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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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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 ...
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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 ...
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97 views

Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?

A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
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386 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
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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 ...
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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 ...
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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 ...
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130 views

Deducting travel costs for summer internship on J-1 visa

I am a full-time PhD student at a university in Germany. To get funding for my PhD studies, I am employed as a research assistant by the university (I have been continuously employed in this position ...
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39 views

Can I carryover investment interest expenses, if I didn't report them on a prior tax form

I just discovered some investment interest expenses from a broker statement that were not reported in my last year tax return. Can I "carry them over" into my new tax return? Its probably an ...
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77 views

Classification of rental property closing costs?

I understand rental property closing costs fall into 3 buckets: added to cost basis of property for purposes of calculating depreciation (title costs, transfer and government fees, inspections, etc) ...
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361 views

How do I take the state sales tax deduction if my spouse lives in another state?

My wife and I live in two different states, and I'm currently in the process of filing our 2014 income tax return. We are Married Filing Jointly. I have income from only the state that I live in, and ...
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48 views

Roth IRA Conversion vs Recharacterization

Despite trying to hit the nail on the head, I managed to put more into my Traditional IRA for 2018 than I will be able to deduct due to Traditional IRA phaseout limits. The last thing I want is to ...
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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 ...
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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 ...
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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 ...
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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 ...
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72 views

If I have a home office and report to a main office, what are the travel expense deduction rules?

I have a sales job where I have a home office and I report to a main company office twice per week. My job is to visit potential clients and visit/support existing clients. When I visit the main ...
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50 views

I have a charitable carryforward from 2011: Can I file in October 2017 (extension) and still take it?

In 2011, I made a large charitable contribution to my school. Some is still left over, despite my having taken the maximum allowable charitable deduction each year. I know that I cannot carryforward ...
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882 views

I had payroll deductions taken post-tax instead of pre-tax. What should I do?

Due to a paperwork mixup of my own doing (incorrectly added her as a domestic partner), a year's worth of insurance premiums paid on behalf of my wife were deducted post-tax instead of pre-tax. The ...
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86 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
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93 views

Where do I deduct convention registration expenses?

My wife does direct sales as a home business and I am trying to figure out the proper place to deduct the expense of a convention registration associated with that business. It seems to me that there ...
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531 views

Can my UK limited company claim tax relief on donations to foreign charities?

I'm English, and run a company that's based in the UK and registered with the UK Companies House. I want to donate some money to charity, but one of the charities I have in mind isn't based in the UK. ...
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28 views

Standard deductions for resident alien J1 w/ tax treaty

Someone with a J1 Scholar visa becomes a resident alien for tax purposes in the US on Jan 1, 2018 (following the two calendar years' rule). Still, under the saving clause, it may be possible to claim ...
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15 views

Is there a personal tax liability on corporate ESA contributions?

According to the IRS publication on Coverdell ESA, https://www.irs.gov/taxtopics/tc310: You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. ...
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35 views

Is the principal on student loans tax deductible in Canada?

A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
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193 views

Form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit

I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below. https://www.irs.gov/forms-pubs/about-form-8936 Is there an ...
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30 views

Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?

I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...
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38 views

Can I claim standard business expenses incurred earlier than the date my LLC was formed?

I want to form an LLC for my web development business. However, I incurred a bunch of expenses during the year that I'd like to be able to deduct. I know you can claim startup costs, but these are ...
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29 views

I own a corporation taxed as an S corp which hires me to do web development/consulting. Does the company income qualify as QBI under the TCJA?

In defining a "qualified trade or business", the Tax Cuts and Jobs Act (TCJA) excludes a "specified service trade or business" and lists "consulting" in its list of disqualified business types. But ...
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0answers
42 views

Tax deduction for work-space-in-the-home expenses

For reference, I am in Ontario, Canada, I am an hourly non-exempt employee (T4 is issued every year, entitled to overtime pay if working more than 8h a day, 1.5X pay + statutory holiday pay [such as ...
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60 views

If you're mostly on W-2, how much can you benefit from pass-through?

I'm having trouble understanding how the pass-through deduction works when you make only part of your income as an independent contractor. Married filing jointly this year, we expect to earn (gross) ...
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47 views

Germany tax class residence permit valid anmeldung

I was in Germany last year for more than six months and I have a valid RP as well. Now, I am planning to move back to Germany for just 2 months for a work assignment under Short-term WP. Now my ...
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32 views

Avoid wasting Canadian tuition credit with double taxation on Canadian Income in US

I live in US with income in Canada and have a large amount of unused tuition tax credits in Canada. My understanding is that when doing US Tax I should report my full Canadian income and the amount ...
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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 ...
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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 ...
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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?
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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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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 ...
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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 ...
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29 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?
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37 views

Do wages limit amount of deductions in year with very high capital gains

Does my income from wages (24K) limit the itemized deductions I can take when my total income is mostly from Cap Gains earned from selling a longterm rental property (200K after accounting for base ...
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491 views

How to save taxes on revenue from Admob ads?

I'm a mobile developer currently living in Germany. My revenue is generated by online ads of Google/Admob. Since Google is based in Ireland, the revenue/service/value are also generated in Ireland. ...
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76 views

Steuer klasse change when my wife working in other country in EU

Does somebody know how I can change my "Steuerklasse" from 1 to 3 in case my wife works in another country in EU ( Bulgaria). Our daughter leaves also in Bulgaria. She works for a French international ...
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0answers
22 views

US Account Taxes

I'm an Australian resident with a US brokerage account. At what point would have to pay taxes in the US after realising gain through my brokerage account?
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54 views

What Qualifies as “Business Deduction for Work-Related Education” Under US Tax Code Publication 970

I work as a Software Developer. Using Topic 513 Publication 970 Chapter 12 of the US Tax Code would I be able to deduct any of the following? Paying for and taking PTO to attend a conference and ...
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606 views

Deduct travel expenses for summer internship

I will be participating in a temporary (3-month) summer internship in a city that is quite far (over 300 miles) from where I study as a full-time student in graduate school. During the internship I ...
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445 views

Claiming apartment rent as unreimbursed employee expense

a friend of mine visited a tax consultant in USA. The friend is an employee of a software firm and is on a non-resident alien category visa. The consultant told him to mark the apartment rent as ...
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28 views

How to book past year's transaction, performed in the current year?

I have a small business. I contributed $1000 towards SEP IRA for year 2014. However, the transaction was done in January of 2015 using the retained earnings of 2014. Obviously, this money is tax ...
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230 views

Moved with my girlfriend for her new job, I paid moving expenses, which she later repaid. Can she claim moving deduction? (USA)

Moved with my girlfriend for her new job, I paid moving expenses, which she later repaid. Can she claim the moving deduction? (We're in the US)
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200 views

Claim tax relief on purchase in UK as full time employee

As a full time employee in an I.T. company can I claim tax relief on purchases related to my job? My employer does not provide a laptop so I was considering buying one myself and was wondering if ...