One Tax Lowers the Other — Real Estate Tax Deduction

One Tax Lowers the Other -- Real Estate Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Real estate taxes are a great way for your local government to remind you that you’ll never completely own your house. Those local government services do have to be paid ...

The Itemized Deduction – Its Benefits and Limitations

The Itemized Deduction - Its Benefits and Limitations
(NOTE: if you’re looking for a list of itemized deductions, go back to the 1040 summary page here) The term itemized deduction is thrown around in comment sections and news articles like its a delicious ball of cotton candy, ready to be plucked by whoever is willing to pull off a handful. The reality is that there’s ...

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 ...