Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Can I deduct child support?

No, child support payments are not a deductible expense for the payer nor considered taxable income to the payee ( spouse that receives the child support payments ).

Tax Tips for Students and Parents Paying College Expenses

students and/or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption

What kinds of medical and dental expenses can or cannot be deducted?

medical care expenses for the year exceed 10% of your adjusted gross income (7.5% of your AGI if either you or your spouse is age 65 or older). You do this calculation on Form 1040, Schedule A in computing the amount deductible. Examples

Schedule C - Cost of Goods Sold

capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling

Arkansas Subtractions From Income

. An HDHP will have the following deductions and limitations: (1) for self-only coverage, the minimum deductible is $1,300 and the maximum out of pocket expense is $6,450, and (2) for family coverage, the minimum deductible is $2,500

Federal Adjustments to Income

savings account deduction Moving expenses One-half of self-employment tax Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid IRA deduction Student loan interest deduction Tuition and fees Domestic

What is an IRA Rollover vs. an IRA Conversion?

If you " roll over " an IRA you are moving it from one company to another. You have 60 days from the time you receive the funds from one company to invest it with the other company before it becomes taxable to you. To make an entry

Idaho Subtractions from Income

must be identified by the mutual fund to be deductible. IDAHO NET OPERATING LOSS (NOL) CARRYOVER AND CARRYBACK Enter the total of the NOL carryover and carryback amounts. If this is an amended return to claim an NOL carryback, enter

Who qualifies to have an HSA (Health Savings Account)?

To be an eligible individual and qualify for an HSA, you must meet the following requirements. * You have a high deductible health plan (HDHP), described below, on the first day of the month. * You have no other health coverage except what

Enter Rents and Royalties attributable to Virginia

If you have rental property that is located in Virginia, it is considered Virginia source income. Any income or loss from this property is taxable or deductible on your Virginia income. Enter the amount of rental property income or loss