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Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...

Here's How to Steer Clear of the Mutual Fund Tax Trap

Julian Block | Posted 12.11.2015 | Business
Julian Block

Plan ahead before you buy some shares in a stock mutual fund near year end, when the fund is about to pay a dividend.

Why You Should Donate Appreciated Assets to Your Favorite Charities

Julian Block | Posted 12.10.2015 | Business
Julian Block

When we contribute to our favorite causes, most of us go the easiest, most familiar route and simply write checks or use credit cards. We receive inco...

A Few Year-End Reminders for Dependency Exemptions

Julian Block | Posted 12.08.2015 | Business
Julian Block

Do you support one or both of your parents? Now is the time to nail down dependency exemptions for them. For 2015, you can claim an exemption of $4,0...

Tax-timing a Marriage or Divorce

Julian Block | Posted 12.07.2015 | Divorce
Julian Block

As part of your tax planning, you need to consider an expected change in your filing statue for this year or next.

Fees for Divorce Mediators and Matrimonial Attorneys: What's Deductible

Julian Block | Posted 12.04.2015 | Divorce
Julian Block

The IRS generally says "no" to tax deductions that might ease the pain of divorce. The agency has no sympathy for payments to mediators or litigators and other costs associated with a divorce. It characterizes those outlays as nondeductible personal expenses.

Charitable Deductions for Animal-Rescue Volunteers

Julian Block | Posted 09.01.2014 | Money
Julian Block

When the annual reckoning with the IRS rolls around, their willingness to help out entitles them to write-offs for unreimbursed expenses incurred while they do volunteer work for rescue groups like the Humane Society of the U.S and the ASPCA.

Man, Woman, Money, Taxes

Julian Block | Posted 08.30.2014 | Business
Julian Block

The courts often have to resolve the troublesome question of whether a tax-free "gift" was actually a payment for services rendered. Not surprisingly, the question has come up when the IRS insisted on its share of sizable amounts received by women from men who weren't their husbands.

Tax Court Upholds Business-Expense Deduction for Topless Dancer's Breast Implants

Julian Block | Posted 07.08.2014 | Divorce
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

What's Deductible for Legal Fees When Couples Divorce

Julian Block | Posted 04.05.2014 | Divorce
Julian Block

The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce. For example, there's no write-off for what a husband spends to resist his wife's demands for more alimony or to set aside a pre¬nuptial property agreement.

Audit Survival Strategies

Julian Block | Posted 03.15.2014 | Money
Julian Block

Just because you can back up every item on your return, don't think you can forget about an audit. Those relentless IRS computers may bounce your retu...

Tough Rules for Home-Office Deductions

Julian Block | Posted 03.04.2014 | Business
Julian Block

The law allows freelancers and other individuals who work at home to claim home-office deductions only if they pass a series of tests. You must use a ...

Financial Tips That Ease the Sting of Divorce

Julian Block | Posted 02.24.2014 | Divorce
Julian Block

Educate yourself for financial planning. In this lumbering economy, it's more vital than ever that you assume greater responsibility for your financial future.

No Tax Break if Client Stiffs You

Julian Block | Posted 02.11.2014 | Money
Julian Block

Why should freelancers forget about any kind of relief when they fill out their tax forms?

How The Tax Rules Work When You Refinance Your Home Mortgage

Julian Block | Posted 02.09.2014 | Money
Julian Block

Recent drops in interest rates have prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or isn't deductible for interest payments. Here are some reminders on how the rules work.

Give a Little Less to the IRS

Julian Block | Posted 01.07.2013 | Money
Julian Block

Individuals who reduce their income taxes with itemized deductions are aware that they can claim contributions to schools, religious organizations and other favorite causes. But many of them are unaware of other opportunities.

5 Simple Steps To Protecting Your Finances Post-Split

Julian Block | Posted 12.01.2012 | Divorce
Julian Block

There are simple steps that divorcing spouses should take to protect themselves financially.

Some Presidential Words on Federal Income Taxes

Julian Block | Posted 08.22.2012 | Money
Julian Block

Income taxes are such a pervasive and everyday part of our financial lives -- and such a central issue in presidential campaigns -- that they seem to have been around forever. They have not. Their debut is relatively recent.