Tax Deductions for College Professors
What tax deductions can a college professor take? Tax reform has made it almost impossible for professors to take any deductions anymore.
What is the Tax Benefit Rule?
In tax terminology, the phrase “tax benefit rule” refers to whether or not a refund or recovery received in a future year is taxable. For example, whether or not a state income tax refund is taxable on your federal return depends on the “tax benefit rule.”
From the Archives: Filing Separately on Your Iowa Return? Don’t Forget to Allocate Deductions
In Iowa, if you file as married filing separately, you must allocate itemized deductions based on income ratios.
Deducting Business Charitable Contributions
Let’s look at how to account for charitable contributions made through your business.
Iowa Deduction for Charitable Mileage
Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount is hard-coded into the law by Congress and […]
Glossary: Itemized Deductions
Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.
Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”
This comes up every tax season and seems to be something people don’t understand. On Schedule A, for itemized deductions, there’s no such thing as a “$500 standard deduction for non-cash charitable contributions.”
Proper Documentation of Charitable Contributions
Questions often arise about how to properly document charitable contributions. Here’s a brief overview.
S-Corporations and Charitable Contributions: A Brief Overview
The tax treatment of charitable contributions made by an S-corporation is something that clients sometimes question. Here’s a brief overview.
Glossary: Standard Deduction
The “standard deduction” is a deduction all taxpayers are entitled to. The deduction reduces taxable income.