Tax Credits And Deductions

The IRS has imposed stricter standards for the condition of some items donated to charities. No deduction is allowed for clothing and household items unless the donated property is in “good used condition or better.” The rule does not apply to any contribution of a single item for which a deduction of more than...

Casualty and theft losses on personal-use property can be claimed on your tax return if you have damage from unexpected events such as wildfires, hurricanes, tornadoes, or from a burglary or theft. You need to calculate the loss to see if it is deductible. Figure the decrease in value by taking the lower of fair market value before the casualty or the adjusted basis and comparing it to the fair market value after the casualty....

For tax year 2014, the AMT exemption amounts will increase to $51,900 for single and head of household filers, $80,800 for married filing jointly or qualifying widower, and $40,400 for married filing separately. Taxpayers can also deduct nonrefundable personal credits in 2014 such as the child tax credit to reduce their AMT liability.

The EIC income level limits for 2014 are: Three or more qualifying children: - less than $46,227 for single taxpayers, and $51,567 if married filing jointly. Two qualifying children – less than $43,038 for single taxpayers, and $48,378 if married filing jointly.

The standard deduction amounts for 2014 are:Married filing jointly $12,200, Single $6,100, Head of household $8,950 ...