Tax Deductions

Tax

Tax Tip: Add on Medical Expenses for a Nondependent

This is the eighth article in our series of tax return tips for 2011 returns. It's often difficult for taxpayers to qualify for medical expense deductions - but not impossible. Although the annual threshold is daunting, clients often overlook or ignore deductible expenses that can help pad their total.
Tax

New Online Tool for Donors Offers Peace of Mind

The IRS has announced that is making it easier for taxpayers and tax return preparers to do their due diligence on tax-exempt organizations. It has launched a new online tool, Exempt Organizations Select Check (EO Select Check), that provides all the important information in one location (IR-2012-34).
Education & Careers

Tax Tip: Spell Out Tax Rules for Business Education

This is the seventh article in our tax return tips for 2011 returns. Did any of your clients go "back to school" in 2011? They may be entitled to a tax deduction for their unreimbursed education costs as employee business expenses. But the tax rules aren't exactly back and white - there's plenty of "gray area."
Tax

Tax Tip: A Party at Home? That's (Deductible) Entertainment!

This is the sixth article in our series of tax return tips for 2011 returns. The days of the three-martini lunch are long gone, but savvy taxpayers can still savor plenty of tax treats for entertaining their top customers. In fact, some clients may be entitled to write-offs for hosting get-togethers at their own homes.
Tax

Tax Tip: Dish Out Tax Rewards to Charitable Volunteers

Do you have clients who work hard for nonprofit organizations? Although taxpayers can't deduct the value of their "blood, sweat, and tears," they can still write off certain expenses that aren't reimbursed as charitable contributions.
Tax

Tax Tip: Generate Energy Credits for Clients

Are you clients "going green?" Besides doing their small part to save the planet, taxpayers can claim a residential energy credit for installing qualified energy-saving devices in the home. The main energy credit technically expired on January 1, 2012, but can still be claimed on a 2011 return.
Tax

Demi Moore and Whitney Houston: Do Drugs and Tax Deductions Mix?

In the wake of her breakup with husband Ashton Kutcher last year, actress Demi Moore spiraled out of control, leading to extreme weight loss, convulsions, and other medical issues. Moore's camp isn't providing any details about her physical and mental condition, but we can assume she's receiving the care she needs.
Tax

IRS Announces 2012 Standard Mileage Rates

The Internal Revenue Service (IRS) has announced the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

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Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
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