Itemized Deductions

/Tag:Itemized Deductions

Tax Deductions for College Professors

By | November 14th, 2018|Categories: Potpourri of Tax Topics|Tags: , , , |

What tax deductions can a college professor take? Tax reform has made it almost impossible for professors to take any deductions anymore.

What is the Tax Benefit Rule?

By | January 31st, 2018|Categories: Potpourri of Tax Topics|Tags: , , |

In tax terminology, the phrase “tax benefit rule” refers to whether or not a refund or recovery received in a future year is taxable. For example, whether or not a state income tax refund is taxable on your federal return depends on the “tax benefit rule.”

Comments Off on What is the Tax Benefit Rule?

From the Archives: Filing Separately on Your Iowa Return? Don’t Forget to Allocate Deductions

By | November 23rd, 2017|Categories: Potpourri of Tax Topics|Tags: , |

In Iowa, if you file as married filing separately, you must allocate itemized deductions based on income ratios.

Comments Off on From the Archives: Filing Separately on Your Iowa Return? Don’t Forget to Allocate Deductions

Deducting Business Charitable Contributions

By | October 18th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Let's look at how to account for charitable contributions made through your business.

Comments Off on Deducting Business Charitable Contributions

Iowa Deduction for Charitable Mileage

By | June 5th, 2017|Categories: State Taxes|Tags: , , , |

Image courtesy of user Maialisa on Pixabay.com Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount [...]

Comments Off on Iowa Deduction for Charitable Mileage