You Can Have A Gold IRA

If you are really worried about the stock market, inflation, or can't stand the incredibly low interest rates on fixed income assets, you can  invest in gold or other precious metals in your IRA per IRC Sec. 408(m)(3). Right now only 2% to 5% of IRA's own some precious metal assets. The coins or bullion must be held by the IRA custodian and not by the IRA owner. Most of the major brokerage firms will not do this for you but there are many firms out there that will. You have to set up a self directed IRA with a firm that will handle the transfer and storage of the precious metals. You are allowed to own American Gold Eagle coins, Canadian Gold Maple Leaf coins, American Silver Eagle coins, and gold and silver bars (bullion) that are 99.9% pure or better. These rules apply to Roth, SEP and SIMPLE IRA's also.

Traveling for Charity

Meals and entertainment expenses can be deducted 100% if related to charitable travel. The 50% business related deduction does not apply. The IRS can disallow if there is a significant element of personal pleasure in the travel. You can deduct car expenses at a standard mileage rate of 14 cents per mile which is statutory rate that hasn't changed for years.

Mid Year Change in IRS Business Mileage Rate

The IRS rate for business mileage increased to 55.5 cents per mile from 51 cents per mile effective July 1, 2011.

Taxes You Can't Deduct

The following taxes cannot be deducted on your tax return: Federal income, excise, estate, and gift taxes, custom duties, parking and speeding tickets, marriage license fees, and social security and medicare payments. Automobile license fees based on factors other than the value of your car are not deductible. Local taxes charged for improvements that increase the value of your property such as streets, sidewalks, and sewer systems are also not deductible.

Tickets to College Games

You can support your college by buying season tickets and also get a tax deduction. If you have to make a contribution for the right to get tickets to college games, 80% of the contribution is deductible. The cost of the actual tickets is not deductible.