Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Articles
Overview of Casualties and Losses

is completely destroyed, the decrease in fair market value is not considered. Your loss is the adjusted basis of the property, minus any salvage value and any insurance or other reimbursement you receive or expect to receive. For more information...

How do I know if the person I paid for childcare qualifies?

may have to withhold and pay social security and Medicare taxes and pay federal unemployment tax. for more information, refer to IRS Publication 926 . Care of the Qualifying Person Care includes the cost of services for the qualifying...

Section 179 Deduction Limitations

Taking the Section 179 election allows the taxpayer to elect to deduct the total cost of the property purchased in lieu of depreciating the property over the life value. Your section 179 deduction is generally the cost of the qualifying...

North Carolina Additions to Federal Adjusted Gross Income

deduction. If you claimed the deduction on line 35 of your federal form 1040, you must add that amount back to the state return. Other Federal Adjusted Gross Income Additions - The amount your basis of property under federal law exceeds your...

Georgia Clean Energy Property Credit

to 35% of the cost of the system (including installation). The credit is subject to various ceilings depending on the type of system. Effective January 1, 2012 and applicable to taxable years beginning on or after January 1, 2012, extends...

Job Search Expenses and Deductions

be deducted on your federal income tax return. You can deduct the cost of preparing and mailing copies of your résumé to prospective employers. If you travel to look for a new job, you may be able to deduct your travel expenses. However, you can...

Acronyms Commonly Used for Tax Purposes

status) IRA - Individual Retirement Account IRS - Internal Revenue Service LES - Leave and Earning Statement (Military Pay Stub) MACRS - Modified Accelerated Cost Recovery System (for depreciating items) MAGI - Modified Adjusted Gross Income...

Maine Taxes

43 $24,000 $30,000 $24 $54,000 $60,000 $48 $60,000 and up .08% of Line 16 1040ME Note : For items that cost $1,000 or more, you must add the tax on those items to the percentage or table amount. Use Tax on items that cost more than $5,000...

Indiana Insulation Deduction

and The deduction must be taken in the year the insulating items were installed. You are allowed to deduct the actual cost of qualifying items, including labor, up to a maximum of $1,000. IMPORTANT: When claiming this deduction, maintain with your...

Oregon Additions to Income

Puerto Rico, or the Virgin Islands). Other Additions to Oregon Income 1. 529 Oregon College Savings Network plan nonqualified withdrawal. 2. Basis adjustments. Basis of business assets transferred to Oregon. Depletion in excess of property...