The work opportunity credit has been expanded to provide employers with new incentives to hire certain unemployed veterans. On November 21, 2011, the President signed into law the VOW to Hire Heroes Act of 2011. This new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the …
Employer Expense Reimbursement Plans
Some employers provide expense reimbursements to employees for work-related costs. If this applies to you, you need to be aware of whether or not any of these reimbursements are being included in your income (on your W-2 as wages). If they are, you may need to turn around and deduct those expenses as itemized deductions. …
Charitable Contributions
First and foremost, taxpayers are allowed a charitable contribution deduction for amounts contributed to qualified charities. However, no deduction is allowed for any contribution of $250 or more unless the taxpayer receives a receipt in time for filing the return. There is no leeway here. The IRS is absolute in their denial of contribution deductions …