Deductions and Write-Offs

The standard mileage rate(s) for 2013 is .14

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 23 cents per mile driven for moving purposes.

Interest is earned over 30 years. You do not have to report the interest income until you cash in the bond or it reached its final maturity, whichever comes first. When you do the interest is subject to federal income tax but exempt from state and local tax.
You cannot cash the bond in until 6 months of ownership. If you cash it in after you have owned it for less than five years you will forfeit 3 months of interest.
The Bureau of the Public Debt announced today that as of January 1, 2012, paper savings bonds will no longer be sold at financial institutions.
This action, which supports the U.S. Department of the Treasury's goal to increase the number of electronic transactions with citizens and businesses, will save American taxpayers approximately $70 million over the first five years. But savings bonds, introduced in 1935, are not going away. Electronic savings bonds in Series EE and I will remain available through purchase in TreasuryDirect®, a secure, web-based system operated by Public Debt – where investors have been purchasing savings bonds, available 24/7, since 2002.

Individuals are entitled to claim a personal exemption for themselves and any dependents they support.
The personal exemption reduces your taxable income. The personal exemption amount is indexed annually for inflation. The 2013 phase-out begins with AGI over $300,000 for married filing joint returns and over $250,000 for non married filing joint returns.
For tax year 2013, the personal exemption amount is $3,900.
There was no phase out in years 2012 and 2011.

15 year property includes any municipal wastewater treatment plant, any telephone distribution plant and comparable equipment used for 2-way exchange of voice and data communication, any qualified restaurant property that is a building, any qualified leasehold improvement property, any section 1250 property that is a retail motor fuels outlet whether or not food or other convenience items are sold there, initial clearing and grading land improvements for gas utility property, certain electric transmission property.

Nonresidential real property is real property that is not residential real property or property with a class life of less than 27.5 years.
For nonresidential real property placed in service after 1986 and before 5/13/93 the cost is to be recovered over 31.5 years not 39.

Your dependent care flexible spending account reimbursement does reduce your maximum child care base expense amounts of $3,000 or $6,000 (2 or more children) claimed on IRS Form 2441.

Your child care credit like the other nonrefundable credits can be limited by your "Tentative" Minimum tax not your "Actual" Minimum tax.
Both the Tentative and Actual Minimum tax amounts are reflected on IRS Form 6251.
If you do not understand why your child care credit is being disallowed or limited, speak to your local CPA for an explanation.

Generally, gambling winnings are reported by the payer to the IRS on Form W-2G if the amount is $600 or more and at least 300 times the amount of the wager. The payer has the option of taking into account the wager in applying the $600 test.