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Scholarship Count Toward Support?
According to Publication 17, “A scholarship received by a child who is a full-time student is not taken into account in determining whether or not the child provided more than half of his or her own support.” […]Read More… from Scholarship Count Toward Support?
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2009 Mileage Rates
MAGIC.pdfMAGIC.pdf2009 Standard Mileage rates for the use of a car (includes Pickups, Vans and Panel Trucks): 55 cents per mile for business miles driven (decreases to 50 cents per mile in 2010) 24.0 cents per mile driven for medical or moving purposes (decreases to 16.5 in 2010) 14 cents per mile driven in service of charitable organizations (same…
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Do You Have to File?
That depends on the AMOUNT of income AND the TYPE of income. Filing is not required if all of your income is from W2 Wages, Interest, Dividends and Other Miscellaneous Inocme (excluding Social Security) AND if the total income is less than the Standard Deduction plus personal exemptions. 2009 example:A Single person’s standard deduction is $5,700. Add a personal exemption of…
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Cost Segregation = Tax Savings
Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and an accounting firm that…
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Breast Implants – Deductible Medical Expense?
No. They are considered cosmetic. But what if they are implanted in conjunction with a deductible procedure? Tax Court Case O’Donnabhain (2010), 134 TC No. 4 The Tax Court has held that an individual could deduct as a medical care expense under Code Sec. 213 amounts paid for hormone therapy and sex reassignment surgery that were incurred…