A casualty and theft loss is a deduction allowed on tax returns for people who suffer property damage or theft.
Miscellaneous Itemized Deductions are deductions for things such as unreimbursed expenses of employees.
A taxpayer recently won in Tax Court in a case involving the home office deduction for an employee.
Something that a lot of taxpayers (and tax preparers — including me) in Iowa often overlook is the “charitable checkoffs” a taxpayer can make on their Iowa tax return. Taxpayers can choose to donate money on their Iowa return to these causes: Fish and Wildlife: donations made here go towards Iowa’s Wildlife Diversity Program, which […]
The filing status of “married filing separately” works differently in Iowa than it does on federal returns. But one thing that’s got me confused: how tax software handles Iowa itemized deductions when a couple files separate federal returns. Lost yet? (Welcome to Iowa taxes!) Background Iowa has just one tax bracket, regardless of filing status, […]
Married filing separately in Iowa? Remember to allocate itemized deductions properly.
In this economy, more people are looking at renting a home or apartment instead of buying a home. While my primary focus is on taxes, there is always much more to consider than just tax consequences: Can you afford it? This is the single most important question to answer. Regardless of the available tax deductions, […]
If you’ve been laid off or are otherwise out of work in this economy, your job search expenses may qualify for a tax deduction. Here are some considerations. The cost of preparing your resume, such as the cost of paper, ink, copying and mailing, are deductible. So are phone calls and employment agency fees. Travel […]
One pleasant afternoon recently, my wife looked outside and noticed that one of the mums we had planted was lying in the middle of the lawn. On further investigation, we discovered that someone had dug out two of our mums. The thief ran off with one and left the other one in our yard. The […]
For my professor clients, there was a Tax Court case this week involving an adjunct who tried deducting his teaching expenses as business deductions. The IRS disagreed. From the TaxProf Blog: The Tax Court decided yesterday that an adjunct professor (who was paid $20,000) was an employee of Nova Southeastern University. As a result, he could […]