Tax Deductions FAQs
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Q:
What Are The Standard Mileage Rates For 1998, 1999, And 2000?
A: For 1998, the standard mileage rate is 32.5 cents a mile for all business miles. The higher rate for U.S. Postal Service employees with rural routes has been repealed. … More -
Q:
Are There Limits On The Amount Deductible For Meals On A Business Trip?
A: Meal expenses are deductible only if your trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Generally, the … More -
Q:
Are Business Gifts Deductible?
A: If you give business gifts in the course of your trade or business, you can deduct the cost subject to special limits and rules. In general, you can deduct no more … More -
Q:
Our Home Was Seriously Damaged By A Tornado Last Year. Are There Special Provisions For Claiming A Loss Since Our Home Is Located In A Declared Disaster Area?
A: Casualty losses are generally deductible only in the year the casualty occurred. However, if you have a deductible loss from a disaster in an area that is officially … More -
Q:
I Am In A Disaster Area And Heard The Irs Could Help Me. What Can The Irs Do?
A: If you have been impacted by a Presidentially declared disaster the IRS can help you by delaying the filing of returns and payment of taxes you owe and by waiving … More -
Q:
Where Can I Find The Per Diem Rates For Foreign Countries?
A: The federal per diem rates for foreign locations are also published monthly in the Maximum Travel Per Diem Allowances for Foreign Areas. Your employer may have these … More -
Q:
I Just Bought A Home. What Can I Deduct From The Settlement Statement?
A: If you bought your home, you probably paid settlement or closing costs in addition to the contract price. These costs are divided between you and the seller according … More -
Q:
My Spouse And I Are Filing Separate Returns. How Can We Split Our Itemized Deductions?
A: If you and your spouse file separate returns and one of you itemizes deductions, the other spouse will not qualify for the standard deduction and should also itemize … More
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