Many students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job.
Are you missing out on tax perks related to your business travel? Food and lodging expenses may be deducted when you are away from home for business purposes. Like everything in the tax law, to be tax deductible, certain rules must be followed. Individuals who know the rules and keep good records derive the most from these deductions.
With summer in full swing, there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program.
Think you’re safe from an audit because you have received your refund check? Think again! Read this for startling information on audits.
Now that your taxes have been completed for 2010, you are probably wondering what old records can be discarded. You may have records from years ago that you are apprehensive about destroying. Before starting a toss pile, understand why the records should be kept.
There is one tax loophole on the books that is large enough to drive a truck through…literally. Due to a provision in the new 2010 Tax Relief Act, you can write off most or all the entire cost of a heavy-duty SUV placed in service this year—without the usual restrictions. But you should move fast if you are in the market for a new business vehicle. Congress may soon undo the unexpected windfall created by the new tax law.