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Tax Deduction Questions

Tax deduction refers to a reduction in the total taxable amount. People may qualify for these deductions under various circumstances. Individuals may claim various expenses as deductions while filing their tax returns. Given below are some commonly asked questions regarding tax deductions that have been answered by Experts.

Should an employer cut federal income tax deductions from an employee’s weekly paycheck?

An employer may be required by law to cut federal income tax deductions from an employee’s weekly paycheck unless the employee has requested him/her not too or he/she works on a contract basis.

Can an individual deduct the amount that was used for the maintenance and operation of a plane from his/her tax returns?

If the plane was used by the individual for business purposes and he/she made an income from using the plane, then the amount of money that he/she spent on maintaining and operating the plane may be considered as business deductions.

What can an independent consultant include in their deductions while filing tax returns?

In most situations, an individual may be able to include the following in their deductions:
Rent paid towards the office or home
Utilities expenses
Phone expenses
Any expenses towards equipment, supply and storage
Insurance
Internet service
Any expenses related to the computer
Expenses involving fax machine, printers and copiers
Any expenses incurred during maintenance and repair
Any marketing and advertising expenses
Amount spent for education and training purposes related to the business
Business travel
Business gifts and charitable contributions

Can property expenses be included as business expenses when filing tax returns?

Expenses on a property can be considered business deduction if the property is used by the business. The deductions will depend on what percent of the expenses were for the business. The person will have to list the expense on Schedule C while filing the returns.

Would the fee required to set up a Doing Business As (DBA) be considered as a business deduction while filing tax returns?

The IRS will take into account any business related expense that is incurred while determining tax deductions. The fee required to set up a DBA will also be considered as a business related expense.

If an individual has to move to a different place due to health issues, can this individual include the travelling expenses as deductions while filing their taxes?

An individual may be able to include the travelling expenses as medical expenses or deductions if the individual has enough documents to prove that the travel was due to a medical condition. In most situations, this may lead to the IRS conducting an audit. One may find more information regarding this at http://www.irs.gov/publications/p502/ar02.html

Can an individual claim deduction of taxes on a property that they jointly own with their ex-spouse if they no longer live on that property?

An individual may not be able to claim tax deduction on the property if the individual has not been living on the property for more than 6 months. He/she may also not be able to claim the deductions if the mortgage was paid by the ex-spouse. In most situations, the spouse who pays the mortgage may be able to claim the deductions.

Nobody enjoys paying taxes and people may often look for ways in which they can reduce the amount that they will have to pay in the form of taxes. The IRS has provided people with opportunities to reduce the total amount on which they will be taxed in the form of deductions. You need to be aware of the various expenses that may or may not qualify as deductions while filing taxes. You may speak to an Expert if you have any doubts or need any questions about tax deductions answered.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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    If I. Have long term care benefits paid to me,and I pay the nursing home .can I use my payment to the nursing home as a tax deduction
  • My firm donates scientific equipment to universities and receives

    My firm donates scientific equipment to universities and receives a tax deduction. I need to confirm a clause in Section 170 of the IRS tax code. In section 170(e)(3) pertaining to donating food and books, there is a "Termination" clause requiring Congress to renew it yearly (I assume). But, in section 170(e)(4), pertaining to donating scientific equipment, there is no termination clause. Can I assume that this section is "permanent" and does not need to be renewed each year by Congress? Is there an easy way to look up when Section 170 has been renewed each year?
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