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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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1answer
192 views

Taxes and health insurance: Find SLCSP (second lowest cost silver plan) before 1095As are issued

To do 2017 end-of-year tax planning, I need to know the second lowest cost silver plan (SLCP) for my Colorado zip code. I've tried searching my health insurer's site, the state marketplace site, and ...
3
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1answer
40 views

Deduction for self employed plus employer income

If someone has two income streams. Main through an employer and a self employed income streams. Can they take standard deduction for their income through employer but also file itemized deduction for ...
3
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1answer
299 views

Does loss in stock market count against standard/itemized deduction?

I read some articles on the internet but still confused. None of the articles seem to give me an answer that I am able to understand. As far as I understand, I can either apply the Standard Deduction ...
2
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0answers
51 views

Can I claim a credit / deduction on my “personal income tax” for the “city corporate income tax” that my LLC company located in NYC had to pay?

I live in Chicago, which does not have city income tax. My company is a LLC incorporated in NYC, which has city income tax. So my understanding is that my company needs to pay "city income tax" over ...
3
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0answers
139 views

How will the new tax bill benefit an S-corp individual?

While driving, I heard on some news program that flow-through people can deduct more from direct income from their business than indirectly through payroll (such as ADP). Will the new tax bill let me ...
19
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1answer
4k views

Can I expense when buying my own lunch

I am organized as a single member LLC. And I work from home. I see that some corporations buy their employees lunch and expense it. My question is... Can I order lunch or go out to eat by myself and ...
6
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1answer
103 views

Tax deduction for stuff I bought before LLC was formed?

I bought $10,000 worth of materials (with my personal credit card) for a new business. I formed a domestic LLC (USA) about 3 weeks later. Can I "sell" or "transfer" this startup cost to my LLC (which ...
10
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1answer
2k views

Can I use the new tax law to help with private school?

We live in a city that has a very low rated school system, therefore we have been enrolling our 2 children in a private school that costs $12,000 per year per child. This comes with quite a bit of ...
2
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1answer
288 views

Ability to claim an undocumented alien adult as a dependent

I am trying to determine if it is possible to claim an undocumented alien as a dependent for tax purposes during 2017 in the United States (form 1040 line 6c) as well as a credit for money spent for ...
4
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0answers
93 views

Is DIY car repair work deductible in any way when self-employed?

I am self-employed and I am proficient at repairing vehicles. I use my vehicle exclusively for work: my customers ask me to drive to one of their customer's location and I provide a service on site. I ...
3
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1answer
77 views

Can start-up expenses offset other business income?

I get 1099 income for my LLC as a data programmer. I spend 30 hours/week writing a non-programming-related book from which I hope to have income in a year or two, but it's only expenses for now. I don'...
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0answers
69 views

File as an S-Corp to retain deductions after new US tax bill

According to https://www.forbes.com/sites/groupthink/2017/11/28/small-businesses-cast-jaundiced-eye-at-tax-reform-proposals/, should the current tax reform bill pass into law: "corporations would ...
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1answer
128 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
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0answers
50 views

US Federal IT: If the deductions proposed to be eliminated are eliminated, will the AMT be a toothless tiger?

The House and Senate tax reform bills between them propose to eliminate deductibility of state and local taxes and cap mortgage deductions for mortgages greater than 500K, plus eliminate the Medical ...
3
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1answer
274 views

Do state disability contributions that are federally deductible remain so if employer-paid?

According to the IRS, mandatory employee contributions to state disability insurance, such as California SDI, are included in "state and local income taxes" that federal taxpayers who itemize on ...
0
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1answer
292 views

GST & TDS for international money - advertisement platform

Am from India and I've created an online platform(a webbased application) where ADVERTISERS can list ads(or campaigns) and PUBLISHERS can use this ads and promote them. So when ADVERTISERS pays me, ...
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0answers
47 views

Can I claim school expenses including tuition that was paid out of pocket on my taxes [duplicate]

As I stated above I am wondering if I can claim my school expenses on my taxes for this year's taxes. If it is possible how would I do so and will I get a better return because of it? I am in the ...
1
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2answers
67 views

Can I take a tax deduction for capital equipment, even if my business does not make a profit? [closed]

So I just purchased a piece of property and I have designs on trying my hand at farming. I'm well aware of how difficult that is in and of itself. In the short term, I'm going to purchase some ...
1
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2answers
124 views

Can I deduct the cost of an out-of-pocket medical visit on my taxes?

Say I visit a specialist -- like an orthodontist -- without any insurance. I pay for everything out-of-pocket -- no insurance/deductibles/payment sharing plans/etc. I pay several thousands for the ...
3
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2answers
449 views

L1 Visa Tax for working more than 183 days in US

I am an engineer from Malaysia and I will be working in the US starting 1st of March 2018. I know that I need to pay tax for my March income but do I need to pay to IRS for my previous months income (...
1
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1answer
140 views

How detailed do itemized deductions have to be? (source needed)

how detailed do itemized deductions need to be? I get the impression that one could just write the total amount of deductions in one line and be done with it. In the event of an audit the taxpayer ...
6
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1answer
359 views

As a contractor, if my business makes no net profits, do I owe taxes?

Have been working full time, switching to at least part time contract work. I'm looking at starting a company and having all my contract pay go through it. Assuming I'm also working at least part ...
4
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1answer
452 views

Dependent Care FSA: What if my spouse is a full-time student AND works?

I work full-time. My employer provides access to a dependent care FSA. My wife goes to school full time and as a result we have dependent care expenses for two eligible dependents. She also works part ...
4
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2answers
244 views

Given the changes to income tax rates, should I change my 401(k) strategy?

With a new standard deduction of $24,000, how does that change my strategy for whether to put my $18,000 of 401(k) money in a Roth vs. a traditional account? What new strategies (particularly with tax-...
4
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1answer
305 views

Can I deduct donated PTO from my taxes?

My company administers a program where employees can donate Paid Time Off (PTO) to fellow employees experiencing a hardship. Can I deduct the value of the PTO I donate from my taxes? Presuming that ...
3
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1answer
78 views

Is an account transfer fee paid for transferring a Roth 401(k) to a Roth IRA tax-deductible?

I rolled over a Roth 401(k) to a Roth IRA and was charged a fee by the outgoing financial institution. This fee was paid from the account balance. Is this fee deductible as an investment expense? If ...
3
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1answer
67 views

Tax deduction for unclaimed commuter benefit

I paid for a few months of a commuter benefit I never used, then left that employer. According to §1.132–9 in the CFR, these funds can't be returned by employers (see Q-14/A-14). So I basically gave ...
3
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1answer
76 views

Does UK personal allowance include NIC contributions?

I have ended an internship in the UK and am now studying there. I am planning to fill in a P50 form since I earned less than £11,500 and I'm not going to work again during this tax year. I paid ...
1
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3answers
121 views

Commuter tax benefits when joining a company mid-year: can I deduct 12*monthly_max, or is the deduction prorated?

I've lived in the US since 2013. I used to be a student in Massachusetts till last July, when I joined a company full-time in California. I read (mirror) that: the tax code allows tax-free ...
1
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1answer
113 views

Contribute to RRSP without deducting - how long can the deduction claim be deferred?

This question establishes that one can contribute to their RRSP without deducting for the year of the contribution. Additionally, this link from CRA's site has the question "What RRSP, PRPP, or SPP ...
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1answer
99 views

Can I deduct personal loans or use them as tax “write offs?”

Say I loan $5,000.00 to a relative, and they still owe the majority of that amount after many years of no payment. Can I just vaguely write off this number, assuming the money was lent as cash, hand-...
2
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1answer
101 views

Health insurance premium tax deduction if I'm a W2 with an employer who offers no insurance?

I'm currently self-employed as an LLC (USA) with a sole proprietor tax structure. I have private health insurance and I enjoy the tax deduction for my premiums. However, I have an opportunity come ...
1
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1answer
78 views

Tax benefits for college expenses?

So this past year, I have held 2 jobs. One was a part-time job while going to school. Other was a tech summer internship. I am 22 years old, so my parents can claim me as a dependent. You can say my ...
7
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1answer
167 views

I purchased a drug in country A, and consumed it in country B; neither A nor B is the US; is that a qualified medical expense from the HSA standpoint?

I am a US citizen. I have an HSA account. I purchased a drug in country A, and consumed it in country B, where neither A nor B is the US. Is that a qualified medical expense from the HSA standpoint? ...
0
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1answer
5k views

Income Tax Returns using ITR1 and no TDS2 details available

In ITR1, (Income from Other Sources (Ensure to Fill "Sch TDS2") (AY 2017-18.) My FD interest, and Savings bank interest, (Income from Other Sources) total below Rs:- 1,90,000/- in (AY 2017-18.) Since ...
12
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5answers
5k views

Does the IRS reprieve those who have to commute for work?

Consider someone who for either family or affordability reasons is unable to live in San Francisco, where they make their living. Their daily commute is long. The cost of the commute is nontrivial, ...
1
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1answer
170 views

Does the CRA reprieve those who have to commute for work?

Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver). He makes most or all of ...
5
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1answer
207 views

Selling Gifted Stock - Capital Gains, Gift Tax, AGI/Deductions

My wife and I received a gift of $100k stock from a relative two months ago. Cost basis of the stock was $30k, purchased by that relative 5 years ago. We hope to sell the stock to use for a down ...
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3answers
408 views

Is editing wikipedia tax-deductible in the U.S.?

I spend a fair amount of time editing Wikipedia and am wondering if the time I spend is considered a tax-deductible donation in the U.S. Furthermore: If it is, how do I decide the amount of value for ...
3
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1answer
74 views

Can the entire cost of a “freemium” service be deducted if the paid service was only needed for business?

Many computer services are available on a freemium model where some service is available for free, and then you can pay more for upgraded service Suppose that I am self-employed in the USA. ...
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0answers
59 views

Is the full monetary amount of sub-contracting tax deductible?

At the moment I effectively work for myself, contracting full-time to a single company. I invoice this company $x every month. In the near future, I would like to either hire or sub-contract other ...
1
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1answer
109 views

Company requires me to use my personal cell phone to work. Writeoff?

Question for the tax professionals. I work from home, recently my company has implemented MFA (multi-factor authentication) on several internal sites necessary for my job. The MFA app has to be ...
4
votes
1answer
107 views

US - educational tax credit on imputed income for educational expenses?

My wife is employed by a university. Up to a certain monetary amount, she can take classes with no financial or tax impact. (I believe this amount is set by the IRS but that's not at issue here.) ...
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2answers
225 views

Tax exemption on personal loan interest component in India

I have taken personal loan for my father business and home construction. The land is on my mom's name. My father is cosigner for the loan. Am I eligible for the tax exemption if yes then under which ...
3
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1answer
77 views

US Resident with a full-time job for a US company started a contracting job for a UK company in his free time

Background I'm not a US citizen but I've been living and working as a computer engineer in US on a work visa (OPT) for the past ~3 years and previously went to a university in the US as well. Based ...
2
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1answer
95 views

Loss on US leveraged ETF; Don't live in US anymore

I made an investing mistake many (eight?) years ago. Specifically, I invested a very large sum of money in a certain triple leveraged ETF (the asset has not yet been sold, but the value has decreased ...
3
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1answer
90 views

Real Cost of Tax deductible item

I'm self employed and I'm curious if there is a way for me to figure out what the "real" cost of an item will be that I will use as a tax deduction. For example, if I want to buy a $800 computer for ...
5
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1answer
243 views

Adding spouse to single member LLC to reduce taxes

Suppose husband has a single member LLC, has a SEP IRA, and makes more than enough to max out annual SEP contributions. I'm curious if the wife could be added to the LLC to allow the wife to also ...
2
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2answers
456 views

What distinguishes a moving allowance from a “relocation bonus”?

When moving a certain distance for employment (say moving across the country for a new job), one can deduct some of the moving expenses to lower their AGI. This is done by filling out IRS Form 3903, ...
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1answer
123 views

Investment product that “optimizes taxes”

My advisor is chasing me to buy a product (with 0.44% fees!) that is supposed to "optimize taxes" (in the US). The idea is that for those fees, they will track some index (the S&P500), and try to ...