To be used for any question related to tax deductions.

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3
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1answer
38 views

Loan to S-Corp cannot be paid back, how to deduct from personal taxes?

I gave a $15,000 loan to an S-corp where I have a 10% stake. The K1 I got this year only allows me an ordinary loss of $600. However, I know that this business will soon be shut down without the ...
0
votes
2answers
425 views

Personal Allowance in the UK - Are immigrants entitled to it?

Title says it all, can I as an immigrant have access to a personal allowance in the UK? As I understood, it's a set value of income that is not taxable. Is this for everyone or for citizens only? ...
0
votes
1answer
37 views

Does hitting one type of deduction cap exhaust deductions for other types of donations?

For appreciated securities the IRS allows certain caps on how much of AGI can be deducted. Here is a chart: http://www.nptrust.org/donor-advised-funds/daf-vs-foundation/ The short version is 20% (of ...
2
votes
0answers
28 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
76 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 ...
4
votes
4answers
17k views

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?

Hi Personal Finance and Money, My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return. Question ...
0
votes
1answer
31 views

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

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
69 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
175 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 ...
13
votes
8answers
3k views

Mortgage or not?

I am 57, spouse 53. I lost my 30+ year business in 2009, declared personal bankruptcy and now have only $4K in retirement accounts. The positive news is that I am employed; my income is 110K, hers is ...
1
vote
1answer
43 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
64 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 ...
1
vote
1answer
162 views

Q2 income and TDS on TRACES form 16 includes only July salary?

My current employer has deducted TDS in July by error. I am below tax bar, so on my TRACES form-16 "amount paid" or "TDS" for Q1,Q3,Q4 TDS details are not mentioned. But it mentions only July's ...
6
votes
1answer
272 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 ...
2
votes
1answer
219 views

Tax Deduction under section 80C for Indian with foreign family Paying International Premium

I am Ronit, indian holding indian passport. My family, my wife and kids are foreign nationals and holding foreign passport. I have purchased insurance from AIA and I am paying insurance premium for ...
2
votes
1answer
64 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 ...
7
votes
3answers
36k views

What is the difference between pre-tax and post-tax paycheck deductions?

I am getting insurance for about 4 months, the length of my contract with a company. I am given the option of having the cost deducted from my paycheck pre-tax or post-tax. What is the difference? ...
3
votes
1answer
60 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
829 views

Can pretax lottery winnings be donated to charity?

Can pretax lottery winnings be donated to charity in the US simultaneously creating a deduction of the taxable lottery winnings and putting pretax proceeds to a productive cause?
1
vote
1answer
69 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
vote
1answer
72 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
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 ...
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 ...
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 ...
1
vote
0answers
65 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 ...
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 ...
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
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 ...
6
votes
4answers
308 views

Are tax deductions voluntary?

If I did something that I know is a deductible expense and did not deduct it, is that a sanctioned tax filing? The result is that I would end up paying MORE tax. This also results in me reporting a ...
2
votes
1answer
57 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 ...
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
56 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 ...
1
vote
2answers
755 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 ...
7
votes
2answers
367 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
52 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 ...
8
votes
4answers
5k 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 ...
5
votes
2answers
101 views

Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?

While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But: If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
0
votes
2answers
229 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 ...
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 ...
3
votes
1answer
224 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, ...
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 ...
0
votes
2answers
60 views

What tax advantage should I keep an eye for if I am going to relocate?

I am about to start a relocation process across the US. I will be moving about 1,000 miles away from my current city. What should I be looking for to benefit from my relocation?