Can I Deduct?

Country Club Dues

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

Dues paid to Country Clubs, lodges, fraternal orders are not deductible.
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Can I Deduct?

Termite or Moth damage

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

Termite or moth damage is not deductible.
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Can I Deduct?

Politician's expenses

Asked Thursday, February 09, 2012 by an anonymous user

CPA Answer:

A public official is not allowed to deduct campaign expenses for election or reelection.
A public official is allowed to deduct expenses directly related to performance of their duties in office that are not reimbursed.
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Depreciation

Bonus Depreciation

Asked Tuesday, February 07, 2012 by an anonymous user

CPA Answer:

Bonus depreciation is an accelerated deduction in the first year purchase of an asset. It is an additional incentive to purchase business assets and considered a measure of relief for small businesses that want to buy additional equipment.
in 2013, 50% is allowed.
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Earned Income Credit

Earned Income Credit

Asked Tuesday, February 07, 2012 by an anonymous user

CPA Answer:

The Earned Income Tax Credit is a refundable federal income tax credit for low to moderate income working individuals and families.
Individuals may receive refunds more than what was withheld in federal withholding taxes from their wages.
For the 2016 Tax Year
Earned Income and adjusted gross income (AGI) must each be less than:
$47,955 ($53,505 married filing jointly) with three or more qualifying children $44,648 ($50,198 married filing jointly) with two qualifying children $39,296 ($44,846 married filing jointly) with one qualifying child $14,880 ($20,430 married filing jointly) with no qualifying children
Tax Year 2016 maximum credit: $6,269 with three or more qualifying children $5,572 with two qualifying children $3,373 with one qualifying child $506 with no qualifying children
Investment income must be $3,400 or less for the year.
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Moving Costs

What moving costs are deductible as an employee?

Asked Monday, February 06, 2012 by an anonymous user

CPA Answer:

If you meet certain tests- the distance test ( your new job location is 50 miles or more from your old home) and time test ( you work full time as an employee for at least 39 weeks at the new location) :

1.Traveling related costs incurred by you or your family, moving from the old home to the new location are deductible. This includes lodging, your auto expenses if you drive, airfare, parking and tolls. Family members may move on separate dates and they are all deductible
2. Costs of moving your household items like furniture, shipping your personal goods are deductible.
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Taxes - My Tax Return

Who must file a return - (not children)

Asked Thursday, February 02, 2012 by an anonymous user

CPA Answer:

Your filing status and gross income determine if you have to file a 2016 tax return. In the year 2016 if your filing status is single and under age 65 then the gross income must be more than $10,350 If 65 or older than the gross income must be more than $11,900 .
If your filing status is Married and living with your spouse as of the last day of the year and both people are under age 65 then the gross income must be more than $20,700 If one over 65 and one 65 or older then the gross income amount must be more than $21,950 . If both people are 65 or older then the gross income must be more than $23,200
If your filing status is Head of Household and under age 65 then the gross income must be more than $13,350 If 65 or older than the gross income must be more than $14,900 . If your filing status is Widow(er)and under age 65 then the gross income must be more than $16,650.if 65 or older than the gross income must be more than $17,900.
If your filing status is Married filing a separate return the the gross income must be more than $4,050 regardless of the age.
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Taxes - My Tax Return

Do I have to file a Tax Return (children and other dependents)

Asked Thursday, February 02, 2012 by an anonymous user

CPA Answer:

SINGLE and under age 65 then the Earned income must be more than $5,800 or Unearned Income greater than $950 or Gross Income greater than the larger of $950 or Earned income up to $5,500 plus $300.
SINGLE and age 65 or older or blind then the Earned income must be more than $7,250 or Unearned Income greater than $2,400 or Gross Income greater than the larger of $2,400 or Earned income up to $5,500 plus $1,750.
SINGLE and age 65 or older AND blind then the Earned income must be more than $8,700 or Unearned Income greater than $3,850 or Gross Income greater than the larger of $3,850 or Earned income up to $5,500 plus $3,200.
MARRIED and both people are under age 65 then the Earned income must be more than $5,800 or Unearned Income greater than $950 or Gross Income greater than the larger of $950 or Earned income up to $5,500 plus $300.
MARRIED and both people are over age 65 then the Earned income must be more than $6,950 or Unearned Income greater than $2,100 or Gross Income greater than the larger of $2,100 or Earned income up to $5,500 plus $1450.
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Social Security

Social Security - Your Calculated Payment

Asked Thursday, February 02, 2012 by an anonymous user

CPA Answer:

Your Social Security payment is figured using a complex calculation based on a 35-year average of your covered wages. Each year's wages are adjusted for inflation before being averaged.
If you worked longer than 35 years, the government will use the highest 35 years.
If you worked for less than 35 years, they'll average in zeros for the years you are lacking.
If you can avoid zeros by working a couple of years longer, you'll increase your Social Security payment.
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Social Security

Social Security - Widower Info

Asked Thursday, February 02, 2012 by an anonymous user

CPA Answer:

A widow can begin drawing the full amount of her late husband's Social Security when she is as young as 60. Then she can choose to leave her own Social Security alone, allowing it to grow in value until her full retirement age or age 70.
A widow/widower can begin benefits based on his or her own earnings record and later switch to survivors benefits or begin with survivors benefits and later switch to benefits based on his or her own record.
This is true even if the surviving spouse is filing before full retirement age. You can't do that with spousal benefits.
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