Ask a CPA

No. If you claim a relative as a dependent on your tax return, you may not claim a deduction or a child care tax credit for the payments made.

You may claim an adoption credit for adoption expenses paid in the year the adoption is finalized. Subject to certain Adjusted Gross Income limitations, adoptive parents of a child who is either under age 18, physically disabled or mentally challenged, may be able to take an adoption expense tax credit in the year the adoption is finalized. The credit is claimed on IRS Form 8839. Additional qualifications may pertain if the child is a U.S citizen or lived in a foreign country. Speak to your local CPA about the credit and/or exclusion available.

Qualified educational expenses would include tuition and required fees, but would not include room and board, insurance, transportation or other personal living or family expenses, medical expenses, supplies or equipment.
The credits are subject to income limitations. The credits are not available for married filing separate returns. Both credits are claimed on IRS Form 8863.
The American Opportunity and Lifetime Learning credits are two federal credits available for qualifying higher education expenses paid to eligible educational institutions.
There may also be similar state credits or deductions available. Generally, the American Opportunity credit is available for the qualified expenses for the first 4 years of post-secondary education leading to a degree.
The Lifetime Learning credit is available for both degree and non-degree courses. This includes undergraduate courses not claimed as a American Opportunity credit, graduate studies, and students acquiring or improving their job skills.

Yes. The "Kiddie Tax" is applicable to children under 19 years . The "Kiddie Tax" is a tax on children with gross investment income of $2,000 or more. The calculation of the child's tax yields a higher tax calculation using the parents' higher tax rate when applicable.

Yes. While away from home on business trips, if you find it difficult to maintain the actual records of meal costs, you may use a standard IRS meal allowance. The basic meal allowance in the U.S. for the current year is $52 a day. There are higher high-cost major metropolitan area rates available. You must keep a diary which includes the time, place and business purpose of the trip. Speak to your local CPA for the meal allowance in your area in your state. The rates are available online at www.gsa.gov/perdiem and in IRS Pub 1542.

No. Cruise ship costs are limited to twice the highest per day rate for travel in the U.S. on that date, multiplied by the number of days in transit.

The following unreimbursed business trip costs are deductible: tips, telephone, fax, airplane, railroad, taxi, other transportation fees, hotel and lodging, meal costs (50% deductible),laundry and cleaning, and entertainment.
All business trip deductions should be listed in a diary stating the time, place and business purpose of the meetings.

No. Interest on personal loans such as car and credit card loans are not deductible. Home mortgage loans and interest for loans for business purposes are deductible.

Yes. You may claim interest on acquisition or home equity debt loans on residences. A residence includes a house, condominium, cooperative apartment, houseboat, mobile home or house trailer that has sleeping, cooking, and toilet facilities.
The deduction is allowed on IRS Schedule A.

Yes. There are specific criteria and limitations associated with home equity loans, but you can deduct these expenses on IRS Schedule A with any other mortgage interest.