To be used for any question related to tax deductions.

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3
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1answer
27 views

Unused Education Tax Credit carryover amounts in ON Canada

I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however. From 2013, I have $16,473 in ...
3
votes
1answer
41 views

What home expenses can I claim back from working full time at home for a business in the UK?

Our company is considering no longer having an office and making all the staff work from home. We all work primarily online running a website, so our work is done purely on a computer. With working ...
2
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0answers
26 views

Can my UK limited company claim tax relief on donations to foreign charities?

I'm English, and run a company that's based in the UK and registered with the UK Companies House. I want to donate some money to charity, but one of the charities I have in mind isn't based in the UK. ...
0
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1answer
28 views

Federal treatment of recaptured depreciation paid to DC?

Can I deduct from 2014 federal taxes the amount of recaptured depreciation paid to DC for 2013 on the sale of a property that was part rental/part principal residence?
2
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3answers
76 views

Number of postsecondary schools attended?

I use TaxAct to prepare my tax return for year 2014. Now I am working on education/tuition part. There is a field Number of postsecondary schools attended under Student Information - Qualifications. ...
0
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1answer
44 views

1040NR-EZ: Previous year's paid state tax & Itemized deductions

I am a using the online-tax software (Glacier) to generate my 1040NR-EZ or 1040NR form, and have paid a state tax in the previous year tax return. For this year's return, I am unsure whether I should ...
0
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2answers
47 views

Tuition from tax deduction

I paid $2714.00 tuition for my son in 2014. But my company reimbursed me 100%. Should I skip the tuition part? My initial thought was to ignore it, but I did purchase a lot textbooks. So I have to ...
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1answer
36 views

Tax Exemption on Home loan on property on Father's name in INDIA

We have an independent house registered on my father's name. I took a loan for construction of first floor. The bank has granted the loan after submission of documents and verifications. My father is ...
0
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1answer
54 views

Determine if my foreign taxes resulted from ordinary or qualified dividends?

My 1099-DIV lists an amount in box 6 for 'foreign tax paid'. These are a result of an emerging markets ETF I own. However, TaxAct is asking whether these are Foreign source ordinary dividends or ...
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2answers
45 views

Paid My Property Taxes Late--In Which Year Do I Get the Deduction?

I paid the second installment of my property taxes late for 2014. They were due 2014, but I paid them in 2015. Can I deduct them on my 2014 taxes, or do I need to wait until I file in 2015? In ...
3
votes
1answer
193 views

Mortgage interest deduction isn't affecting total income tax refund/owed?

I am reporting 2014 tax with TaxAct software. One question is about mortgage interest deduction. We bought the house(marriage joint) on 1998. It is our main and only residence. The rough mortgage ...
4
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0answers
44 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
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2answers
62 views

Under what circumstances is a membership a deductible donation?

I'm a member of the Chicago Children's Museum, which is a 501(c)(3) cultural organization. I pay $115 a year in membership dues. That membership includes free admission and a 10% discount on food ...
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4answers
526 views

Can I gift my wife 14k to reduce my tax liability?

If I can, can she use it for things like bills or shared expenses between us? If so, why aren't more people doing this? It seems like an easy way to shelter some money.
0
votes
1answer
42 views

Reporting 988 transactions on tax returns?

How do you report a 988 transaction on a tax return (on which IRS form) and how do you elect it as ordinary income/loss vs. capital gain/loss? I believe its covered in: 26 U.S. Code § 988 - Treatment ...
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0answers
70 views

Can I get home loan and claim tax benefit if I repay the loan for a property in India which is in my mother's name?

We are planning to buy a new house in India of which my mother will be the sole-owner. At present, she doesn't have any source of income. Now I have two questions in it. Is it possible for me to ...
1
vote
4answers
168 views

What can I do all year to be sure I get my best tax return or at least break even?

I don't own a house, I'm not married (but I will be by next tax season), I have no stocks or bonds. Buying a new car and paying student loan interest was the only deductions I could put down. I work a ...
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vote
2answers
68 views

Working in Saudi since aug 14, am I considered as NRI and do I need to pay tax

I am working in Saudi Arabia since aug 14, am I considered as NRI and do I need to pay tax. I applied for NRE account in ICICI bank and application was processed later I was told by officer that I ...
2
votes
1answer
102 views

Claiming car as a business expense in the UK

I am filing my tax return as a self-employed in the UK and would like to claim my car as a business expense. I have read the "Rates for cars" section of this website: ...
3
votes
1answer
110 views

How much can I deduct as far as tax preparation costs?

Last year I paid a tax preparer to prepare some back filings as well as the filing for the year prior. How much of that is deductible? US, by the way.
2
votes
3answers
201 views

How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?

I have a home-based business. If during the 2014 tax year I drove a car: C miles for car-maintenance errands, B miles for business errands, and P miles for personal errands, if the total miles ...
1
vote
1answer
54 views

Form 16 for 0 tax payee?

I have several questions regarding tax computation, Do we have 2 form 16 for a financial year? If his salary is below tax bar, will he get the form 16? If tax is paid for 3 quarter of a financial ...
0
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3answers
148 views

Explain me the benefit of insurance policy

I have taken a life insurance policy from ICICI called "ICICI Pru Saving Suraksha LP". The details of my policy is given below. Term: 15 years Premium Amount: Rs 50,000.00 Sum Assured: Rs 500,000.00 ...
0
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1answer
99 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
3
votes
1answer
91 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
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1answer
72 views

Having more tax deductables than tax paid

my income for 3/4 of the year is tax exempt, being in the form a scholarship living allowance. I expect to have many more deductible expenses, than the amount of tax I will pay. Particularly since I ...
2
votes
1answer
334 views

Will my wife's business losses offset my income on a joint tax return?

I'm filling for my taxes on a joint tax return. My wife is not working currently, but she is starting up a business. And with every business, starting is hard and will probably gonna take some time ...
0
votes
1answer
95 views

Can an International student of F1 VISA accept money in her US bank account on behalf of someone else?

My friend is an international student from India, studying in the US (F1 student VISA). I work from India and U.S. client is about to pay me for some writing services. The U.S client agreed to pay ...
3
votes
2answers
160 views

Are medical deductions and FSAs mutually exclusive?

I understand that medical expenses in excess of 10% of gross income can be deducted with a Schedule A. Can I do this even if I use a medical FSA (excluding the reimbursed part, of course)? For ...
2
votes
1answer
846 views

If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?

Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
2
votes
1answer
836 views

How are Canada Universal Child Care Benefit (UCCB) & related tax measures changing in 2015?

Significant changes to Canada's Universal Child Care Benefit (UCCB) and related income tax measures were announced on October 30, 2014 by the Prime Minister. What exactly is changing w.r.t. UCCB and ...
2
votes
1answer
79 views

End-of-year purchase deductions

I'm a sole proprietor / contract employee (developer) in Texas (United States) and am planning to make a new hardware purchase. I remember being told that purchases made in the last quarter of the ...
0
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1answer
31 views

(US) What is the deduction for gifts of appreciated stock with restricted registration rights?

I have appreciated stock that I am allowed to give away to charitable transferees, but those transferees will have restricted registration rights for 12 months. They cannot sell the stock for 12 ...
3
votes
2answers
104 views

How can I calculate deductible percentage of business trip?

Here's my complicated situation. My wife is an author, and when her first book came out in January 2013, she, I and our two kids went on a 7 month book tour. This was an extreme but totally legitimate ...
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1answer
85 views

What does it mean to be “offset against taxable gains”?

In a shareholder's derivative litigation I have the following statement of the financial situation which this case arises from: "Plaintiffs contend that if the company were to sell the purchased ...
3
votes
2answers
87 views

What are some pre-tax programs similar to FSA that I can take advantage of?

I recently found out about Flexible Spending Accounts and was surprised to learn they could be used for Lasik, essentially saving me a good portion of the cost by making that income not be taxed. Are ...
7
votes
1answer
184 views

Can I deduct work equipment I am not required to purchase by my employer?

I am a software engineer and I find myself more productive and less fatigued with certain equipment: a mechanical keyboard, an IPS monitor and noise-cancelling headphones. My employer does not ...
5
votes
1answer
318 views

Can I deduct IRA contributions and take the standard deduction?

If I have the standard deduction on my taxes (that is, I don't itemize), can I deduct IRA contributions? If so, would that be for Traditional or Roth IRAs?
1
vote
1answer
99 views

Can I deduct the cost of painting and replacing flooring after a renter moves out and we move in?

We have been renting our retirement home out for several years. The renters have moved out and we are moving in. Can we deduct the cost of repainting and putting in new flooring?
2
votes
1answer
535 views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
2
votes
1answer
50 views

Can Health-Releated Services be a Business Expense?

I own a small S-Corp. I am considering subscribing to a monthly meditation service ($5/month) to help me with my focus, creativity, etc. 1 - Can I charge this on my business account? 2 - Is this tax ...
2
votes
1answer
85 views

Profits vs. losses from stocks, options, and futures: separate, or combined?

Are stocks, options, and futures all considered part of the same basket for tax purposes? E.g., if one make some profits on stocks and losses on futures, does the IRS allow one to deduct the losses ...
2
votes
1answer
208 views

Deducting side work sole proprietorship expenses from regular employment earnings?

I have a day-job which gets me a salary. I'm about to start some websites on the side with the intention of making money off advertising. For the time being, I plan to remain an unregistered sole ...
2
votes
4answers
286 views

Why isn't money spent on necessities deductible from your taxes?

I'm semi-recently graduated from college. In my job(s) I've had a flex account that lets me pay for medical expenses tax free. Similarly for my commute I'm able to pay for my ticket with pre-tax ...
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vote
2answers
72 views

How would IRS treat reimbursement in a later year of moving expenses?

In the U.S., if one claims a moving expense using Form 3903 in one year because one is unsure whether a startup business will be able to even reimburse you for those expenses, but in a subsequent ...
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vote
1answer
49 views

Passing on non refundable tax credits

I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
3
votes
1answer
99 views

How do donation tax receipts work when I have no taxable income?

I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
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0answers
67 views

Claim tax relief on purchase in UK as full time employee

As a full time employee in an I.T. company can I claim tax relief on purchases related to my job? My employer does not provide a laptop so I was considering buying one myself and was wondering if ...
4
votes
1answer
233 views

Downsides to Salary Sacrifice? (UK)

My company are starting a scheme where I reduce my gross salary by the amount I pay into our pensions. They increase their pension contribution by the same amount, saving us both National Insurance ...
0
votes
1answer
141 views

Financial implications of purchasing a first home?

My girlfriend and I bought our first home and I'm wondering what finance topics this touches on? Some relevant info might be: We're in Vermont We aren't married We bought the house in late June ...