Income Taxation

Employee Business Expense Deductions

Often employees spend their own money in furtherance of their job. If these costs aren’t reimbursed, you may be able to get a tax deduction for them. If your employer pays for or reimburses you for your business expenses, then you can’t deduct them. If your employer has an “accountable” plan, meaning that you must… Read More

Moving for a New Job? What Expenses are Deductible?

Can you get an income tax deduction for your moving expenses? It depends. If you moved your home due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses. The move must be because of a job. It… Read More

Uncle Sam says, "Hire your kids."

When your children are too old for day care and too young to leave at home to their own devices, hiring them to work for you seems like a good idea. Congress, in shaping public policy through tax laws, seems to think so too. There are tax breaks for the child who works for mom… Read More

Tax Incentives for Solar Power

“The amount of sunshine energy that hits the surface of the Earth every minute is greater than the total amount of energy that the world’s human population consumes in a year!” – Home Power Magazine Solar energy, heat and light from the sun, has long been used by humans. Solar power, which is the conversion… Read More

Tax Breaks for Caregivers

Caring for a parent or other relative takes both time and money. There are several tax provisions that can help you save money when providing this type of care. Additional Exemption If you are supporting an elderly parent or other qualifying person, you may be able to claim him or her on your tax return… Read More

New Cost Basis Reporting Rules Effective January 1, 2011

Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients’ Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The… Read More

A New Way to Protest Taxes

Witches of Romania Curse Government for New Tax Law “Everyone curses the tax man, but Romanian witches angry about having to pay up for the first time are planning to use cat excrement and dead dogs to cast spells on the president and government. Also among Romania’s newest taxpayers are fortune tellers — but they… Read More

When to File your 2010 Income Tax Return

taxpayer’s have until April 18, 2011 to file 2010 Form 1040s. That’s a few extra days. April 15 falls on a Friday and its Emancipation Day in the District of Columbia. Pennsylvania Form PA-40 is due on April 15. Officially, tax season begins on January 14, 2011. That’s when IRS e-file opens to accept electronically… Read More