Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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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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63 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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61 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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46 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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2answers
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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 ...
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150 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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21 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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71 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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54 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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63 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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34 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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76 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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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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626 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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86 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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23 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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60 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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815 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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488 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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31 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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248 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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619 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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202 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 ...
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1answer
147 views

Roth 401(k) Contribution Limits

Please consider an individual, in the US, who has net earnings from self employment of $8000 who wishes to contribute to a Roth 401(k) plan. For tax purposes these earnings can be reduced by 20% due ...
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1answer
69 views

Reduce Self Employment Tax

Thanks for looking into my post. I am an independent contractor and I don't have any LLC or company. Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA. Is ...
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1answer
35 views

Wash Sale Rule --> disallowed loss carry forward in this particular scenario where I buy replacement shares just *before* selling the entire position?

Please see the example below illustrating a scenario where I buy replacement shares before selling the entire position. My questions are: If I don't buy replacement stock for 30 days after May 8th (...
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55 views

Forgot to file form 8889 with HSA self contribution of only $0.01, what's the consequences if I don't file amended return?

I filed a 1040NR-EZ tax return in 2018. later on I realized that I had an HSA opened in 2017 which requires Form 8889 and the non-simplified 1040NR to be filed. my own HSA contribution was $0.01. I ...
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31 views

Are there straightforward ways to deduct fees for investment management?

If I pay a business to actively manage my personal investment account for profit, is there any straightforward way to deduct those fees from capital gains on those investments? Before TCJA, ...
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1answer
27 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
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177 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 ...
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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 ...
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130 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
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1answer
100 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, ...
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83 views

Can I deduct an office space rental if I am not self employed?

As a remote worker, I'm looking at renting an office space $250/mo. I am not self employed but instead working for a company. Is this expense tax deductible?
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1answer
173 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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299 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 ...
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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?

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