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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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| Tax Break for Reservists Called to Active Duty |
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Penalty-free withdrawals from retirement plans If you are a reservist or national guardsman who was ordered or called to active duty for a period in excess of 179 days, you may withdraw money from your qualified retirement plan or IRA without incurring the 10% premature distribution penalty. You must have taken the distribution during your active duty status. This new rule applies to any distribution made to you after September 11, 2001 and before December 31, 2007. If you received a distribution from your retirement plan or IRA during the period you were on active duty, you have the option to repay that distribution within two years from the date your active duty ended or August 17, 2008, whichever is later.
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Wednesday, 08 September 2010
Tax Tips Personal
| Direct Deposit of Your Tax Refund |
| More options are available to you The IRS is now allowing taxpayers who are due a tax refund the option of having that refund split up and deposited in up to three different bank accounts. |
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Personal Quick Tip
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