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Rules affecting personal income tax extended

  Certain expiring tax provisions were extended on Dec. 19, 2014, when President Obama signed into law the Tax Increase Prevention Act of 2014. Some interesting examples of tax law extended on the individual income tax side are:

  1. Deduction for certain expenses of elementary and secondary school teachers, allowing K-12 teachers to...

Log deductions carefully to take advantage of 2015 mileage rates

  Now is the time to begin logging your business travel miles if you want to take a tax deduction for 2015. The IRS requires strong substantiation – even if it is obvious that you use your vehicle for business purposes. If you are audited, estimates are not acceptable. Each business trip should be documented with location, destination,...

Too much personal time spent at rental costly

  Landlords who want to deduct 100 percent of their rental property expenses must be sure to watch the personal use of their rental property. In the case of Mark A. Van Malssen and Patricia D. Kiley v. Commissioner, T.C. Memo 2014-236, T.C.M., the taxpayers were limited in the amount of rental expenses that they could claim because their...

Home debt not discharged for 2014

  Discharge of debt is generally considered income for tax purposes – and it will be again in 2014 for principal residence indebtedness. Many taxpayers took advantage of not being taxed on discharge of debt for principal residences from Jan. 1, 2007, through Dec. 31, 2013. Unfortunately, this exclusion has ended effective for the 2014 tax...

Gifts to employees – Some are nontaxable

  The general rule regarding gifts to employees is that they are taxable income to the employee. There are some exceptions to this general rule. Two of the more common exceptions are: 1. Employee achievement awards 2. De minimis (small) fringe benefits Employee achievement awards are nontaxable. These awards are tangible property...

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