mortgage interest deduction for taxpayers differs widely across the country, with the biggest deductions claimed by those living along the east and west coasts.
Tax

IRS Posts Nine Tips for Deducting Charitable Gifts

The IRS often puts charitable deductions under the microscope. This area has been ripe for abuse in the past, but the rules for establishing and documenting gifts to charity were recently tightened.
Tax

IRS Issues 2013 Vehicle Depreciation Deduction Limits

On February 25, the IRS issued Rev. Proc. 2013-21, which reflects inflation adjustments to the depreciation limits and lease rates for cars, trucks, and vans first placed in service in calendar year 2013.
Tax

IRS Accepting Returns with Depreciation, Education Credits This Week

The IRS is now accepting tax returns for processing that contain Form 4562, Depreciation and Amortization, and as of February 14, it plans to start processing Form 8863, Education Credits.
Tax

Education Credit or Deduction? Read between the Lines

The American Taxpayer Relief Act has officially restored and extended several tax breaks relating to higher education. Should your clients claim a higher education tax credit or a tuition deduction for 2012? The answer? It depends.
Tax

Mission Impossible: Are Medical Expenses Deductible?

It's difficult, if not downright impossible, for some taxpayers to claim medical expense deductions on their federal income tax returns. And no wonder: With a daunting threshold of 7.5 percent of AGI to clear, your clients might not even be inclined to try.
Tax

IRS Simplifies Option for Claiming Home Office Deduction

The IRS announced on January 15, 2013, a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
Tax

Last Shot at IRA Gifts to Charity for '12

The IRS is reminding senior citizens of an eleventh-hour reprieve granted by the American Taxpayer Relief Act. Older individuals can still pull off a tax-free, IRA-to-charity transfer of funds, but only if they act by January 31.
Tax

Thoughts on Charitable Giving

Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.
Tax

IRS Standard Mileage Rates Increase January 1

The IRS recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Tax

Uncertain Fate for Sports Lovers' Tax Break

"Bloomberg" news reports that based on their calculations, tax deductions for sports ticket owners cost the rest of us more than $105 million a year in tax revenue that the Treasury can't get its hands on. Yet.
Tax

Frankenstorm: Post-Hurricane Accounting for Casualty Loss

After Hurricane Sandy and subsequent damage to the Northeast region, taxes are probably the last thing on your mind. However, with disasters comes property damage.

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