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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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3
votes
1answer
90 views

Health insurance deductible for self-employed equal to employer tax deduction?

As I understand it, premiums for employer heath plans are taken out of costs so they are inherently tax free. In other words they are not consider "income" for the employee. For a self-employed ...
5
votes
1answer
295 views

Is it common for a one-time windfall to lead to an individual net operating loss in the following year?

Suppose that Alice ordinarily makes $100,000 a year. Then, in Year 1, she wins the lottery and experiences a one-time windfall of $2.4 million, bringing her income for that (single) year up to $2.5 ...
34
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8answers
23k views

How can I achieve a 13% U.S. Federal tax rate?

MSNBC just had a segment explaining how Bernie Sanders paid 13% in federal taxes. This year my income changed significantly, and I'm making a little less salary than Sanders's ~$200k. However, unlike ...
1
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2answers
250 views

IRA Deduction Worksheet Question 6 Married filing Jointly

I'm trying to understand the questions in this vectorized case of Married filing jointly for the IRA Deduction worksheet. In my case I work and contribute to a 401k, my wife does not so for Question ...
4
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1answer
4k views

Deducting business expenses paid for by gift card

Let's say I need to purchase a $1000 computer for my sole propietorship / side business. I can pay $1000 and deduct it on my schedule C, but what if I have the opportunity to pay $800 for a $1000 gift ...
0
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1answer
31 views

Clarification on filing Tax for the education expenses?

Last year i spent around $1200 on preparing GRE through Kaplan. Whether that expense can be declared in filing Tax? Second question is, I am from Computer Programming background and going back to ...
3
votes
1answer
169 views

Donations: In need of guidance on filling out a 8283 form

I believe I have this 80% figured out although theres still some grey areas thus far based on researching a variety of tax websites and IRS's official page. My situation is as follows. Donating FIVE ...
0
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2answers
79 views

What pretax allowances can only be taken advantage of during payroll deductions?

Is it true that some pretax offerings from full time employment at a company can only be taken advantage of via payroll deduction? Essentially your company shuffles the money about for you as the ...
1
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3answers
4k views

Is it normal to have much higher tax returns after buying a house this year?

My federal return was $2,800 and state was $170 last year and $4,800 and $1,200 this year which seems like I made a mistake somewhere to be that high. Nothing else significant changed between last ...
1
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1answer
71 views

Are there any other deductions analogous to HSA deductions, for pretax accounts I can contribute to with post tax money?

I always max out my HSA each year and somehow I came up short just over $100 and I thus made a deposit to my HSA from my checking account for that amount (post tax of course) to count towards my 2016 ...
4
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2answers
46 views

Criteria for commercial loan so that interest is deductible?

A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
2
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1answer
135 views

Can condo fees and special assessments for a vacant property be claimed as moving expenses?

I relocated to take a job in a different province, and during that time the condo (which I was the sole owner of) sat vacant on the market for three months before finally selling. The condo fees ...
5
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2answers
2k views

Can I withdraw a non-deductible traditional IRA contribution without penalties in the same tax year?

I just spend two hours going through IRS Publication 590a, and reading all related question here and in some other places (none matched this question exactly). Situation: X is over 50 and ...
2
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1answer
62 views

Is a tax-deductible IRA contribution applied before the AGI income limit is checked?

If your AGI is above the limits defined by the IRS, you cannot deduct Traditional IRA contributions. What if deduction of the Traditional IRA contributions would reduce the AGI just under the limit?...
4
votes
1answer
72 views

Can I distribute a deduction from rental losses over multiple years?

Situation: During the last decade, I have accumulated significant losses from a rental property; the deductions I can get for that in every year are very limited, so there is pending carryover. Issue:...
9
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1answer
2k views

Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
1
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2answers
96 views

Deciding on RRSP carryover amount

I'm trying to do a last minute lump-sum RRSP contribution. I have an idea of how much I'd like to contribute/carry forward, but this is my first time making a significant RRSP contribution, so I'd ...
1
vote
1answer
245 views

Where should I put Internet expenses for my Home Office?

There are four options: Other Common Business Expenses - Communication; Other Common Business Expenses - Utilities; <– I believe it should never be used if you have home office. Home Office ...
10
votes
1answer
168 views

Can you deduct membership to a doctor's office as a medical expense?

In the US, I'm trying to figure out if membership to my doctor's office is deductible. My office charges a $149 annual fee for access to the office, which allows them to provide good online tools, ...
5
votes
1answer
472 views

Married Filing Separately - Who Can Deduct Mortgage Interest

Wife and I are married, but filing separately due to excessive student loans that she has. Mortgage is in my name (due to excessive student loans that she has), but we are both on the title of the ...
88
votes
5answers
19k views

I have sole custody of my child but the child's father's brother claimed him as a tax deduction

I have court papers showing that I have full and sole custody of my son and that he was with me like 99% of the year. I let my son's father have him a few weekends last year but only a handful. My ...
2
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0answers
53 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 ...
1
vote
1answer
85 views

Are the education credits given on your taxes based on the amount of your expense, or is it a base amount of credit no matter your expenses?

My daughter needs to prove her education expenses for the education credits she received on her 2014 taxes. This was her first year filing taxes and she did use a tax lady. The tax lady has told us we ...
4
votes
1answer
180 views

Is there any way to alleviate the impact of divorce on tax returns?

My friend got divorced towards the end of 2016, and it seems she owes a lot more than she was expecting because her filing status is now Single. She went through all the options she could find in ...
3
votes
1answer
176 views

US - Home Office Deduction As Both an Employee and For Self Employment

I am a full time employee at a company which does not provide a regular office. I work from home as a result. I also have a non-related business where I work between 20 to 30 hours a week from my ...
1
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1answer
74 views

Against what income are broker fees deducted?

Let's say I purchase a share of a stock for $10 and the the broker charges me a $5 commission fee. A year later I purchase a second share for another $10 and the broker charges me again a $5 ...
4
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1answer
82 views

Can I re-file an old tax return to get a refund of monies paid incorrectly in a previous year?

Let's say I screwed up and didn't claim all the deductions that I could have in a previous tax year. Can I file a new tax return for that year which is corrected, then claim the difference between ...
2
votes
2answers
2k views

Do I deduct last year's state taxes or this year's?

The instructions for IRS Schedule A are not clear. On one hand it says the amount of state taxes I paid can be found on my 2016 W2, but on the other it seems to say to deduct taxes "paid in 2016" ...
1
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1answer
2k views

FSA Limits after switching employer, employer has non-calendar benefits year

I have recently left a job in mid January where I had signed up for an FSA in the previous election period. At the end of January I also enrolled in an FSA. I found out that at my new company, the ...
2
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1answer
95 views

Can I deduct an IRA contribution while drawing money from another?

can I make a tax deductible contribution to a traditional ira in the same year i withdraw dividends from my roth
1
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2answers
408 views

Calculating Income After tax

I'm trying to determine how much income I will have after tax in the US, assuming only federal taxes. My calculations are as follows. I start off with $75,000, take a standard deduction of $6,300, ...
3
votes
3answers
477 views

How Deductible Taxes Work When Not Withholding Taxes

I'm trying to understand how Deductible Taxes work in United States, and what I can actually deduct in the scenario where I don't have taxes withheld. According to IRS.gov it says To be ...
2
votes
1answer
333 views

Does it make sense to pay MSP through a small corporation / business in Canada?

In BC, Canada, one has a monthly medical plan premium (MSP) per adult in a household of at least $75.00 (CAD) per individual per month, and the amount cannot be deducted against one's personal taxes. ...
0
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1answer
76 views

Deducting Expenses with Income or Profit - LLC

So I have an LLC for a construction company I started in 2015. During 2015, I started it late in the year. I'm the only one listed on the LLC. The main expenses in 2015 were the business license which ...
4
votes
3answers
395 views

Confused about 'tax free income'

I'm from New Zealand and just started working here in the UK in July 2016 on a 2 year working holiday visa. My partner and I both started working around the same time (different employers), however I ...
-1
votes
1answer
167 views

On claiming mileage and home office deductions

My wife and I have a very particular driving/office/home office situation which is bringing us doubts about (US) income tax and deductions. My wife has several part-time jobs of 5-7 hours a week. She ...
2
votes
0answers
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 ...
6
votes
2answers
131 views

Is there any sort of tax write off for unfulfilled pay checks?

I worked at a company for a few years who went out of business last year. My last pay check and severance pay check were not able to be cashed, totallingtotal is around $3k. It was an LLC that is ...
3
votes
1answer
162 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 ...
2
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1answer
2k views

Using credit card points to pay for tax deductible business expenses

If I use credit card points to pay for business expenses, am I still able to claim those expenses as deductions on my taxes? Part 1: As a small business owner, I wish to attend an annual seminar to ...
4
votes
1answer
76 views

Should I include pre-tax deductions when filling out my W-4?

I have pre-tax IRA and HSA deductions taken from my paycheck. When filling out line 4 of the Deductions and Adjustments Worksheet on form W-4 should I include these amounts, or are pre-tax deductions ...
1
vote
1answer
51 views

Can you claim a loss on your taxes from business credit?

Say someone applies for and gets a business credit card for any amount of money. The purpose of this is to distinguish the money spent between "regular" use and "business" use (i.e., paid services, ...
2
votes
1answer
5k views

How much should I invest in PPF account to save Rupees 15000 income tax?

For ex: My net/total Taxable Income, after all deductions, for the Financial Year 2016-17 is Rs 4,00,000 (4 Lakh Rupees). I am a salaried person. As per current tax brackets upto 2.5 lakh, there is ...
1
vote
1answer
189 views

Can I claim head of household if my daughter turned 24 this year?

I live in the US and have a daughter who turned 24 in September (full-time student). I have claimed her as a dependent in the past. Can I claim head of household filing status this year, or is she now ...
0
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1answer
43 views

Intentions of Deductible Amount for Small Business

I have a small business here in the US that incurred a net loss this year. I have spent more than what I have earned, and according to quickbooks, I have +X amount of total deductions for 2016. +X ...
16
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7answers
2k views

In US, is it a good idea to hire a tax consultant for doing taxes?

I am going to start working in a software development company in Colorado, United States very soon. I am also single. The tax system here seems pretty complex to understand as well. Do employees in ...
5
votes
1answer
14k views

IRS Useful Life of a Laptop Computer

I own an IT/software company. I'm getting ready to ramp up a new venture and want to purchase some new laptops for my remote employees and myself. According to IRS publication 945, chapter 4 (https:/...
16
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2answers
4k views

How will getting married before the end of the year impact this year's taxes?

My fiancée and I plan on getting married in December of 2018. She wants to go to the courthouse this month and get legally married immediately, so we can work on an adoption process with her child. ...
1
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0answers
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 ...
3
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0answers
79 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) ...