Deductions Feed

Senators and Representatives are headed back to their states and Congressional districts for the long President's Day weekend. Tucked into the bags that Republicans are taking home are some talking points on how they plan to repeal and replace the Affordable Care Act (ACA), popularly known as Obamacare. Image by Shawn Campbell via Flickr Creative Commons The Grand Old Party's policy paper says it aims to "provide relief from all the Obamacare tax increases." That's a big list. 4 targeted ACA taxes: The independent website Obamacare Facts lists 21 taxes, seven of which directly affected individuals. I've culled that individual... Read more →


Have you finalized your Valentine's Day plans? Good for you, you fool for love! Hey, I'm not judging. I'm just not that much of a romantic. That's why Valentine's Day is not that big of a deal in our household. Except for an exchange of cards, with the hubby and I each giving the other one humorous and one sentimental Hallmark greeting, Feb. 14 is just another day. Yes, the length of our relationship is one reason why Cupid's big day is predictably boring every year. But it works for us. Plus, our lack of more elaborate romantic gestures means... Read more →


On this Dr. Martin Luther King Jr. federal holiday, the last MLK Day that Barack Obama will serve as U.S. President, the 44th commander in chief will once again spend part of his afternoon volunteering. President Obama and younger daughter Sasha helped out during an earlier MLK Day at DC Central Kitchen. (Click image to see more at Corporation for National and Community Service.) The national holiday honoring the slain civil rights leader has evolved into a day of service. The Obamas take that role seriously. In the past, the president and his family have volunteered at kitchens that feed... Read more →


President-Elect Donald Trump is feeling charitable again. This time, it's Uncle Sam who's the target of his largesse. President-Elect Donald Trump and his three older children (Eric, Ivanka and Donald Jr.) get ready to meet the press this morning (Jan. 11) to discuss Trump Organization business deals after The Donald is sworn in on Jan. 20. (Photo by Evan Vicci via TPM Twitter post) During the almost hour-long press conference at Trump Tower in Manhattan (Trump's first Q&A with the media since July 16, 2016, when he was on the campaign trail), a tax attorney for the incoming 45th president... Read more →


I got in my car for the first time in 2017 today. It also was my first use of my new mileage log. Yep, that pretty little pink spiral notebook is this year's tracking device of all my potentially tax deductible miles. And yep, those of you who know me know that I'm not really a pink kind of gal. This notebook was tucked in bag I got at a conference. Over the years, I've attended a lot of conferences and gotten a whole lot of similar notebooks, so I use a new one each tax year. What miles to... Read more →


You might have seen the suggestion that you move to lower your tax bill. I love old ads like this one for Dodge commercial trucks courtesy Alden Jewell via Flickr. Folks making this vintage move look much happier than they ever do when relocating in real life. That usually tongue-in-cheek recommendation didn't make my 12 year-end tax moves list, but all y'all are welcome to join me here in no-income-tax Texas. I must warn you, however, that if you buy a home, property taxes could eat up a chunk of what you're saving by not paying state tax on your... Read more →


With Republicans soon to be in control of Congress and the White House, the tax focus has shifted to a major rewrite of the Internal Revenue Code. But this legislative approach means that more than 30 temporary tax provisions will disappear from the tax code on Jan. 1, 2017. Whether they are resurrected in any new tax overhaul depends on how persuasive the various laws' lobbyists are, how committed Senators and Representatives are to streamlining the tax code and how much tax revenue is gained or lost by their continued absence or revival. Extenders usually long lives: These tax laws,... Read more →


Today is officially winter. You know what that means. Taxes. For folks in Michigan, at least. Much of the United States has been in the grips of the Weather Channel named winter storm Decima this month. The Arctic air even dropped down to the Austin area earlier this week, producing a bit of a freeze in our back yard waterfall/stream. (Click image to watch my YouTube video.) OK. Tax collection in the Great Lakes State isn't limited to the coldest months, which are pretty plentiful there. And it's not even limited to one state. Property tax bills, which actually are... Read more →


Your business-related driving probably won't save you as much on your taxes in 2017. The reason? The Internal Revenue Service announced today that the optional standard mileage rate for business use of your vehicle is a half-cent less than in 2016. A trip to the vet likely won't count as a tax deductible medical expense, but other allowable miles in 2017 can be claimed at 17 cents apiece. It drops on Jan. 1, 2017, to 53.5 cents per mile. For the final few days of 2016, the business mileage rate is 54 cents per mile. Along with a smaller per-mile... Read more →


Are you looking for a new ride? Buying a car at the end of the year often means you'll pay less, as dealerships are ready to bargain in order to clear their lots for the new year and new models. Unless you're looking for a vintage car, you'll find your transportation choices are quite different from these! Driving away in new wheels by Dec. 31 also could give you a bigger sales tax deduction when you file your taxes next year. Itemized sales tax savings: If you itemize, you can claim either the state and local income tax or the... Read more →


It's National Cookie Day. Guess what I had for breakfast? And probably for lunch and supper, too. Mmmmm! Mint Milanos, biscotti and ginger snaps. If you don't have any cookies in your pantry, click the image for info from Parade magazine on where you can get free cookies today. Not as my whole meal, at least not for the day's two later repasts. Today's gustatory observance reminded me of a DailyInfographic.com item that illustrated some money-making hobbies. Baking was on that list. That's the cooking excerpt below. Click image to see the full DailyInfographic on money-making hobbies. Hobbies' fun and... Read more →


The late Robin Williams said that cocaine is God's way of telling you that you are making too much money. I think you can add luxury autos to that list. The hubby and I spotted this McLaren MP4-12C in our local shopping center's parking lot. Note to self: get to know my obviously much wealthier neighbors! Here in Austin, I regularly see high-dollar cars. A lot of them. On just the roads I routinely travel I've spotted Teslas, Ferraris, Lamborghinis, Mercedes-Benz G-Wagons, Maseratis, Lotuses and even that McLaren pictured above. Yes, I am jealous. While I am happy with my... Read more →


It's December 1. December. The last month of the year. How the heck did that happen!?! It hasn't even gotten good and cold yet here in Central Texas. We -- OK the hubby, at my nagging request -- put our Christmas tree up the first week of November this year. That means I have all of December to focus on taxes! OK. I've got my calendar and weather rant under control. But my urgency about how quickly 2016 is passing remains. That means we're rapidly running out of time -- check the countdown clock there in the right hand column... Read more →


President-Elect Donald Trump's tax reform plan has slipped off the radar as we've been watching him select folks to fill his cabinet. (We're still waiting on The Donald to reveal his Treasury Secretary choice.) But this Giving Tuesday, the unofficial kick-off of the annual charitable season, is the perfect time to look at how a Trump Administration might change our donations and the tax breaks that many get for their gifts. Trump Tax II vs. Pease: In revising his original tax proposal so that its projected deficit would drop from around $9 trillion over 10 years to just (please note... Read more →


Small business owners are hoping that their shops are filled with lots of paying customers this annual Small Business Saturday. The first Small Business Saturday was Nov. 27, 2010. That initial year, it was the creation of the financial company American Express. In 2011, the U.S. Senate unanimously made the day official. The day celebrates small businesses and encourages supporting them and how they impact communities. They also are hoping that by this time next year, their top tax rate will be just 15 percent. More business tax breaks ahead? That lower business tax rate, a 20 percentage point drop... Read more →


Happy day after Thanksgiving! For many folks, it's time for Christmas shopping, although internet commerce and changing demographics have made Black Friday a tad less chaotic. Are you shopping today? At a major retailer or at a local thrift store? If it's the latter and it's run by an IRS-approved charity, consider donating some items you no longer need or want to the nonprofit. It could provide you a tax deduction. (Thrift store shopper photo by Daniel X. O'Neil via Flickr) For others, it's a day to finally start decking the home's halls (and living rooms and mantels and…). The... Read more →


Canadians celebrate their Thanksgiving in October. I like that timing. It doesn't force folks into attending two annual family gatherings within a month of each other. Not that I don't love my family, but like many things, a little goes a long way. And don't worry. I know which relatives (and there are plenty!) are thinking, if not saying, the same about me. Canada and the United States share many things, but the same Thanksgiving holiday isn't one of them. But during this week that we Americans are preparing to say thanks for our annual bounty (and, thanks to the... Read more →


Taxes are about dollar amounts and dates. April 15 obviously is the biggie. But Dec. 31 is almost as important. The end of a tax year is, for the most part, the last time you can make tax moves that could help lower your coming tax bill. While we all wish we could have Homer Simpson's to-do list, when it comes to taxes, most of us need to take care of some potentially money saving tax tasks by Dec. 31. With the days rapidly dwindling (the countdown clock over there in the ol' blog's right column is tracking them), here... Read more →


Today is National Philanthropy Day, created to recognize those who strive to make life better for others. The term philanthropist usually conjures up rich people holding fancy galas attended by their wealthy friends to raise money for various causes. But you don't have to be rich to be a philanthropist, or a good-deed-doer as The Wizard of Oz called such folk when he stumbled over the fancier moniker. "Back where I come from there are men who do nothing all day but good deeds. They are called phil … er … phil … er … er … good-deed-doers and their... Read more →


Did you catch the supermoon? 2016 is a great year for lunar gazing. The full moons of October, November and December all take place when the moon is at its closest point of approach in its orbit around Earth, creating the so-called supermoon. Click image to watch a NASA video about the phenomenon. (Photo courtesy NASA) The hubby and I were driving back earlier this evening from visiting my mom and we were treated to the supermoon peeking in and out of clouds. Luckily for us, by the time we got home the clouds had moved on, giving us a... Read more →