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.”
Deducting Business Charitable Contributions
Let’s look at how to account for charitable contributions made through your business.
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.
Glossary: Miscellaneous Itemized Deductions
Miscellaneous Itemized Deductions are deductions for things such as unreimbursed expenses of employees.
Deducting Charitable Mileage (And Other Miscellaneous Charitable Deductions)
An often overlooked charitable deduction is the deduction for mileage driven for charitable purposes. Taxpayers can take a deduction — 14 cents per mile (this amount is set by statute and is not adjusted for inflation, so it’s been 14 cents for many years) — for mileage driven in giving services to a charitable organization, […]