Tax Tips: State and Local Taxes

Tax Tips: State and Local Taxes

Here at the Daily Deduction, we spend a lot of time thinking about federal taxes, but chances are high that the state tax man took a bite out of your budget this year too. [More]

Tax Tips: Deduct Your Filing Fees

Tax Tips: Deduct Your Filing Fees

You can deduct as a miscellaneous expense on Schedule A (subject to the 2% of AGI exclusion) any expenses paid in connection with the “determination, collection or refund” of a federal, state or municipal income, estate, gift, property or other tax. [More]

Tax Tips: Deducting Your Home Computer

Tax Tips: Deducting Your Home Computer

Yesterday I told you that computers and peripherals are “listed property” that require special recordkeeping and depreciation if used for business.

The IRS, in Publication 529, tells us that you can only deduct a computer as an employee if it is (a) for the convenience of your employer, and (b) required as a condition of your employment. You cannot deduct a computer if its business use is merely for your own convenience.

Tax Tips: What Does "Miscellaneous" Mean?

Tax Tips: What Does "Miscellaneous" Mean?

The items that you can deduct on Schedule A under the category of “Miscellaneous Expenses” can best be described as “ordinary and necessary” expenses incurred for the production, collection or protection of income. [More]

Tax Tips: Suit Up & Deduct

Tax Tips: Suit Up & Deduct

You can deduct the cost of uniforms and work clothes that are required as a condition of employment and not adaptable to everyday wear. The uniforms of firefighters, nurses, police officers, security guards and the like are deductible, as well as special jackets, hats, shirts and ties with a company logo, such as those worn by fast food workers and maintenance employees.

Tax Tips: Job Hunting Deductions

Tax Tips: Job Hunting Deductions

With unemployment at record high levels, a miscellaneous tax deduction that many taxpayers can take advantage of is for job-seeking expenses.

You can deduct expenses you incur to look for a job in your present line of work. This includes:

Tax Tips: Go Green, Save Green

Tax Tips: Go Green, Save Green

The new energy credit for 2009 and 2010 is available on these items purchased for your primary personal residence only: [More]

Tax Tips: The Vegas Rule of IRAs

Tax Tips: The Vegas Rule of IRAs

We’ve all heard the slogan “What Happens in Vegas Stays in Vegas.” When it comes to an IRA, the same rule — What Happens in Your IRA Stays in Your IRA — applies for income tax reporting. [More]

Tax Tips: Commuting Isn't Deductible

Tax Tips: Commuting Isn't Deductible

You can’t claim a business travel deduction for commuting — driving from home to your place of business, or your first business stop of the day, and from your place of business, or your last business stop of the day, back home. [More]

Tax Tips: Home Office Deductions

Tax Tips: Home Office Deductions

Some employees don’t work in an office, store or other business location. A good example is commission salesmen for out-of-state companies — they work out of their homes. They may be able to claim their home office as a miscellaneous deduction on Schedule A. [More]