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Tax Tips Small Business
| Clothing for Your Job is Not Always Deductible |
| Understanding the rules Many 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. |
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Small Business Quick Tip
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| Giving to Charity |
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New rules require diligent recordkeeping Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007, each cash contribution you make must be substantiated with a bank record, receipt, letter, or other written communication from the donee organization that states the name of the donee, the date-the contribution was made, and the amount of the contribution. Without this substantiation, you will not be allowed to deduct the contribution on your tax return.
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Wednesday, 08 September 2010
Tax Tips Personal
| Refinancing Your Home Mortgage |
What's deductible and what's not? While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet. |
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Personal Quick Tip
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