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Education Tax Benefits

Joe’s dependent daughter, Leah, is a sophomore in college. Leah’s scholarships cover all of her qualified education expenses, and they are tax-free. When Joe filed his taxes this year, he skipped over the part about education credits because logic told him, “You can’t get an education tax credit for something you didn’t pay for.” But…

Healthcare

You might have thought that with the new Health Care Reform more of all the money you spend on health insurance and medical expenses would be deductible. In fact, Obamacare (the “Affordable Care Act”) has had very little impact on the personal itemized medical deduction, other than raising the floor a bit so that less…

Homes & Rental Property

Hey Dave, My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. We are planning to continue to rent the place out to the tenant who is already living there. Since we are not married, how should we report our rental income and expenses on our…

Is It Deductible?

Hey Dave, We have our own marketing and design business. This year we ordered expensive gourmet chocolate gift baskets for each of our ten clients to thank them for making 2015 our most successful year ever. Each basket will cost almost $200.  Can we deduct the costs of these business gifts? Harold and Maude  …

Retirement Plans

Hey Dave, I’m hoping you are relaxing somewhere with an umbrella drink after tax season. My wife and I are considering installing a solar electrical system on our house and on our studio building. We have an IRA and we have an Annuity with Hartford (the latter which we have a monthly income from). We…

Tax Audits & Letters

It happened. The letter you hoped would never come arrived. You open it and discover the IRS has graciously sent you an invitation to their work mileage deduction review. Once you return back to planet Earth (alas, you really did go into orbit if ever so briefly), take a deep breath and hug your cat,…

Tax Evasion, Scams & Fraud

There are a number of tax scams out there that can get you into big trouble. But tax nightmares aren’t just for scammers. They can happen to people who make seemingly innocent mistakes, and even to those who believe they are doing the right thing. This is a story about a taxpayer – let’s call…

Tax Legislation & Updates

There is a lot of talk today in the press and on the campaign trail about corporate taxes. Where America stacks up in the world as far as corporate tax rates and what strategies American companies employ to avoid them is big news these days. Why? Well… our national deficit is absolutely astounding, for one.…

Tax Preparation & Planning

Were you a good tax planner this year? We hope so. January is right around the corner, so let’s make a little tax list and check it twice for last minute tax saving opportunities: Did you sell any stocks at a gain this year? If so, it’s not too late to sell some of your…

Tax Professionals

This installment of Know Your Pro will introduce you to a different kind of Pro here at TaxAudit.com. With in-depth knowledge of all the services we offer, and their daily communications with our members, Membership Services Reps − or “MSR’s” as we call them − are uniquely qualified professionals. They may not be able to…

Tax Q & A

Hey Dave, There are only two months left in the year. Is there anything I should be doing to make sure I don’t end up owing a bunch of money this year? I have my own Schedule C business and I would like to know where I stand. Babe (Yes, that’s my real name!)   Babe,…