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Tax Deduction Questions
refers to a reduction in the total taxable amount. People may qualify for these
under various circumstances. Individuals may claim various expenses as deductions while filing their
. 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
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
Any expenses towards equipment, supply and storage
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 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
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
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.
Recent Tax Deduction Questions
I worked in education and my employer over paid me by $20,000
I worked in education and my employer over paid me by $20,000 last year as I left my job as an educator before the end of the school year. As they are an educational institution I am paid over 9months which is spread out of 12 months, I worked Fall semester 2014 but did not work the following semester as I resigned and returned to higher education to complete my PhD. I paid tax on this amount in my 2014 tax filing this year. As of January this year I am now a full time student earning less than $20,000 a year. I want to take money from my pension to pay back the over payment $20,000, plus I want to withdraw $10,000 to pay for my higher education expenses. Please can you advise me on what my options are I am 36 years old.
I had S-corporation and it closed business during 2012. I
I had S-corporation and it closed business during 2012.
I filed tax return for 2012 as final return and did not file returns after the year 2012.
During Year 2014, I got law suit from Landlord and lost. I paid contracted lease payment and legal expense. I think that it was exactly business expenses and ask CPA to file business tax return with loss. However, the CPA told that the company already filed the final return on year 2012 and I even did not file tax return for 2013. So I could not file business tax return again. I really could not get tax deduction for the expense that made after reported the final return?
I am going to mediation divorce in the state of Virginia
I am going to mediation for a divorce in the state of Virginia on Tuesday and I have a couple of questions.
1. She is currently a stay at home mom. One of the options on the table is she will remain in the primary residence for three years then have the option to buy or sell the house and we will split the sales. In lieu of child support or for my child support I will pay the mortgage which is in both our names. Right now I claim the interest as a tax deduction Can I still do that? And what happens when we sell the house will it be treated as a rental property or a primary residence. I will be living somewhere else.
2. I will have my children a third of the time can I claim all 4 as dependents. She has no gain from claiming them as dependents.
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