Baltimore CPA - 410-466-3779
[View Article List] [Go Back]

Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
* Say "Yes" to the Dress?--A businessperson can deduct the cost of special clothing used to perform the job or needed for safety. But deductions are not permitted if the clothing is suitable for everyday wear. In a new case, a concert pianist purchased gowns, dresses and accessories to wear at her concerts. Although she did not wear any of the items outside of the venues where she performed, others might. Therefore, the district court in New York disallowed deductions for the items.

* Roth IRA Limits--In 2010, a traditional IRA owner can convert to a Roth IRA, even if his or her AGI exceeds $100,000. But remember that limits on contributions to Roth IRAs will continue to apply. For 2009, contributions are not available to joint filers who have an AGI of $176,000 or more; $120,000 for single filers. If you qualify, you have until April 15, 2010, to make a maximum Roth IRA contribution of up to $5,000 for the 2009 tax year ($6,000 if you're age 50 or older).
[View Article List] [Go Back]

TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.

Tool Box
File Transfer
Tax Center
Calculators
Links
Newsletter Sign Up
Free Consultation
Enter your email below for more information.
 
Industries Served
Real Estate
Professional Services
Consumer Services