| Job Search Expenses |
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| If you are looking for a job, you may be entitled to a deduction for the costs of your search. However, you will only be able to take advantage of this tax benefit if you chose to itemize instead of taking a standard deduction. The deduction allowed would be the amount by which your job search expenses plus other miscellaneous deductions exceeds two percent of your adjusted gross income. More... |
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| Identity Theft Scheme Against Non-Resident Aliens |
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| Identity theft is big news these days, and we all know not to give our social security or credit card numbers over the telephone to strangers. But just as we are beginning to think that we are safe from the identity scammers, the Internal Revenue Service has discovered a new scheme, which is aimed at non-resident aliens who have income from a United States source. This scheme uses fake IRS correspondence and an altered IRS form to trick the foreign person into releasing personal and financial data, and the thieves use this information to steal the individual's identity and financial assets. More... |
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| Terminating a Business |
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| You have decided to close your business. What you really want to do is just pick up your box of personal belongings, shut the door, and walk away. But unfortunately, it is not quite that simple. More... |
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| Depletion |
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| When a natural resource is owned or operated by a taxpayer, that asset may be used up by the process of mining coal, metals, or other minerals, quarrying stone, drilling for oil or gas, or felling timber. Under the Internal Revenue Code, the owner or operator is entitled to a depletion deduction to allocate the cost of the natural resource ratably over the productive life of the resource. More... |
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| Tax-free Bond Interest Used for Education |
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| If you invest in U.S. savings bonds, you are generally obligated to pay federal income taxes on the interest earned on the bonds. If you do not include the interest in your gross income in the year in which it was earned, you must include it in the year in which you cash in the bonds. However, if you use the proceeds from certain bonds as part of an education savings bond program, you may be entitled to exclude the bond interest in income. More... |
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