Tax Tips for US Military Personnel

Moving Expenses- If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat Pay- If you serve in a combat zone as an enlisted person or as a…

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Determining the Amout of Disaster Loss to Claim for a Business Asset

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you will receive from your insurer.  What you are looking to calculate first is the loss…

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Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because of a sudden event. The event must be identifiable, unexpected, and unusual. Events that meet…

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Affordable Care Act 2010 – Tax Provisions

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect; Therapeutic Discovery Project Program This program is designed to provide tax credits and grants to…

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‘Making Work Pay’ Tax Credit

This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Eligible self-employed taxpayers can benefit from the credit by evaluating their expected income tax liability and, if they are eligible, by…

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Recapture 179 Depreciation Expense Deduction – example

Robert purchased a new heavy duty pick-up truck (rated over 6,000 lbs.) for use in his landscaping business. The vehicle is used 100% for business and Robert elected to expense $15,000 of the cost under §179. In 2009, Robert sold his landscaping business and now uses the truck 100% in his residential rental activity. Is…

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Tax Tips for New Business Owners

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. The type of business you operate determines what taxes you must pay…

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Tips for Filing Colorado income tax amended returns

ALWAYS use the form that matches the year you are amending. For example, if you are amending a 2009 return, use the 2009 104X form. If you use a form for another tax year, the lines from one tax year to another are different. Using an incorrect year form will delay processing and cause errors.…

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Tax Benefits for Job Seekers

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax return. Here are six things to know about deducting costs related to your job search.…

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IRC 6334 Property Exempt from IRS Levy

(1) Wearing apparel and school books – Such items of wearing apparel and such school books as are necessary for the taxpayer or for members of his family; (2) Fuel, provisions, furniture, and personal effects – So much of the fuel, provisions, furniture, and personal effects in the taxpayer’s household, and of the arms for…

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