Taxable Income, Tax Credits, And Tax Deductions And Exclusions Q&A

The Internal Revenue Service implemented a Q&A called Tax Trails which is available to anyone, including my clients in Los Angeles County, Santa Barbara County, Orange County and Ventura County, California. It is an interactive session which poses questions that you can answer by selecting Yes or No. It’s designed to be very simple. Your choice then brings about a hypertext link to the next appropriate question until an answer is possible.

Q&A topics cover these areas:

Taxable Income

• Employee Compensation
• Self-Employment Income
• Miscellaneous Other Income
• Interest
• Capital Gains and Losses
• Tip Income
• Can You Include Your Child’s Income On Your Tax Return?

Tax Credits

• Are You A Qualified Individual (Credit For The Elderly Or The Disabled)?
• Can You Claim The Child and Dependent Credit?
• Child Tax Credit
• Additional Child Tax Credit
• Earned Income Credit
• Education Tax Credit
• Are Your Work Related Education Expenses Deductible?
• Charitable Contributions

Deductions and Exclusions

• Are You Eligible to Deduct Moving Expenses?
• Is My Home Mortgage Interest Deductible?
• Are My Home Mortgage Points Deductible?
• Does The 50% Limit Apply To Your Expenses?
• Are You Subject to the Limits on Itemized Deductions?
• Medical Expenses
• Can You Deduct Business Use Of The Home Expenses?
• Deduction for Higher Education Expense
• Miscellaneous Deductions

Other Subjects

• Can You Claim Exemption From Withholding On Form W-4?
• Do You Have To Pay Estimated Tax?
• Do You Have To Use Form 8615 To Figure Your Child’s Tax?
• Can You Use The Simplified Method To Figure the Taxable Part of Your Pension or Annuity?
• May I Use Short Schedule SE Or Must I Use Long Schedule SE (Self-Employment Tax)?
• Filing Status
• Dependents
• Personal Exemptions
• Extension to File
• Student Loan Interest
• Social Security and Equivalent Railroad Retirement Benefits
• Amended Returns
• Can I File an Injured Spouse Claim?

If you don’t find the answer to your general tax question above, also check Frequently Asked Questions, Tax Topics and the Site Map. If you still don’t find the answer to your questions, please call the IRS toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions.

For California probate and tax problems, as well as estate planning and business transaction questions, please contact Mitchell A. Port at 310.559.5259.