R&A Waite, Inc

A good question if you are paying off student loans is, " Can I deduct student loan interest?". Since personal interest is generally non-deductible, deductions must meet several tests: 1. You must be the person liable on the debt and the loan must be for education only (not an open line of credit). 2. Your income can't exceed $160,000 on a joint return or $80,000 for single filers. Married couples filling separately cannot take the deduction. 3. You can't deduct if you're claimed as a dependent.

The first major deadline for Corporate and LLC filings has passed, hope everyone got there business taxes or extensions filed on time. The next deadline is April 17th for all personal tax returns or personal extensions. If you have questions or concerns give us a call at 518-883-3333, we would be glad to help.

What expenses can I deduct while traveling away from home? A wide range of expenses can be deducted while traveling away from home. The main ones are: Transportation fares, or actual costs ( or a standard per mile rate) of using your own vehicle. Also, transportation costs of getting around in the work area-to and from hotels, restaurants, offices, terminals, ect. Lodging and meals ( subject to the 50% limit on meals) Phone, fax, laundry, baggage handling and tips related to any of the above.