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What Is The Amount I Am Able To Write Off On My College Loan? I Owe More Than $150,000 For My College Education And The Interest Is High So...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The maximum amount of interest you can deduct is $2500. This will go down as your income rises and eventually phase out.   Read More
If I Purchase Food For The Homeless Can I Deduct This On My Tax Return? I Often Will Purchase A Bag Of Groceries For The Homeless When I...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

That is a very kind thing to do. You are an awesome human being! Unfortunately, the IRS does not allow a deduction for donations to the benefit of a single person. The must be a 501(c)(3) charity v   Read More
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We Have Been Using The Same Tax Person For About 10 Years. It Seems Recently That The Cost In Doing Our Taxes Has Gone Up Significantly In...
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

The "going rate" generally depends upon two items: The complexity (size) of your tax return (i.e. the more pages, the higher the cost) and how well organized you are. If you are paying your accountant to add up...   Read More
How Detailed Should The Information Be That I Provide To The IRS For Charitable Deductions?
User Photo LINDA TRANTHAM
Tax Professional Level: Tax Enthusiast

If your charitable donations are other than cash, and are valued over $500.00, a separate form needs to be filed. My suggestion is to ensure whatever you report to the IRS you are able to back up with receipts and...   Read More
What Is The Charitable Driving Tax Relief Act? We Have A Charity And Want To Get The Facts Straight.
User Photo William Keats
Tax Professional Level: Master Tax Advisor

This bill was assigned to a congressional committee on March 15, 2013, which will consider it before possibly sending it on to the House or Senate for consideration. The bill is to amend the IRC of 1986 to provide...   Read More
My Parents Have Been Discussing A Reverse Mortgage On Their Home. They Have A Fixed Retirement Income And No Savings. They Would Like To...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The easiest way to think of a reverse mortgage is as a home equity loan. They get a certain amount of money monthly from the equity in their home. This accumulates as long as they take it, accruing interest and...   Read More
What Is The Maximum Deduction Allowed For An Individual Retirement Account(IRA) For 2012? I Am Over 50 And Want To Know If I Can Make Any...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The maximum is $5000 plus $1000 catch up if you are over 50 for a total of $6000. You may still make a 2012 contribution until 15 April 2013.   Read More
My Child Has Significant Medical Expenses Last Year That Were In Excess Of $200,000. What Are The Rules Regarding Writing Off These...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

I'm so sorry your child is I'll. hope things are progressing better now. Medical expenses are part of your itemized deductions. They must exceed 7.5% of your gross income before they start conting (this goes up to...   Read More
We Have A Huge Rabbit We Keep For Showing During Easter Time On Our Pet Farm. Can We Deduct The Cost Of Feeding This Rabbit On Our Tax...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

If the Pet Farm is an actual business, and it is not your hobby, and treated as a farm (tax returns, etc.), and the rabbit is considered a major asset, the cost of feeding him/her should be deductible. I would...   Read More
What Is Required Of Employers Under The Payslip Reporting Of Super Payments?
User Photo Anthony Campisi
Tax Professional Level: Tax Enthusiast

My understanding is that as of the July 1 2013, employers will need to provide additional information about superannuation contributions on an employee`s payslip. This will mean employers will need to report the...   Read More


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