| Deductibility of Uniforms |
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| Tthe unreimbursed costs and upkeep of a uniform, including laundry and dry cleaning, are deductible only if the uniform is required as a condition of employment. In order to be deductible, the uniform cannot be adaptable to ordinary wear. Even if the clothing is not of a style that you would normally wear outside of your job, it is generally not deductible.More... |
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| What to Do If You Have Not Received a Form 1099 |
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| You received a certain type of income during the year, and you know that you should be getting some type of form in the mail from the payer in order to prepare your federal income tax return. You wait and you wait, but your mailbox is filled with nothing but after Christmas sale flyers. You really wanted to file early this year and get your refund, but you don't know how long you should have to wait.More... |
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| How Long Should a Taxpayer Keep Records? |
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| Piles and piles of tax returns, papers, bank statements, and canceled checks are accumulating in your attic. Just how long do you have to keep all of this?More... |
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| Liens |
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| Once the Internal Revenue Service has assessed a tax and has sent the taxpayer a bill in the form of a Notice and Demand for Payment, a lien arises in favor of the government on all real, personal, tangible, or intangible property of the delinquent taxpayer until the amount is paid. By filing notice of the lien, the IRS has publicly notified all creditors of the taxpayer that it has a claim against the taxpayer's property, including property acquired after the lien was filed. The notice establishes priority of the government's lien in circumstances such as bankruptcy proceedings or sales of real estate. A federal tax lien may harm a taxpayer's credit rating and impair his or her ability to get a loan, a credit card, or a mortgage.More... |
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| Employer-Provided Child Care Credit |
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| In order to encourage businesses to provide child care for their employees, Congress has recently created a tax incentive for those employers who make certain qualified child care expenditures. The amount of the credit allowable in a tax year is the sum of 25 percent of qualified child care expenditures plus 10 percent of qualified resources and referral expenditures. The credit is limited to a maximum of $150,000 for any tax year.More... |
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