Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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2
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2answers
78 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, ...
11
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2answers
58k views

Donation Value Of “One Bag Of Clothing”

Early last year, I donated clothes to Goodwill and received a donation receipt for "one bag of clothing." I have no memory or documentation of exact contents to calculate an amount. Given only the ...
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4answers
107 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 ...
0
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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. ...
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 ...
2
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1answer
53 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 ...
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 ...
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" ...
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 ...
0
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1answer
39 views

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

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 ...
4
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2answers
197 views

How much taxes should I pay in my case in the UK, if I only work for 3 months

I am an international student, and I will work in an internship this summer. I will work for 3 months (actually, a bit less: 12 weeks). My salary is 65,000£ gross per annum on a pro rata basis, that ...
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 (...
0
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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 ...
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 ...
1
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2answers
94 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 ...
0
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1answer
162 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 ...
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, ...
1
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1answer
25 views

How does NPS Tier - 1 80CCD work?

Conditions: NPS Tier-1 contribution from salary per year > 60000 NPS Tier-1 contribution from company per year > 60000 Question 1: How much amount is counted for 80CCD? Is it just salary or also the ...
4
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1answer
198 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
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 &...
2
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1answer
121 views

Tax Return Married NRA: Is Glacier Tax Prep fill the 1040NR out correctly?

I am an F1 student (NRA) and Married. Based on the new 1040NR(-EZ) instruction a married NRA cannot claim more than $5,000 deduction (1040NR Instruction). Glacier Tax Prep is a software provided to ...
-1
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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
149 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 ...
0
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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 ...
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 ...
1
vote
1answer
57 views

Self-employed: claim CPP for self on Line 9060 of T2125?

In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
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 ...
0
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1answer
95 views

Business losses for expenses incurred by a foreign contractor

I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
4
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1answer
195 views

Write off accrued interest from interest income

My mother purchased a US government bond maturing 2019/04/15. The purchase date was 2018/04/13, so there were 2 interest payments attributed to 2018 (2018/04/15 and 2018/10/15), but the interest ...
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
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,...
0
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3answers
152 views

How much tax can we save by investing in ELSS Mutual Funds?

If Mr. ABC's taxable income is 3Lakh, then his auditor tells him he needs to pay 22,000Rs tax in FY 2018-19. So if he invests 50k or 1 Lakh in ELSS Mutual funds, than how much tax he will save?
1
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1answer
373 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 ...
1
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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 ...
6
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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 ...
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
votes
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 ...
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, ...
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 ...

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