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The Sales Tax Deduction

The sales tax deduction is one of the little-known deductions available to individuals.  Because taxpayers must choose between claiming the sales tax deduction or the state income tax deduction, most tend to claim their state taxes.  In some cases, though, claiming...

New for 2013: The Net Investment Income Tax

The 3.8% Net Investment Income Tax (“NIIT”) was passed as part of the 2010 Affordable Care Act.  It went into effect on January 1, 2013 and it applies to investment income only.  The IRS has released extensive proposed regulations detailing the application of the...

IRS Announces 2014 Filing Season Delay

The IRS announced today that the 2014 tax return filing season will be delayed 1-2 weeks to allow adequate time to program and test tax processing systems following the 16-day federal government closure.  The originally scheduled starting date for the 2014 tax filing...

Job Search and Moving Expenses

Many taxpayers are unaware that they may be able to deduct the costs of searching for a job or moving to start work for a new employer.  The IRS allows taxpayers to write off their reasonable moving expenses under certain conditions, as well as the necessary expenses...

Casualty Losses for Natural Disasters

According to the IRS, taxpayers can claim casualty losses from all kinds of natural disasters, including earthquakes, volcanic eruptions, tornadoes, hurricanes, and floods.  In general, the criteria for claiming a casualty loss as a tax deduction is that it must be a...

Tax Effects of a Home Foreclosure

If you’re facing a home foreclosure, you are probably already concerned about your financial future.  However, in some cases, you may find that your foreclosure comes with an unexpected problem: a tax bill.  Some situations may result in a taxable gain that may cause...

The Student Loan Interest Deduction

Taxpayers who are making payments on student loans may qualify to deduct the interest portion of their payments on their federal income tax returns.  According to the IRS, the student loan interest deduction is available to those who meet certain conditions and income...

The Child Tax Credit

The Child Tax Credit is a credit that is available to eligible parents of children younger than age 17 at the end of the tax year.  Individuals who qualify can receive a credit of up to $1,000 per child against the amount of their tax liability.  The credit reduces a...

Head of Household Filing Status

Taxpayers who are eligible for Head of Household filing status receive an increased standard deduction on their returns and may qualify to use special tax credits such as the Earned Income Tax Credit and the Child Tax Credit.  To use this status, however, taxpayers...