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Results tagged with tax-deduction
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user 25282
A tax deduction is a deduction that lowers a person’s tax liability by lowering his taxable income. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from his gross income in order to figure out how much tax is owed.
8
votes
Is the Standard Deduction better than Itemized when both are the same amount?
There is at least one state (Virginia) where one can only itemize the state tax if one itemizes federal taxes. So you might prefer to itemize the federal tax so as to be able to itemize the state tax …
- 21k
1
vote
Why did the federal government ever allow taxpayers to deduct their state taxes from their f...
My second question is, under this regime, why would any state in their right mind not impose state taxes (9 states don't) ? Their residents aren't saving money anyways, as whatever they would have …
- 21k
2
votes
Accepted
USA 2018 tax write-off - Meals for Employees
Publication 463 includes:
Exceptions to the 50% Limit
Generally, business-related meal and entertainment expenses are subject to the 50% limit. Figure A can help you determine if the 50% li …
- 21k
2
votes
Accepted
Circular dependency involving IRA deduction
According to the link you posted, the Modified Adjusted Gross Income (MAGI) is equal to the AGI plus some things that you subtracted, like Individual Retirement Account (IRA) contributions. So you ac …
- 21k
22
votes
Tax on gambling winnings with social security number
The income tax on gambling is the same as the tax on anything else. It's the withholding that is 25%. Example source for 2018 tax brackets, as the IRS hasn't published theirs yet. Note that $100,00 …
- 21k
6
votes
Accepted
Can I deduct donated PTO from my taxes?
When you donate paid time off (PTO) to a fellow employee, you don't actually lose money. You get paid the same, either way. You work a little more. It's essentially the same as volunteering labor. …
- 21k
3
votes
Is editing wikipedia tax-deductible in the U.S.?
If your time is deductible, you might ask, against what?
The natural approach would be for you to charge Wikipedia for your work. Then you can donate the income back to Wikipedia. So you have an …
- 21k
15
votes
Why is company provided health insurance tax free, but individual health insurance is not?
During World War II, the United States (US) instituted wage and price controls. To attract better employees, companies would offer benefits to get around salary limits. Health insurance was one of t …
- 21k