Deductions

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Deductions

15 Aug STOLEN! Can I Deduct it? Category: Deductions

Posted at 11:04h in Deductions by Karen Dolan

Consider: Your home was broken into and your spouse’s $10,000 in jewelry is taken. Consider: Your uninsured boat is taken from your cabin dock, along with fishing poles, fishing gear, and your lucky lure. Can you deduct these loses on your tax return? Perhaps, but it is tough. The...

26 Jun The Documentation Must Haves Guilty until proven innocent

Posted at 09:57h in Deductions by Karen Dolan

When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch. To...

07 Mar Five Tips for Non-Cash Charitable Contributions

Posted at 12:18h in Deductions by Karen Dolan

The IRS is quick to disqualify your non-cash charitable contributions if you do not have adequate records to support your donation. Here are five quick tips to ensure this does not happen to you. Get a receipt. Whenever you donate items of value please get a...

01 Jan 2016 Mileage Rates Now Established

Posted at 19:11h in Deductions by Karen Dolan

The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving 19.0¢ Charitable Work 14.0¢ Here are...