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Tax Queries

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BUSINESS
February 7, 1996
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: Should I itemize or take the standard deduction?A: Itemize only if deductions exceed the standard deduction. For 1995, the standard deductions have increased to: $6,550 for marrieds filing jointly; $3,900 for singles; $5,750 for head of household and $3,275 for marrieds filing separately.Q: How much can I deduct for business use of my car?A: You have the option of claiming 30 cents per mile or the actual cost of operating your car for business purposes.
ARTICLES BY DATE
BUSINESS
March 26, 1996
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: My daughter will be graduating in May and we wondered if we would be able to claim her on our 1996 income tax, or should we be planning ahead?A: You will be able to claim her as long as each of the following five conditions are met: 1) she is legally your daughter or a member of your household; 2) she is a U.S. citizen or resident (or resident of Mexico or Canada) for some part of 1996; 3)
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