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William KeatsTax Professional Level: Master Tax Advisor
You should pay quarterly federal estimated taxes if your balance on the last tax return was over $1000. If you do not want to go that route then you must adjust (increase) your withholding tax on your W-2 income,... Read More
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William KeatsTax Professional Level: Master Tax Advisor
The American Opportunity Tax Credit is a maximum of $2500., of which 40% of the credit may be refundable, with a maximum refund of $1000. The other portion is applied to the tax liability, up to the amount of the... Read More
William KeatsTax Professional Level: Master Tax Advisor
The noncustodial parent may claim the dependent exemption and the Child Tax Credit if certain requirements are met. The custodial parent will claim the Earned Income Credit, Head of Household filing status, and... Read More
Wray Rives CPA CGMATax Professional Level: Tax Enthusiast
Yes as long as you and your spouse otherwise qualify to take the childcare credit, tuition for pre-k classes qualify as childcare expenses. Read More
Wray Rives CPA CGMATax Professional Level: Tax Enthusiast
You can take a deduction for casualty loss on the home. You may want to read IRS Publication 547 for more information on casualty losses in disaster areas. http://www.irs.gov/pub/irs-pdf/p547.pdf Read More
Randy TarpeyTax Professional Level: Tax Enthusiast
There are several limits or additional disclosures to consider when deducting property contributions. If your contribution exceeds $500 you must complete form 8283 in addition to claiming the contribution... Read More
Wray Rives CPA CGMATax Professional Level: Tax Enthusiast
The deduction for contributions to public charities is limited to 50% of your adjusted gross income before any adjustment for net operating loss deductions. Read More
Devon McCarthy FCCA, EATax Professional Level: Tax Enthusiast
Individuals may generally deduct up to 50% of AGI, but 20% and 30% apply in some cases. (See IRS publication 526 for more detail). Read More
William KeatsTax Professional Level: Master Tax Advisor
Political contributions to political parties for candidates or PACs are not deductible. Read More
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