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Tax Tips Small Business
Clothing for Your Job is Not Always Deductible
Understanding the rulesMany taxpayers are required to maintain a certain personal appearance or wear special clothing for work. However, not all your purchases for work-related attire or personal grooming reap a tax deduction. If you are required to wear a uniform or other special clothing that has the name of your employer or some other logo on it, that cost is deductible as a miscellaneous employee business deduction. Read more...
Small Business Quick Tip
| Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2009. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $59 per day. |
Saturday, 19th May 2012
Tax Tips Personal
Is an Inheritance Taxable?
In most cases, an inheritance is not taxable to you, but there are exceptions
At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you.
Read more...Personal Quick Tip
| If your child has earned income from a summer job, you may want to consider opening an IRA for him or her. There is no minimum age for contributing to an IRA. The only requirement is that the person making the contribution has earned income and has not reached age 70 1/2. |