D.E. Rodrigues & Company Accounting Blog

September 2016

Get the maximum benefit from a casualty loss deduction

Written by September 22, 2016

Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden. In most cases, you claim a casualty loss in the taxable year the calamity strikes. However, if you’re in a federally declared disaster area, you...

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New relief for 60-day rollover errors

Written by September 21, 2016

One of the pitfalls of receiving a distribution from your IRA with the intention of “rolling it over,” or depositing it into another IRA or retirement plan, is the 60-day rule. Under the rule, you’re required to complete the rollover within 60 days of receiving the distribution. If you miss the deadline, you have to include the distribution in your...

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A primer of education tax breaks

Written by September 20, 2016

During this time of year many folks ask us about education credits. Here’s a “tax primer” on them. Education tax credits include the American Opportunity Tax Credit and the Lifetime Learning Credit. The American Opportunity Tax Credit can reduce your tax bill by up to $2,500 per student. Currently, the credit can be claimed for all four years of study,...

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Beware of bogus charities

Written by September 15, 2016

Times of crisis, when others are suffering and you want to help most, is also when heartless fraudsters tend to strike. If you’re planning a donation, watch for these signs that a charity isn’t on the up-and-up. The fly-by-night charity. Every legitimate charitable association had a start date, and some are still being formed. But during a major crisis, such...

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