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Archives: February 2015

If you don't meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in…

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000-$90,000; $160,000-$180,000 for joint filers),…

The manufacturers' deduction, also called the "Section 199" or "domestic production activities" deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that…

You probably know that miles driven for business purposes can be deductible.  But did you know that you might also be able to deduct miles driven for other purposes?  The rates vary depending on the purpose and the year. Business:…

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