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Who can deduct Moving Expenses?

If you moved due to a change in your job or business because you started a new job, you may be able to deduct your moving expenses. To qualify for the moving expense deduction, you must satisfy three tests. 1. Under the first test, your

Are My Child's Summer Camp Expenses Tax Deductible?

, depending on your income. 5. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit. For more information check out IRS Publication

Why is there a separate section for travel expenses for Reservists and Performing Artists?

Generally, employee expenses are deductible only on line 21 of Schedule A (Form 1040). When you deduct your expenses on line 21 of Schedule A, the net deduction is limited by the 2% rule. In addition, the expenses can only be deducted

What is a SEP (Simplified Employee Pension Plan)?

Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. A SEP is a written plan that allows you to make

Who qualifies to deduct expenses in the section for Reservists and Performing Artists?

If you are one of the individuals discussed below, special rules apply to deducting your employee business expenses. Any expenses you incurred while employed in one of the following should generally be deducted in the section

I'm in the military. Do I qualify to deduct moving expenses?

If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you do not have to meet the distance and time tests. You can deduct your unreimbursed moving expenses. A permanent change

Ten Tips on Tax Credits for Child and Dependent Care Expenses

claiming the credit for child and dependent care expenses. 1. The care must have been provided for one or more qualifying persons. A qualifying person is your dependent child age 13 or younger when the care was provided. Additionally, your

Federal Section > Deductions > Itemized Deductions

and Expenses * Gifts to Charity * Unreimbursed Employee Business Expense * Job-Related Travel Expenses * Miscellaneous Deductions * Less Common Deductions, including: Business Use of Your Home, Casualties and Losses, and Investment Interest

Can I Deduct 50% or 80% of my Meals and Entertainment Expenses on my Schedule C?

while you or your employee is present at the meal . Within the TaxSlayer program, you will report 100% of the meal and entertainment expenses incurred by entering the full amount of your expenses in the box noted for 50% or 80

What is the difference between "Direct Expenses" and "Indirect Expenses"?

There are 2 types of expenses that you can deduct related your home office/business: Direct Expenses and Indirect Expenses. * Direct Expenses: Direct expenses are those expenses that are paid only for the business part of your home