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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 inherited, from my dad, a roth ira and a non-qualified ira-I
I inherited, from my dad, a roth ira and a non-qualified ira-I am the only beneficiary. Should I withhold NJ state or federal income tax when asking for a lump sum, and if so what percentage? Do I get penalized for taking it out, I am 47, my dad was 75 and got his last payout last year, he just passed in December. The non-qualified account has 100,000 in it but he started it with $83,000, so do I only get taxed on the difference?
I am Vice President of a coop board. The president of the 45
I am Vice President of a coop board. The president of the 45 unit cooperative market has not paid rent in over a year. The board asked him to resign he did. The president is a friend if the former defunct president. Today I asked why we have nit started eviction. The management said the tenant has been removing pallets and debri for a fee of 2,000 a week. I asked if the defunct tenant was provididing an invoice for his work. Or if are lawyer drew up a contract. I was told nothing was done except that management is deducting rent . I asked if a 1099 was issued they said no. I explained that our coop has just lost over 100,000 in receivables without a receipt or proof of any of this alleged work. I think a paper trail should be started if nothing else the tenant is committing tax fraud.
Received 1099-C (Cancellation of debt) for $10,000 in my husbands
Received 1099-C (Cancellation of debt) for $10,000 in my husbands personal name
The credit card was in his business that failed in 2008 ( Limited Liability Corp)
Had an Attorney write a cease and desist letter to have them remove this from his personal credit report which they did within 30 days.
Now we are receiving this once again in his personal name.
Not sure how to handle this ?
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