Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [deduction]

The tag has no usage guidance.

22
votes
6answers
6k views

Is the Standard Deduction better than Itemized when both are the same amount?

For 2018 the standard deduction is $12,000 for individuals, $24,000 per household. If someone's itemized deductions equals the standard deduction, or is very close, which one is better to take? For ...
1
vote
2answers
69 views

529 Plan from Fidelity

My son is in 8th grade now. I want to start putting money in a 529. I live in NC and he will almost certainly go to Uni here. In looking at options, contribution to the NC 529 plan don't have any ...
2
votes
2answers
220 views

Extra pay being reclaimed

Recently my employer payed me a salary adjustment. I though it might be an error so I contacted HR. HR assured me it was my money and I was entitled to it. Now they are telling me it was in fact an ...
3
votes
0answers
43 views

Can I deduct mileage if I'm a contractor who works at home and at an office?

I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week. ...
3
votes
0answers
79 views

Is my contribution to corporate housing tax deductible?

My residence is in NY but my company moved me to CA for a temporary assignment (one year). They are providing corporate housing but I still have to contribute approximately $900/month. Is the $900/...
1
vote
2answers
57 views

Can you “expenses-in-a-corp V. standard deduction” in the USA?

This seems like a "too good to be true" tax dodge in the USA milieu. Is it correct? Sally is a graphic designer married with a typical family. She gets $100,000 in 2017 as 1099 income. She buys a ...
-2
votes
1answer
100 views

Reporting Your Taxes

Can you take tax deduction when you pay someone else property tax?
2
votes
0answers
65 views

Correct way to track paycheck deductions when using personal finance sites?

I have been using mint.com and personalcapital.com for a while now and was wondering how do you track things like health insurance, 401k deductions, and your real income (before deductions). Mint....
3
votes
2answers
295 views

Why would anyone choose this PPO over PPO HSA?

The health insurance plan below has the following fees for an employee only coverage (excluding spouse + children plans to keep it simple): PPO 250: $605/mo ($7260/yr) PPO 2250 HSA: $351/mo ($4212/yr)...
1
vote
1answer
145 views

How much to deduct for no heating

We rent a 3 bed house now reliant on 3 'emergency' plugin radiators - extremely rural - which are a poor substitute. 600pcm before lack of heating. One bedroom not used due to cold. Over 3 months and ...
1
vote
1answer
94 views

Claiming more deductions in paycheck to pay house downpayment?

I am in my 20's and single with no dependents and I am saving hard for a home. My goal is buying a place by late 2018. Currently I claimed very few deductions on my regular paycheck so a ...
0
votes
1answer
77 views

“After-Tax Deductions” - Where do they go?

Last year I made $23,000, and I paid $8149 in taxes to Federal/State/Medicare/SS/Disability. However, I also got a Relocation bonus of $9,000, $4,770 of it was deducted. However, this deduction did ...
1
vote
0answers
47 views

Interest expense deduction on rental property that was re-financed to pay off wife for her interest in home

I am in California in the United States. I stated renting my house out this year (2017). I originally purchased the home with my ex-wife in 2001, but bought her interest in the property as part of ...
8
votes
1answer
194 views

Deducting moving expenses - what about item replaced after being broken in move

During a qualified move that coincided with a job change (an IRS requirement for this particular deduction), an item that was shipped arrived at the new location broken, a replacement was bought. ...
2
votes
1answer
92 views

Solo 401k and 25% profit contributions: Is this also a deduction against income?

Are the 25% profit contributions also a deduction against income? Assume the income source is a pass-through entity such as a single member LLC, so all income comes straight to the individual's taxes. ...
0
votes
2answers
163 views

property owned 50/50 between my brother and me

A three family home was given by my mother to me and my brother. We both are 50/50. He resides at the home while I live somewhere else. He and his wife maintain the property and pays for all repairs ...
1
vote
1answer
656 views

Strategy to offset a big one-time windfall or gain/income for tax purposes?

This is a question of curiosity, and not a situation I am in (although one day, I could hope!). I'm self-employed for a few years now, and don't make a lot in net profit, but enough to survive on in ...
4
votes
1answer
201 views

How to correct a tax return filed electronically and already approved?

I know just the basics when it comes to taxes and IRS. So I went to a tax professional to prepare my taxes. He filed my taxes electronically (e-file) and it was approved right there. I double-checked ...
-1
votes
1answer
1k views

What are the pros & cons of buying a car as a business vehicle

I am planning to purchase a vehicle in the coming months. I have a business of my own formed as a S-corp in Virginia. I will be using the vehicle to commute every day to and from work and for other ...
-2
votes
1answer
105 views

How to know what is my monthly take home

I am on a fixed income of 2500 a month and the total number of allowance I am claiming is 8 please tell me what is my take home monthly.
3
votes
1answer
955 views

What are the common Income Tax deduction for salary earned in Saudi Arabia

I have left for Saudi Arabia on 7 November 13 , I am a government employee in Saudi Arabia . My salary is deposited in Saudi bank account , will I have to pay tax on 1,000,000 rupees amount which I ...
4
votes
1answer
221 views

Where do tax deductions “deduct” from?

My understanding is that tax deductions "deduct" from the Adjusted Gross Income value. Is that right? As a very simple example, let's say I have an AGI of $10 and I owe $3 in taxes (before any ...
6
votes
4answers
25k views

Am I being charged taxes on my grocery purchases at Walmart?

Today, I only bought groceries at Walmart and noticed that there is no tax on groceries in California (Google tells me that this is perhaps true for whole of the US?) So far I have always paid tax at ...
11
votes
10answers
711 views

Are mortgage interest deductions really a reason for buying a house?

I've read in several articles that a good reason to buy a home instead of renting is that you can deduct mortgage interest on taxes. I don't follow this reasoning though.. If I take a loan so that I ...
4
votes
1answer
125 views

Deduct payments towards HSA alongside unreimbursed medical expenses on taxes?

I have medical expenses paid out of pocket and payments (pre-tax) to my health savings account. Can I consider both of those totals when computing my eligible medical expenses total for that deduction?...