“Weekly Tax Tip” is a feature of the OOIDA Web site, designed to help you make decisions critical to the survival of your trucking business. Through April 15, we’ll post frequently asked questions and up-to-date answers, provided by PBS Tax & Bookkeeping Service. If you need additional information, please contact Howard at 1-800-697-5153 or visit the Web site atwww.pbstax.com
2016 Tax Tips
There are currently no tax tips.
2015 Tax Tips
CHILD AND DEPENDENT CARE CREDIT (PAYING FOR SUMMER CAMPS)
Taxpayers can claim a non-refundable credit for dependent care expenses. Both the taxpayer (and spouse if married) must have earned income. Any paid care throughout the year qualifies. Be sure to get the social security number or federal ID number of those providing the care.
HOME OFFICE DEDUCTION – SIMPLE METHOD
Using part of your home for business may qualify you for the home office deduction. Make sure you meet the IRS guidelines. An option is to use the simplified method which allows $5 per square foot of business use with a maximum of $1500. Choose either method that works best for you.
EMPLOYEE BUSINESS EXPENSES
Company drivers can deduct as an itemized deduction, unreimbursed business expenses incurred in connection with driving for your employer that are required by your employer. They include per diem, communication services, tolls, work boots etc. Make sure your company does not have a reimbursement plan.
IRA CONTRIBUTION LIMITS
Roth and Traditional IRA Contribution limits for 2014 incomes taxes are $5500. If you are age 50 or over the limit is $6500. If attained age 70 ½ during 2014 you can no longer make traditional IRA contributions. However, you can still contribute to a Roth IRA.