Archive for category Deductions
6 tax tips about Medical and Dental Expenses
Posted by brumley in Deductions, Tax on January 31, 2011
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things to know about medical and dental expenses and other benefits.
Deducting Donated Time or Services in a Business
Posted by brumley in Accounting, Business, Deductions, Small Business, Tax on January 29, 2011
If you are in a business and donate your time or services to a non-profit organization, can you deduct the value donated?
10 Tax Benefits for Parents
Posted by brumley in Credits, Deductions, Tax on January 26, 2011
Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits for parents to consider when filing their tax returns this year.
Charitable contribution reminders
Posted by brumley in Deductions, Tax on December 28, 2010
Are thoughts of charitable contributions dancing in your head this holiday season? If you itemize, you may also be thinking of tax deductions. Here are tips to make the most of your generosity. Choose a qualified charity. To be eligible for a deduction, the organization you contribute to must be qualified. In general, that means [...]
IRS Announces 2011 Standard Mileage Rates
Posted by brumley in Deductions, Tax on December 8, 2010
The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 51 cents per [...]
Simplified Business Cell Phone Deduction Rules
Posted by brumley in Business, Deductions, Tax on November 29, 2010
No longer considered a luxury item, cell phones and other mobile communication devices are now part of daily business practices at all levels, and the deduction limitations and documentation requirements no longer make sense
New business law includes major tax breaks
Posted by brumley in Business, Deductions, Tax on November 22, 2010
It’s just in time for year-end tax planning: the Small Business Jobs Act, a new law that extends some federal tax breaks and enhances others. Here’s an overview of selected provisions: Section 179. You can immediately write off up to $500,000 of assets (including computer software) that you buy for your business. The phase-out threshold [...]
Should you prepay your mortgage?
Posted by brumley in Deductions, Personal Finance, Tax on October 5, 2010
Let’s say you’ve come across some extra cash. Should you invest it or use it to pay down your mortgage? Look at it this way: When you prepay part of your mortgage, you end up paying less in interest. But in the bargain, you also lose part of your mortgage-interest tax break. Your true savings, then, [...]
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
