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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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2answers
125 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
509 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 (...
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1answer
171 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
479 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
332 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
78 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 ...
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3answers
125 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 ...
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1answer
178 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
100 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
105 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 ...
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1answer
80 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 ...
8
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1answer
171 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
209 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
218 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
414 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 ...
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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
62 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
112 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
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1answer
115 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
230 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
79 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
96 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
91 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 ...
6
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1answer
264 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
482 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 ...
3
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1answer
60 views

Tax rebate for home loan of under construction property

I am living in a rented house. This year (F.Y. 2016-17) I have booked an apartment in the same city for which I will get the possession after 3.5 years. I have opted for CLP and I am paying the EMI ...
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3answers
96 views

Is it wise to invest money in NPS in India for tax saving

My 80C section is filled for tax saving. In addition to this, I see that NPS provides 50K more for tax saving. I am planning to go for NPS Tier-1 SBI funds - Government Securities. Does anyone know ...
0
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1answer
109 views

Is there an ETF which tracks BSE or NSE among ELSS funds eligible for tax deductions under 80C? [closed]

Is there an ETF which tracks BSE or NSE among ELSS funds eligible for tax deductions under 80C? I see a list of ELSS funds here, but do not see consolidated listing of expense ratios or fund types..
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1answer
308 views

Will employer benefit from paying bonus to employee

I work for Company XYZ as consultant, but my work location is at client place as contractor. My employer that is Company XYZ, filed labor (LCA) for 100k, but as I work as contractor my pay depends on ...
9
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5answers
5k views

Borrowing money to buy shares for cashflow?

I currently have lots of equity in my house in Sydney. I am holding 2 investment properties that are negative and really draining my cash flow as we have young kids and wife only works part time. I ...
0
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1answer
24 views

Clarification on student expenses - To file the tax for the next year

Clarification on student expenses - To file the tax for the next year. I have a full time job as well as going back to Grad school as a Part Time Student. Do i need to collect all my bills such as ...
6
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1answer
76 views

Are partial IRA deductions applicable to the first X dollars or a percentage of the full 5.5k?

Consider two married individuals in the following scenario for 2017: Married filing jointly with MAGI = $109,000 Both people are participants in an employee-sponsored plan Both age 35 They both want ...
20
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3answers
3k views

Tax benefits of recycling

Today I spent 15 minutes of my time to drop off burnt-out incandescent light bulbs at the only place in town that accepts them. I was charged $1/bulb for helping the planet. The cashier told me to ...
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1answer
631 views

1040NR-EZ, no Schedule A, did I claim itemized deductions?

I filed the 1040NR-EZ form for the federal return in 2015. On line 11, Itemized deductions, I entered the result of the "Itemized Deductions Worksheet" (just the state taxes that were withheld from my ...
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1answer
122 views

How do I minimize my taxes as an IT Employee in India?

I am working as java developer in start-up software company. My monthly salary is 30,000. The company takes my money as tax (1,500/month tax), and 2,000 for a food plus card. How do I get all of the ...
1
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1answer
23 views

Is LIC MF ETF NIFTY 100 deductible under Indian Income tax sec 80C?

Is LIC MF ETF NIFTY 100 deductible under Indian Income tax sec 80C? http://www.incometaxindia.gov.in/Charts%20%20Tables/Deductions.htm lists: ■ Subscription to any units of any approved mutual ...
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4answers
2k views

Is it worth saving HSA funds until retirement?

I recently discovered that there is no lifetime limit to contributing to an HSA account - provided that you don't contribute more than the limit per year. Assuming that an individual makes a decent ...
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2answers
80 views

How can i claim moving expense in 1040?

I moved over 200 miles last year to be close to my new working place, using a service found on an online app (Roadie). Can i claim the moving expense in Line 26 in 1040? Do i need to provide to IRS a ...
4
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1answer
191 views

Car repair tax deductible?

I live in California and I have a rental house in Washington State. I claim the rental as income and have been paying taxes on it. Last year, I drove from California to Washington State to check on my ...
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2answers
2k views

Can I take the self employment healthcare deduction if I get my insurance through my employer?

Historically when I had insurance through ACA, I deducted the premiums on the special self employment premiums deduction. Now, I get insurance through my employer but still pay a ton for it. Is that ...
0
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0answers
284 views

TurboTax how to enter “Self-employed health insurance deduction” (1040 line 29) for my income from S-corp K-1?

1040 line 7 = $135K wages an employer not related to my S-corp. 1040 line 17 = $90 from my S-corp K-1. 1040 line 29: "Self-employed health insurance deduction" Can I enter my $9300 health insur ...
3
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1answer
67 views

Renting from self during out of area remodel project - deductible?

I own a nightly rental that's out-of-area. I was considering moving to that area for a month and renting and living in my own property while I (personally) do an extensive remodel on it. Would those ...
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0answers
31 views

Section 179 and Closing LLC

I closed my LLC 2016 (sole, no employees), can I take section 179 tax deductions in the 2016 return? Do I need to recapture my previous section 179 deductions?