New tax phone scam: EFTPS and prepaid debit cards
The IRS issued a warning this week about another tax scam. The scammers call, claiming to be from the IRS. Since I received one of these phone calls, I thought this would be a good topic for this week’s blog. In this new scam, the fraudster tells the victim that two...
Mileage deductions on personal vehicle
Taxpayers often have questions about deducting mileage on their personal vehicle. There are three types of tax-deductible mileage: Business miles. Medical miles. Charitable miles. Charitable miles Let’s say you provide volunteer services to a charity and you drive...
Tax benefits for students in graduate school
A question I received recently is what tax benefits are available for a student in graduate school? While the American Opportunity Credit is not available for graduate school, there are other tax benefits to help with the cost. Lifetime Learning Credit For 2016, the...
Dependent child file income taxes? It depends
This tax season, one of the most often asked questions was: “Does my child need to file an income tax return?” My standard answer to that question is, “It depends on your child’s situation.” Your child is your dependent and is unmarried. In this case your child must...
Track employee business expenses for deductions
If you work as an employee and have business expenses related to your work that are not reimbursed by your employer, you may be able to deduct those expenses. The expenses will go on Schedule A, Itemized Deductions. You may also need to use Form 2106 Employee Business...Signup MailChimp
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