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Tag Archives: IRS
Itemized or Standard Deduction?
The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar … Continue reading
Posted in Deductible Expenses, Uncategorized
Tagged filing status, IRS, itemized deductions, standard deduction
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2016 Automobile Mileage Rates
The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline. Effective January 1, 2016, the standard mileage rates for … Continue reading
Tax Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be … Continue reading
Posted in Deductible Expenses, Uncategorized
Tagged deductible business expenses, IRS, necessary expense, ordinary, reasonable
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Income Received For Serving as a Host Family
Question: Are stipends taxable income for Federal income tax purposes? The taxpayer has been serving as a host family for a foreign exchange student and has received monthly payments during 2014. Should this income be taxable to the host family? … Continue reading
Installment Agreements for Payroll Taxes
If your small business is delinquent on payroll taxes and having problems catching up, you may qualify for an In-Business Trust Fund Express Installment Agreement (IBTF-Express IA). If you owe $25,000 or less you can have up to 2 years … Continue reading
Lisa the Tax Lady 