News - John R. Dundon II, Enrolled Agent
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News

March 31, 2008

If you donated a car or other vehicle to a qualified charitable organization and intend to claim a deduction you should review the special rules that apply to vehicle donations. You can deduct contributions to a charity only if you itemize deductions on Schedule A...

March 31, 2008

If you refinanced your home mortgage you may be eligible to deduct some costs associated with getting the new loan. The term "points" is used to describe certain charges paid to obtain a home mortgage. Here are some things to remember when deducting points: Taxpayers who itemize deductions...

March 31, 2008

If you have a gain from the sale or exchange of your main home, you may be able to exclude all or part of the gain from your income. Individuals may be able to exclude up to $250,000 of capital gain, and married taxpayers filing joint...

March 25, 2008

If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the...

March 6, 2008

IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages, may be used if you were an employee and your employer did not withhold your share these taxes and you meet certain criteria. These taxes will then be credited to you social security records. Generally, a...

March 5, 2008

If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal...

February 29, 2008

A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Taxpayers should consider their eligibility for the credits listed below: The Earned Income...

January 25, 2008

If you actively in an ongoing capacity buy property to fix up and resell even if you are doing it aside from your regular voacation you are"flipping" real estate and as such not eligible to treat those properties as capital assets. If you are holding...

January 25, 2008

For someone to be a qualifying relative, four tests must be met: The person cannot be a qualifying child of another person. The person must either live with the taxpayer for the entire year or be a relative. The person’s gross income must be less than $3,400 for...