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Higher education expense deduction

You may be able to claim a deduction for the cost of tuition and fees to enroll or attend a college or graduate school for yourself, your spouse, or your dependents, even if the education isn’t employment- or business-related. For expenses paid before Jan. 1, 2010, a married couple filing jointly can deduct up to

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Key Changes in the enacted 2010 Small Business Jobs Act.

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can

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IRS now accepting taxpayer records in electronic format

IRS has announced that it will begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for tax audits. For some time, business owners and tax professionals have been encouraging IRS to accept taxpayer records in electronic format. These wishes were specifically expressed in tax practitioner focus groups

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Dependency exemption for child of divorced or legally separated parents

Which divorced or separated parent qualifies to claim a child as a dependent? In general, a parent is entitled to a dependency exemption for a child who was under age 19 at the close of the year, or under age 24 and a full-time student, if the child had the same principal place of abode

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When a married taxpayer can file as single.

Is it possible to file as a single taxpayer even though you are legally married? A married taxpayer can always use the filing status “married filing separately.” However, it is less favorable than the “single” filing status. In many cases a couple is “separated” but with no decree of divorce or separate maintenance. In that

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