Free Tax Tips

Posts Tagged ‘tax break’

Can I use my textbooks that I use for college as a tax write off?

I am well aware of the Hope Credit, but the wording under the Hope Credit says that it can be used for tuition and related expenses. Can anyone help me out on this matter, I’m trying to use every tax break I can here. Any suggestion on if this is Ok, and if there is anything else I may use?

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I am a pastor of a small church who is having service in an old building. The owner is an incredibly nice guy who is considering donating the property to the church. He has also been donating other properties already. I want to know, if the owner of that building would give us the property, what would the tax benefit be for him? Will he get any tax benefits or tax breaks? Would there be a tax break in the upcoming year or any other years? Also are there any forms that need to be filled out to claim the benefits?

Fred U. Asks:

“Can visits to a strip club (drinks, the cover charge, and those sweet tips) be used as a tax deduction for business expenses? I have heard that strippers do not pay taxes on tips, so shouldn’t the tipper get a tax break as well?”

Great question, Fred.

Technically, you are correct. Check your local state tax laws first though!