To be used for any question related to tax deductions.

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2
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0answers
21 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
4
votes
1answer
74 views

Can I deduct interest and fees on a loan for qualified medical expenses?

I took out a loan from a "medical lending" company in 2015 and paid it off later that year. All of the loan went to pay for necessary medical expenses (paid directly from the lending company to the ...
0
votes
1answer
31 views

Are free gifts with mail-order purchase part of COGS for tax purposes? [on hold]

I'm doing the books for a small US mail-order business. With every order they include a couple of little "free gifts" in the package just for fun. Think candy or stickers, that sort of thing. They ...
1
vote
1answer
65 views

Can you deduct mileage on your return trip home?

So super easy and newb question here. All the stuff I've read regarding having a dedicated home office and deducting mileage to client meetings, etc is all understandable. But what I don't understand ...
4
votes
2answers
173 views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
1
vote
1answer
42 views

Repairs to a house in order to rent it that were paid by the beneficiary, but is still owned by a Trust

1. Since my mother's Trust owns her house, & I paid the repairs out of my accts, how do I deduct them - or can I? My mother left her house to me, but it is still in her Trust until the other ...
1
vote
2answers
60 views

Can California state income taxes paid be itemized on federal income tax return?

I currently live in Washington state (no state income tax) and work a tech job. I am contacted by companies in California to work for them, but I am hesitant because of the state income tax in ...
2
votes
1answer
63 views

Tax Status: Second Home or Rental Property?

In the USA, how is the tax status determined on real estate where no rent is collected and which is occupied by friends or family? Is this considered a second home or a rental? Can something still ...
3
votes
1answer
59 views

Am I legally allowed to offset the tax I pay on freelance work? (UK)

I am currently employed full-time in the UK as a graphic designer, I have a salary of £30K, I have also registered myself as a sole trader as I occasionally take on freelance work in my spare time ...
6
votes
1answer
266 views

Can I deduct moving expenses if I planned to work for a company for an amount of time but didn't?

I moved to another state for a new job at which I expected to be full-time for an indefinite amount of time. However, a few months into the position it was clear the company was not the right fit, and ...
1
vote
1answer
60 views

Section 179 Deduction vs De Minimis Safe Harbor

I'm self-employed in the U.S. and trying to figure out how to deduct some business expenses on for my 2015 taxes. I have some hardware and equipment expenses such as computer parts and electronics ...
1
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1answer
71 views

Can I count a 2015 expense, if I paid the bill in 2016? [duplicate]

I incurred an expense in 2015, put it on a credit card, but didn't pay it off until January 2016, can I count that as an expense for 2015?
3
votes
1answer
163 views

Can I deduct the cost of software and/or computer that I need to do my job?

This is probably a simple question in the financial world, but I haven't been able to get a straight answer to it yet. I work from home in an entirely different state from the company I work for. I ...
4
votes
1answer
94 views

Are reimbursements from company taxable,and do I need to deduct them?

A couple times per year I have training or travel expenses related to my job. My company's policy is for me to pay the expenses out of pocket, and they reimburse me in full. Are these reimbursement ...
1
vote
0answers
57 views

Deduct travel expenses for summer internship

I will be participating in a temporary (3-month) summer internship in a city that is quite far (over 300 miles) from where I study as a full-time student in graduate school. During the internship I ...
0
votes
1answer
88 views

Transfering my wife's personal allowance - Zero tax?

According to my calculations, my annual income of 30k as a sole trader will be taxed at 0 pounds, but I'm wondering if this is wrong? 30,000 minus two personal allowance is 13,800 taxable income. ...
3
votes
1answer
55 views

Is medical expense of a guest injury tax deductible?

A guest was hurt in my party. I paid his medical bill. Is this expense deductible in the U.S.? If so, where does it go on 1040 Schedule A? Thanks.
1
vote
1answer
31 views

Steps and timing of the SEIS investment (in the UK)

All, Assume that I am considering to invest £10K under the SEIS (Seed Enterprise Investment Scheme), on a UK startup in Jan 2016. In this case, can someone please advise the steps required and the tax ...
1
vote
2answers
54 views

Withhold additional amount instead of claiming

I'm a grad student and at the beginning of each semester the university adds the cost of my insurance into my monthly income. The problem is that this causes too much money to be withheld, resulting ...
1
vote
1answer
39 views

Tax deduct rental property expenses in future

I'm an australian doing postgrad in australia, and my current government awarded income is tax-exempted. I would like to know if in a couple of years when I start working, I can tax-deduct the ...
2
votes
2answers
80 views

Can I deduct penalties for late IRS filings?

I was young and naive. I hadn't filed my 2013 corporation return (S status), and only had incorporated on Dec 16 of that year. I hadn't even begun operations. Then I discovered annual corporate tax ...
2
votes
0answers
37 views

Freelancer updating blog posts for my business website [closed]

I want to hire freelancer to write blog posts on my business website. In the eyes of the UK Tax rules would I class him a as a employee, if he writes blogs for me on regular basis? Or I can does ...
0
votes
1answer
62 views

Will I get taxed on reimbursement of my new home allowances

I have a General Contractor (GC) building my new home. I got a 30 year loan from a bank and the bank is giving 5 draws to the GC that total to the entire loan. In my contract with the GC there is a ...
2
votes
1answer
56 views

UK income tax relief on pension contributions (higher rate)

My question is regarding UK tax relief on pensions, and there are a couple of questions. Say I earned £52,385, exactly £10k over the UK higher rate tax band of £42,385. My provider would usually claim ...
3
votes
2answers
366 views

What does the IRS standard deduction amount mean?

http://www.moneycrashers.com/reselling-vs-donating-tax-deduction/ Apart from the personal satisfaction you get from helping a nonprofit, donating your extra stuff can land you a valuable tax ...
4
votes
1answer
55 views

Can money paid to an independent contractor be split among subcontractors as deductible business expenses?

I currently work in a small freelance programming group in the United States that is not set up as any sort of corporation or LLC. Essentially we are just individuals acting as a small programming ...
7
votes
2answers
364 views

Can I deduct two years of IRA contributions in the same tax year?

The 2015 IRA contribution deadline is in April 2016. As such it is possible to contribute $5500 to my 2015 IRA and $5500 to my 2016 IRA during the 2016 calendar year. My question is simply: if I ...
3
votes
1answer
51 views

Can I write off (deduct) expenses in a period where my corporation makes no money?

Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation. There is a one month gap between contracts, which means I don't earn anything in that ...
0
votes
2answers
228 views

Can I deduct the cost of LASIK eye surgery from my taxes?

I was planning on putting some money aside into an FSA account to cover LASIK. However, I found out that under current rules, there's a maximum of $2,550 that can be put aside for the year, which does ...
8
votes
4answers
4k views

First salary in the UK not being taxed

I just started working in the UK for the first time and received my first payslip. Another colleague of mine got his second payslip here, from the same company. We were surprised that in the detail ...
2
votes
0answers
14 views

HSA contribution with post-tax money [duplicate]

Are there any disadvantages to funding a HSA with post-tax dollars (taxable account) as opposed to pre-tax dollars (i.e. payroll deduction)? My understanding is that you can still use Form 8889 to ...
2
votes
1answer
42 views

Can a nonresident alien with no income deduct moving expenses that incurred in the year before employment?

I am a non-US citizen and resident, moving to the US to work for a few years starting January 2016. In 2015 I am considered a nonresident alien with no taxable income in the US. In 2016 I will be ...
1
vote
1answer
49 views

Professional tax for employees - startup in India

If I have online business with one employee who will be working from home, do I need to deduct professional tax as applicable from his salary and submit or I can avoid professional taxes for the ...
0
votes
1answer
125 views

Beyond RRSP deductions, how does a high income earner save on taxes?

I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%. After maxing out RRSP, what do these folks do? Do they ...
3
votes
0answers
94 views

Set off computer against tax liability

I'm an employed programmer, officially not working from home. A friend told me, that you can set off your personal computer and up to specific values, you would not have to proofe your work related ...
1
vote
1answer
49 views

Can Per Diem deductions include family travel, meals and housing?

I have a house in one place and found a job in another place that pays very good rate. Since I don't want to live separately from my family I want to rent a house near work place and live together ...
3
votes
2answers
111 views

Can I claim living remote expenses as full time employee (UK)

I'm just about to start a new job where I will be working away from home 3/4 nights a week and will be staying in a B&B for those nights. This is not something that my employer will cover which I ...
2
votes
1answer
51 views

Is my 529 contribution tax deductible?

My wife and I recently had our first child, and about the same time I began a new job in New York City. Naturally my wife and I want to start saving for our daughter's education, so we would like to ...
5
votes
1answer
79 views

Can AGI/MAGI ever be greater than gross income?

As I understand it, Adjusted Gross Income (AGI) is the gross income minus a number of deductions. Modified AGI (MAGI) is that number with some of the deductions added back in. Is the set of ...
3
votes
1answer
208 views

Is “premium tax credit repayment” deductible as health insurance cost for self-employed?

Under the ACA, you estimate your income for the year when signing up for a health insurance plan via the exchange. If you are eligible for a subsidy, it is calculated based on this estimated income, ...
2
votes
1answer
85 views

Am I liable to tax even if my salary is less than 1 lac per annum in India

I working with a small firm, my monthly salary is Rs. 8000/- for that my employer is deducting 10% ie Rs. 800/- monthly as TDS. As my annual salary is less than 1 lac I know I wont have to pay any ...
4
votes
1answer
93 views

Renting out rooms in my home, what's the proper way to deal with utilities for tax purposes?

I rent out two rooms in my home. Currently we split the utility bill between 3 people, i.e. the utility bill is in my name, and I pay the utilities and then get reimbursed for the other two thirds by ...
7
votes
1answer
920 views

Pay for my parent's PLUS loan - tax implications?

I recently payed off my college loans and now want to pay for the PLUS loans that my parents took out to pay for my education. Does the gift tax apply if I pay the loan provider directly? I'm not ...
1
vote
1answer
72 views

Can you lease a secondary residential apartment for a job in NYC, and declare it as expense in tax return?

Currently I commute over 2 hours to work in NYC. Thus I would like to rent a apartment close to where I work. Is there a way to have your rental payment declared as expense in your tax return? One ...
2
votes
1answer
24 views

Clarification on Taxation for Education Expense

I work as a Computer Programmer for a Healthcare Company. I am in the process of applying for Part Time - Master's Graduation Program in Healthcare. I wonder whether i would be able to get Tax ...
2
votes
1answer
193 views

H1b Visa - Any way to save taxes?

I am in the US on H1b visa for a period of 3 years. Are there any ways I can save the income-tax to be paid for the first year? If yes, then how?
1
vote
1answer
72 views

capital gains vs operating losses

Let's say an LLC owns some shares in company XYZ, and it also owns a small retailing business. The shares are sold and they make a capital gain of $1,000 this year. And the retailing business loses ...
2
votes
1answer
41 views

Taxes deducted for NRO account

Are there tax deductions while converting an existing SB a/c to a NRO a/c & also when remitting funds from the NRO a/c?
1
vote
3answers
201 views

Can standard deduction lower my tax bracket?

I am an independent college student, and I will be living on campus starting next semester. I am aware that only tuition and required fees are considered as qualified education expenses and that the ...
3
votes
1answer
98 views

Can I deduct IRA contribution even though job offers a 401k which I don't contribute to?

My job offers a 401k, but I don't contribute to it (because it doesn't have a match). Instead, I would rather contribute to an IRA where I can control what I invest in exactly. Here's what the IRS ...