Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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2
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2answers
76 views

Why am I not allowed to take the insurance premium deduction for a marketplace plan?

I just finished my 2019 taxes using TurboTax, and I'm pretty confused about one detail. I am self-employed, and during the portion of the process where I listed my business expenses and deductions, ...
0
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4answers
106 views

Claiming More Capital Losses

I saw a Dave R video where a woman said she was advised by an accountant to have brokerage income/gains to "utilize" (the woman's words from her accountant) $316,000 in capital losses. I was under ...
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1answer
56 views

Tax implication for caregiver when family claims the Child and Dependent Care Expenses

Over the summer, we hired a college student to watch our kids, and we had planned on claiming the Child and Dependent Care Expenses deduction. As we are preparing our taxes, the student is concerned ...
2
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1answer
40 views

Canada Tax work space in the home expenses with no income (T2200)

I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company. There's a line that makes it seem like I cannot, though I might be reading it wrong. ...
2
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1answer
52 views

Can I claim a tax refund if I payed too much through PAYE?

I worked as a full-time employee in the United Kingdom between January 2019 and June 2019. I noticed that the income tax and national insurance fees I paid for January-March were much, much lower than ...
2
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0answers
13 views

Contributing to 529 when living in one state but working in another

I live in NY, but I work in CT. Both states allow you to deduct up to $5000 of 529 contributions to their plan. Based on what I've read, I need to pay taxes to both states, and then I get the amount ...
2
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1answer
50 views

Multiple W2s, Traditional IRA Deductions

I changed jobs in the middle of 2019, which means I have multiple W2s. My job in the earlier part of the year did provide me with a 403b retirement plan, so there's a check in the "Ret plan" ...
0
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1answer
38 views

What are the changes made in Income tax slabs in the Union budget of FY 20-21?

The union budget came out on 1st Feb 2020. Income tax slab rates have been changed can someone tell me its implications?
2
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0answers
89 views

Can landlord's business expenses be retroactive?

Say, I am planning on moving out of my house and keeping it as a rental. The house needs a bit of work, which I can start before I move out to save on the downtime before I look for renters. Can the ...
7
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2answers
4k views

Tax and social security for low income

My friend works part time and made about $7000 in 2019. Some people have been telling them that she should file separately so she had record of taxes reported for herself and she would be able to ...
11
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6answers
8k views

selling appreciated stock vs gifting it to charity

Assume I have a stock that I purchased for $1000 and it now has a value of $5000, a potential long term capital gain of $4000. Assume also that I owe $20750 in total tax on an income of $80000 based ...
4
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1answer
142 views

Can I use a 529 plan to pay student loans and claim both the state 529 deduction and the federal student loan interest deduction?

At first blush, this sounds like it might be double-dipping. But let's take a look at the new IRS rules. As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (...
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0answers
176 views

Any tricks/hacks for exorbitant daycare costs?

The $5000 FSA limit is a joke given the daycare costs in our area. Is there any way to use more pre-tax money to pay for daycare ? Daycare is by far our biggest expense for the year. Any advice to ...
0
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2answers
76 views

Is employee's 401(k) contribution still a tax deduction for employer through “wages paid”?

Small business owners can claim wages paid to employees as tax deduction. If one of his employees would elect to contribute $15K of his salary into 401(k) account then would the employer still be able ...
3
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1answer
29 views

Foreign Earned Income Exclusion for new Green Card holder

This is something I am a little surprised doesn't come up more, but here goes: I am a current resident alien (living in NY). Previously I lived and worked in Dubai for 5 years. My Green Card (by ...
1
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1answer
151 views

Should I pay tax for previous months because of employer's fault?

I have started in a new job on 30th of November, 2019. I could not get my contract until the last day of December, which, in addition was not agreed salary as per interview process. Salary is 20k on ...
0
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2answers
178 views

Can I use both donations and purchases at a charity shop as a tax deduction?

Certain charities operate retail stores which take donations of goods (i.e., used clothes) and also sell merchandise to the public. Let's say I donate $100 of items to such a charity. At some other ...
2
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1answer
42 views

Whether travel expense related to training for a contract employee will be consider as an expense for tax deduction?

Whether travel expense related to training for a contract employee will be consider as an expense for tax deduction? I work for a company on their W-2 as a contract employee. I traveled for a ...
2
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1answer
70 views

Medical Insurance Premium paid by non-earning spouse - Tax Deductible?

My wife has been a non earning (looking for job) member of the family throughout this year, but has been paying for Medical Insurance Premium for whole family through her savings. She was getting ...
2
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0answers
111 views

Shared rent - home office expenses in partnership

I rent a 2 bed flat with my girlfriend (3 rooms inc combined living room and kitchen). The total rent is £1581. My girlfriend pays £650 and I pay £931 rent. The second bedroom I use exclusively as a ...
0
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1answer
48 views

Abandonment of Securities Deemed Worthless

1 ) need to fill up "Authorization Letter for the Abandonment of Securities Deemed Worthless" ? 2 ) How many days it takes to get this done ? 3 ) Need to mention all the name of the revoked equity &...
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1answer
34 views

Which tax year for healthcare bill if incurred and paid in different years

If I get healthcare bills in 2018 but pay them in 2019 to which year’s tax returns do they belong?
4
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1answer
148 views

Can I deduct BYOD expenses from my 2019 taxes?

I've been searching around and all I can find is for business owners to deduct expenses from buying equipment for their employees to use, or self-employed persons to deduct their own expenses. If my ...
3
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1answer
185 views

Meal and Grocery Deductions for “Long” Business Trips

It's my understanding that meals are 50% deductible on a business trip. Given that, I have two questions: 1) Does this include groceries if you choose to eat in your hotel room? 2) When does a ...
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0answers
54 views

Are campaign contributions to NON government positions tax deductible?

If someone is running for an elected position on a private university board, and you donate to them, is that a tax-deductible contribution? Or does the "no tax deductions for campaigns" refer to non ...
0
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2answers
62 views

Total Income tax and self-employment tax

I worked as a full time employee (W4 taxes were deducted by the employer) and I was self-employed (independent contractor - 1099MISC i.e. no taxes were deducted by the employer) for some months of the ...
2
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2answers
46 views

How to get refund with 1040X on amended 1040NR?

I forgot to claim standard deductions of $12000 (nonresident alien, for Indian students) on my 2018 1040NR. So I am filing a 1040X. For the incorrectly filed 1040NR I received a $600 refund, but in ...
1
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1answer
279 views

Can you claim books as a business expense?

Bill Gates reads hundreds of books a year, most, if not all of which are books that directly help him with his work. In his case, it probably doesn't matter, but for the rest of us, buying hundreds of ...
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1answer
378 views

Is it true trips for YouTubers are tax deductible, while investment research costs are not?

In USA, for a YouTuber who earns US$60,000 per year for making Pokemon Go videos on YouTube and takes about 8 trips to Japan, Europe, Taiwan, Chicago, sometimes not because there is a Pokemon Go event,...
1
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1answer
57 views

Self assessment: Entering in sideways loss relief from previous year

Any one au-fait with Self Assessment? I am not sure where/how to fill in the online self assessment form to do this: Claim previous year's losses in one business to claim relief on this years ...
1
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1answer
363 views

How much is my signing bonus after taxation in Berlin Germany?

an employer is offering 3K EUR as signing bonus, I was told that it's taxable, so I want to calculate how much tax do I have to pay and how much will be the 3K after all tax deductions? I live in ...
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0answers
35 views

where to fill tax deduction for legal fee related to “related to doing or keeping your job” in form 529?

I filed for extension in april because i didn't have this information but need to file by Oct 15th. I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former ...
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0answers
83 views

Tax deduction for legal fee in defending my current job related to a threatening letter?

I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they asked me to sign additional ...
1
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0answers
26 views

Treatment of PTP in QBI decution

I am trying to understand the new QBI (Qualified Business Income) deduction rules in the US. I am confused about the treatment of PTP (Publicly Traded Partnerships) income. The IRS provides two ...
2
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1answer
95 views

If I use 1099 or S-Corp, can I deduct rent from my income?

If I live in another state in USA and either still pay rent or mortgage, but rent an apartment in Silicon Valley and work there to earn money as a business (1099 or S-Corp), then can't I deduct that ...
4
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1answer
87 views

Are contributions to a non-dependent's 529 account in MN tax deductible?

(Minnesota) If I contribute to the 529 account of a friend or relative who is not my dependent, can I still claim the 529 tax deduction or tax credit?
2
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0answers
124 views

Buying a car as a freelancer - Business costs

I am a freelance software developer, and I am thinking of buying a car, which I would probably use every now and then for personal matters, but mostly for business related trips. What are the ...
3
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0answers
108 views

Is there a way to transfer a cultural donation tax receipt? (Canada)

Canada specific question. My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
16
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4answers
11k views

Minimize taxes now that I earn more

Background I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
0
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1answer
43 views

Deduct business expenses on salary income tax as a married couple

So let's say that one spouse is working full time for simplicity let's say this spouse is making 100k/y and paying 30k/y in income tax. Then let's say the other spouse is running a sole proprietorship ...
2
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1answer
67 views

CANADA: Can I deduct condo fees in business use-of-home deductions?

Info: the condo is a townhouse - not in a building. the condo fees are >$500/month ($6000/year) there are not many common areas the condo fees cover items such as ALL exterior maintenance (roof, ...
3
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2answers
308 views

Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?

I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay. I'd like to start a small ...
4
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1answer
78 views

Employment travel expense tax deduction

I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
-3
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1answer
158 views

What are simplest examples of buying or spending money to reduce income taxes in Ontario?

What personal (not corporate) tax examples like the quote underneath appertain to Ontarians? Please focus on examples that can appertain to as many Ontarians as possible, thus don't focus on high ...
3
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1answer
102 views

US Citizen working in Japan for a Japanese company, and also remotely for a US company. What's my tax situation?

I've searched a few queries, but didn't find many people in a situation quite matching mine. Starting in October, I will work full-time for a company in Japan, and I will also put in some part-time ...
0
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0answers
129 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
1
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1answer
178 views

How do Ontarians calculate optimal RRSP contribution?

Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K. If I understood this ...
1
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1answer
48 views

House property loss adjustment with carry forward loss from previous year

I have a query regarding situation below for tax implication : Carry forward loss from previous year under head house property loss : 60000 Current year house property loss : 120000 With above, ...
3
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1answer
75 views

Can my student loan interest apply for an above-the-line deduction when I'm on my grace period?

I was reading this article on 2019 tax deductions: https://www.fool.com/taxes/2019/01/13/your-2019-guide-to-tax-deductions.aspx I recently graduated college in May and started work in July 1st. I ...
3
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2answers
112 views

Do I still file taxes when I make less than the standard deduction? What about withholdings?

I will be filing as single this year with no dependents. I might aim to make $10,000. I searched that the standard deduction for this year is $12,200. Do I still file my taxes? Do I get the full ...

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