Adjustments to Income, Deductions and Credits

Adjustments To Income

• To deduct moving expenses, there are two tests to meet: One is distance and other is time. One must complete 39 weeks of work in a year from the date of moving. How rigid is this requirement?

Itemized and Standard Deductions

• If I were to make a gift of money to a friend or family member in financial difficulties, would I be able to declare it as a charitable gift on my tax return?

Earned Income Tax Credit

• What is the earned income tax credit, and how do I know if I qualify?

Other Credits

• Do you pay tax yearly on the interest on CDs or when the CDs are cashed?