Why bother tracking your medical expenses? Tax rules say you can start deducting unreimbursed medical expenses only after they exceed 7.5 percent of your adjusted gross income (AGI). So if your AGI is $100,000 this year, you'd need to fork over $7,500 of your own cash before you can deduct one single nickel.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Q: My company is being investigated for making illegal kickbacks. (I wasn't involved in the allegations.) If we are found guilty, are the payments at least tax deductible? No name, via e-mail
IRS won't save you from high gas prices
Don't let tax tail wag the investment dog
Get dates straight on tax-prep deduction
Don't jump ship on muni bond funds
Show some trust in REITs
Q: I just started a new business where I work from home. For business travel, I'm using a car I bought in 2001 for $32,000. Can I deduct depreciation based on the original cost? D.J., Spring Valley, N.Y.
Q: I still do some work as a consultant, but I must start taking distributions from my IRA before April 1 of next year. If I convert to a Roth IRA this year, can I avoid taking the distribution (and the resulting tax)? R.A., Duluth, Minn.
Q: We took out a $320,000 mortgage to buy our home several years ago. We recently used inheritance money to pay off the $220,000 balance on the mortgage. Our house is now worth around $700,000. If we take out a new mortgage for $400,000, can we deduct all of the mortgage interest we'd pay? L.M.S., Montvale, N.J.
The Senate approved a long-stalled bill on May 11 that would end a trade dispute with Europe and shower U.S. corporations with several new tax breaks, including reduced income taxes for manufacturers.
Taxpayers are receiving better and faster service at IRS offices around the country, according to a study by the Treasury Department's inspector general.
Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.
Q: I've invested in several stocks and mutual funds. I could swear that the closing prices I see on TV news programs at night are different than the ones in the morning paper the next day. Is this possible? D.D.K., Richmond, Va.