Personal Exemption — A Random Extra Deduction

Personal Exemption -- A Random Extra Deduction
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) Many people believe that tax law is an illogical hodge podge of rules that a carousel of politicians have pushed for their own career aspirations gain. About 70% of the time I disagree with that assessment. The ...

Watch Out Norcross–Your City Could Sell Your House

Watch Out Norcross--Your City Could Sell Your House
Last night, while I was working hard breaking in our couches and keeping the TV screen from burning in, I stumbled upon one of those fun local news stories. Apparently the City of Norcross, Georgia decided it’d be a good idea to sell a woman’s condo for her without letting her know. At least not ...

Tuition Tax Deduction – Getting That 5% Cash Back

Tuition Tax Deduction - Getting That 5% Cash Back
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) I’m at that great time of my life where I have all my college tuition and fees paid off, and my kids aren’t yet sucking my wallet dry for their own education. I know it won’t ...

10/15 and California Tax Returns

10/15 and California Tax Returns
It’s 10/15, which means that the bulk of tax returns are due, and there’s a really long wait at the post office: So while waiting in line, I thought I’d quickly post on what I realized to be California’s biggest problem. And I mean that more literally than I’d like. See those two returns up ...

Hybrid Accounting Method – Dealing With Inventory

Hybrid Accounting Method - Dealing With Inventory
(NOTE: This post fits in with a case study looking into tax implications of starting up a small business. Click here to go back to the start) A while back, I addressed the cash and accounting methods and how to choose which one you want to use in a small business. I was trying to keep things ...

Shelby County Might Need Updated Tax Forms

Shelby County Might Need Updated Tax Forms
Okay, I get it. I know that not every government entity can toss money at dubious studies and excessive programs and still have swimming pools filled with spare benjamins. But I do expect a certain amount of professionalism in my downloaded tax forms. For those of you who don’t live in Ohio, you’re probably not aware ...

173 Pairs of Shoes – a Non-Cash Charitable Deduction Tax Case

173 Pairs of Shoes - a Non-Cash Charitable Deduction Tax Case
Right now, sitting in my garage, I have an unused microwave (works, just doesn’t match the other appliances we had to replace) and a washing machine (works great as an unsightly shelf, not so much as a washing machine). We’ve been planning to donate them to anyone who wants them, preferably to a charity that’ll ...

Deducting That Student Loan Interest

Deducting That Student Loan Interest
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) First, my condolences on your student loan. The good news is that there is a student loan interest tax deduction. Which isn’t really that great of news, but it’s something. I’d say it rates somewhere above finding ...

Deduct Penalty on Savings Withdrawal

Deduct Penalty on Savings Withdrawal
(This is part of a series looking at various common 1040 questions. To go back to the summary page, click here) It’s been a while since I’ve talked about tax helps, so I thought it was about time to get back on that cart. I mean, how else am I going to have enough content to ...

Who’s Buying Sleeping Beauty on Amazon, Anyway?

Who's Buying Sleeping Beauty on Amazon, Anyway?
NOTE: Since this is clearly not an article about either tax or accounting, I have moved it over to my personal blog @ timjgordon.blogspot.com. Head on over there if you want to get away from this stuffy tax stuff and read more of my random thoughts. I saw last week that Disney’s Sleeping Beauty was ...