Miscellaneous Itemized Deductions and the AMT

February 24, 2015

While most miscellaneous itemized deductions are welcomed by taxpayers who would like to hand over fewer dollars to Uncle Sam, they’re not always useful. Taxpayers who end up owing the alternative minimum tax (AMT) generally won’t get any federal tax benefit from the miscellaneous itemized deductions that are subject to the 2% floor.  There may…

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Miscellaneous Itemized Deductions

What You Can and Can’t Deduct

February 17, 2015

Most taxpayers are very familiar with itemized deductions related to home ownership, medical expenses and charitable donations. But many are less familiar with miscellaneous itemized deductions. If, for example, you must belong to a trade or professional association to carry out your job responsibilities, yet your employer doesn’t cover the dues, you may be able…

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Compliance Alert

February 10, 2015

Upcoming compliance deadlines: 3/2*     Deadline for filing paper 2014 Form 1099 with IRS (electronic filing deadline is March 31) 3/15** Deadline for making corrective distribution for failed 2014 actual deferral percentage (ADP) / actual contribution percentage (ACP) tests without 10% excise tax penalty 3/16*   Deadline for filing 2014 corporate tax return and making contributions…

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Noncash Donations: Know the Rules or Lose the Deduction

December 10, 2014

As we approach the end of the year, a recent Tax Court case serves as a good reminder of the court’s requirements for supporting documentation for a deduction for noncash charitable contributions that perhaps you’ve already made this year, or plan to donate in the coming weeks. The taxpayer in the case claimed a deduction…

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IRS Offers Tips for Year-End Charitable Contributions

December 2, 2014

In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions and general substantiation requirements that they should keep in mind. Rules for clothing and household items To be deductible, clothing and household items donated to charity must be in good used condition or better. A…

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Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

August 28, 2014

IR-2014-84 WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These…

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