Monthly Archives: February 2010

Scholarship Count Toward Support?

According to Publication 17, “A scholarship received by a child who is a full-time student is not taken into account in determining whether or not the child provided more than half of his or her own support.”  

Posted in Income Tax | 3,572 Comments

2009 Mileage Rates

2009 Standard Mileage rates for the use of a car (includes Pickups, Vans and Panel Trucks): 55 cents per mile for business miles driven (decreases to 50 cents per mile in 2010) 24.0 cents per mile driven for medical or moving … Continue reading

Posted in Income Tax, International Taxation, LLC's, Sub S Corporations | 92 Comments

Do You Have to File?

That depends on the AMOUNT of income AND the TYPE of income.  Filing is not required if all of your income is from W2 Wages, Interest, Dividends and Other Miscellaneous Inocme (excluding Social Security) AND if the total income is … Continue reading

Posted in General, Income Tax | 1,263 Comments

Cost Segregation = Tax Savings

Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients.  The ability for smaller building owners to utilize these techniques … Continue reading

Posted in Income Tax, International Taxation, LLC's, Sub S Corporations | 4 Comments

Breast Implants – Deductible Medical Expense?

No.  They are considered cosmetic.  But what if they are implanted in conjunction with a deductible procedure? Tax Court Case O’Donnabhain (2010), 134 TC No. 4 The Tax Court has held that an individual could deduct as a medical care … Continue reading

Posted in Income Tax | 4,765 Comments