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 [tax-deduction]

To be used for any question related to tax deductions.

0
votes
1answer
43 views

Employee v. 1099 small expenses in the USA

In the USA, Sally is a normal employee making $100,000 a year At the end of the year, she files her taxes with taxact.com and pays the $20 fee. Sally simply claims the standard deduction of $12,700....
0
votes
1answer
4k views

401k withdrawal leaving US, non citizen

Help me understand the taxes and penalty on 401K withdrawal. What is wrong in my understanding in the following? I am a non-US citizen and I plan to leave the US in 2 years. My company matches it ...
1
vote
1answer
88 views

Estimated taxes itemized deduction?

Seeking a second opinion on what my tax preparer provided me in my 2017 taxes. I made an estimated tax payment of $20,000 to the State of California in Dec 2017 (for a stock sale I made in Nov 2017). ...
1
vote
1answer
229 views

Where should standard deductions be mentioned on form 1040NR?

I am a non-resident alien for the year 2017 as far as tax returns are concerned. I used a software to complete my 1040NR form, but I have a question regarding the document that was prepared by the ...
3
votes
1answer
689 views

Can donations to Canadian charities be claimed on US taxes?

This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes". My question is, if someone ...
5
votes
1answer
252 views

Can I make a lump-sum contribution to a SIMPLE IRA?

My employer offers a SIMPLE IRA plan to which I can contribute 3% of my salary. My employer contributes a 3% match. The employee contribution limit of $12,500 is far higher than the 3% amount I will ...
1
vote
0answers
118 views

Can I write off any of my car purchase if I get an allowance?

I was offered an option to get a car allowance when I was hired on a year and a half ago. Last year, I bough a new truck to use for this purpose. I get an allowance plus a mileage rate that is about ...
4
votes
1answer
112 views

Itemizing deductions: Proportional tax paid for vehicle title and registration that is not sales tax

In 2017 I bought a used car out-of-state (rather than sort through the local options to find one without hidden water damage). Because I was not a Kansas resident, I had Kansas sales tax waived at ...
1
vote
1answer
72 views

Are dual US-Canadian citizens in Canada required to pay US taxes on their donations to Canadian charities?

Suppose Gordon is a Canadian citizen resident who is also a US citizen. Gordon earns $1,000,000 a year in net income from his Canadian executive job. He pays an overall rate of 40% in taxes. Gordon ...
3
votes
2answers
746 views

Can I withdraw from an RRSP for home renovation using the Home Buyer's Plan?

I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016. The withdrawal was only from spouse's RRSP account, not my account. Now we are planning to do a ...
0
votes
0answers
436 views

Tax filing, visa status changed from F-1 to H1B

As obvious as it is, I am looking to get maximum out of my tax return. I was on the F1 student visa for 4 years August 2013 to September 2017. I was still exempt at the end. My H1B started in ...
8
votes
1answer
1k views

Can I deduct a donation of a car I received as a gift?

In 2006 my parents bought me a used car. In 2017 I donated the car to charity and they report it sold for $575. Can I deduct that $575 from my taxes given that I did not personally pay for the car in ...
0
votes
0answers
53 views

Which deductions reduce AGI?

Last year (2017) I didn't get any Earned Income Tax Credit for having 2 dependent children due to having a too high Adjusted Gross Income. This year I'm making even more money (slightly). My gross ...
2
votes
0answers
83 views

Deducting another room that isn't fully for business use

I work from home and have a bedroom that I want to deduct for business use. I already have a room that I'm deducting. The bedroom will have personal use about 7 days per year. Can I simply pay the ...
3
votes
2answers
115 views

Deducting travel to co-work space?

For those who are self-employed and periodically work at a library or cafe, because formal co-work spaces don't exist in your area, do you deduct the mileage to/from these locations?
1
vote
3answers
105 views

Health Savings Account Contributions Tax Deduction

I'll start with my understanding of Health Savings Accounts and the tax deductions for them and medical expenses. Correct me if I'm wrong: Contributions to an HSA are tax deductible The contribution ...
0
votes
1answer
65 views

Rental property taxes income cap 2018

Current tax code for single and married is $150,000 income. Did they raise the amount cap you can make for married couple to write off a loss for our rental property for 2018? We make more and we’re ...
1
vote
1answer
238 views

How do you pay taxes on mined crypto currency that doesn't have a true price yet? [duplicate]

Lets say I created a new coin and mined 1 trillion of them. It isn't on any exchange to get its true value. But someone on a forum pays me $100 for 100 coins. Now these coins value is at $1 and ...
8
votes
2answers
505 views

Raised 100k on a gofund.me campaign to teach a hands on electronics repair workshop for the next few years. How do I pay taxes?

I managed to raise 100k on a gofund.me campaign to teach a hands on electronics repair workshop. This amount lets me do workshops at least twice a month for the next 3+ years. Since I received this ...
-1
votes
0answers
140 views

Sales tax deduction for “specified items”

The comments below tell me that I have done an extremely poor job of phrasing this question. I apologize and will try to be clearer ... This question is about US federal income taxes for 2017 (...
6
votes
1answer
227 views

Band tax strategy - not paying members

I operate a band that makes under $4k a year. A few shows a year we get paid larger sums of money ($600+ per gig), and the venue uses my SSN and sends me a 1099 around tax season. So the "band" money ...
3
votes
1answer
38 views

Tax Deductible Expenses for a dual use property (US)

I've got a home that I live in and rent out rooms. I'm wondering which expenses I can deduct from taxes and what percent of them I can deduct. Specifically, can I deduct Repainting the house Repairs ...
3
votes
0answers
43 views

Can construction Soft Costs be carried forward on Canadian rental income?

I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
4
votes
0answers
97 views

Is there any reason I'd prefer having my school not report a 1098-T?

I didn't get a 1098-T from my school this year. I contacted them about it, and they said it wasn't required in my case, but they went ahead and issued it anyway since I asked. They also told me they ...
47
votes
8answers
15k views

Tax on gambling winnings with social security number

My roommate told me that he met someone at an MGM casino who won $100,000. That person told my roommate that he does not have a social security number to turn his winnings into cash. He made a deal ...
4
votes
1answer
70 views

Can a person running two (non-incorporated, sole-proprietor) businesses write off expenses from one and contribute to a solo 401k for the other?

I think this will be the last year I can get away with not using a tax professional, but I'd love to go one more year before I have to. My wife (filing jointly) is currently freelance consulting. Let'...
3
votes
1answer
97 views

HSA distribution and medical expense deduction in the same year

I have had an HSA for 10 years and have been making regular contributions. I have not taken any distributions yet. Most years I did not deduct medical expenses on Schedule A, so I have a pile of ...
3
votes
0answers
52 views

Medical premiums vs. ACA premiums on tax return

I'm currently doing my tax return. In 2017, I paid 12 months of health insurance premiums out of pocket, on my own private plan bought through the Marketplace. In the tax return, it instructs NOT to ...
5
votes
1answer
72 views

Are Medicare premiums deductible on schedule C if you also have a secondary policy from previous employer?

My wife and I both receive Medicare parts A and B. We can not participate in previous employer's health plan as primary because we are on Medicare. However, we do participate in the employer's plan as ...
3
votes
3answers
548 views

Can I increase value of non-refundable credit by paying less taxes?

I'm in the United States. The Child Tax Credit is a non-refundable credit of $1000. Scenario 1 : I do my taxes at the end of the year and before applying the credit I owe $1000, then presumably ...
1
vote
1answer
47 views

I need help understanding what 'net of required taxes' means

In this contract what does net of mean? is it the amount after or before taxes? Award – Cash awarded to a Participant under the Program, net of all required federal and state withholding taxes, due ...
2
votes
1answer
67 views

In what situations does tax preparation fees not count as a deduction on taxes?

Last year I filed my taxes through turbotax. This year I'm doing it again. There is an option to check if money spent on tax preparation (including tax software like turbotax) is deductible. I spent ...
2
votes
1answer
1k views

Filling the W-8BEN Form as an Indian Student

EDIT : So, I also opened a thread in Topcoder's Forum and I filled the "Reference number" field as "-" and in the tax treaty section, I just filled my country and all the other boxes were filled with "...
2
votes
0answers
95 views

Can I recover employer-paid health insurance premiums erroneously reported as imputed income?

Every December my employer adds some $7k of imputed income to my last paycheck to account for the cost of employer paid health insurance premiums for my domestic partner. However, my domestic partner ...
2
votes
1answer
188 views

If I'm taking the standard deduction, do I still have to enter my school loan interest?

Title says it all. If I know in advance I'll be taking the standard deduction, do I still have to enter and submit my student loan interest? Or any itemized deductions, for that matter?
1
vote
2answers
84 views

Income Tax Deduction / Reimbursement of Rs.15000/- per year

Can the purchase of medical equipment like Blood Monitor Machine, Blood Sugar Machine etc. be claimed under the medical reimbursement or income tax deduction of up to Rs.15000 per financial year for ...
1
vote
1answer
47 views

Question on the IRS Form 1098-T

Is this a new form? I was doing TurboTax and I filled out the information and it wouldn't let me submit my tax refund because it said the IRS is still working on the forms. I did read something that ...
-4
votes
1answer
203 views

How much income tax should I expect to pay

I need help. My previous employer is confusing me and wont pay all my wages. I work at this retail job for one month, November 2017,and left after i was told i would be paid two weeks into december. ...
3
votes
1answer
51 views

Carrying forward a 'personal loss' due to itemized deductions

I have $0 AGI this year, after claiming the Foreign Earned Income Exclusion, and have repaid some student loan interest. The additional itemized deduction from the interest payment creates no benefit ...
2
votes
0answers
88 views

Under new federal tax bill, can I save taxes by not doing payroll anymore for my single employee (me) S-CORP?

Will paying myself only shareholder distributions instead of payroll, and using the new 20% QBI deduction on my QBI of $300k save me more taxes under the new federal tax plan, and allow me to ...
2
votes
2answers
69 views

If I sell positions in my IRA that were bought with non-deductible contributions, do I need to pay capital gains tax?

My IRA has a mixture of deductible and non-deductible contributions. I want to sell off some positions that I bought. Normally I would not need to pay capital gains tax, but if the positions were ...
3
votes
1answer
830 views

Can COBRA-premiums be paid for pre-tax?

I have the option to remain on the previous employer's COBRA for the foreseable future. Their plan is much nicer than what my new employer is offering while being only a little more expensive. ...
1
vote
1answer
79 views

Does the New Tax Bill Affect 2017 Taxes For Flow Through Entities / S Corp?

Will the new tax bill affect flow through entities' / S Corps' 2017 tax rates? Specifically, will you be able to take advantage of the new 20% deduction for 2017?
1
vote
1answer
50 views

Paid auto registration tax twice in 2017, can both payments be deducted?

The tax on this one vehicle is due January but has a 30 day grace period. Bill usually arrives in early Dec. I paid the tax in Feb 2017, and then again in Dec 2017. Can I tell TurboTax that I paid ...
7
votes
2answers
1k views

Hiring Foreign Contractors - Is This Tax Deductible?

I have a small start-up business in the US and I'm going through freelance sites like freelancer.com to get some work done. The appeal of this is that the rates for foreign contractors is often less ...
6
votes
1answer
564 views

Can I deduct expenses to my previous tax year if I haven't done my taxes yet?

If my business made $100,000 during last tax year (Jan 1 2017, Dec 31 2017), and I haven't done those taxes yet, but need to buy equipment in January of 2018, can I deduct those expenses from my 2017 ...
1
vote
0answers
130 views

750K mortgage and 10K property tax deduction limit - applies to LLC?

Does the 750K mortgage and 10K property tax deduction limits apply only to individuals, or LLC and other corporations as well? Follow-up question: if someone split up property ownership between an ...
5
votes
2answers
5k views

How much of my state income tax refund is considered taxable income?

Under the previous tax law, if you itemized and deducted your state income taxes but then got a state income tax refund, the refund was considered taxable income in the subsequent year's federal ...
1
vote
0answers
20 views

How to save some tax exemption on NJ state tax?

How to save some tax exemption on NJ state tax ? Though question is broad, considering single person live and working in NJ looking to have some tax breaks on state tax?
0
votes
2answers
96 views

What are my options for tax deductions if buying a house for my sister (complicated)

I am looking at buying a home for my sister to live in and I am trying to figure out if I can deduct any of the interest/payments. This is a pretty special case from what I can tell - I can't tell if ...