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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
Everyone, I am a doctor and I have a medical office ( LLC)......can
I am a doctor and I have a medical office ( LLC)......can I buy a farm or land under the business and claim it?
I am on Social Security. It is my only source of income. I
I am on Social Security. It is my only source of income. I have not filed taxes since I began 5 years ago because the amount I receive doesn't require it. Can I go back and file those years, if I do the itemized 1040 and use 1) the standard calculated sales tax amount as one of the itemized deductions? 2)my car licensing fee? 3)gasoline local, state and federal taxes (if I have receipts), 4)gas mileage for medical treatment, and any other taxes that I pay in the normal course of the day, including taxes on many of my bills - Cable TV, utilities, phone? It occurs to me that we are taxed for almost everything we do, buy or pay. I don't mind paying taxes, however, want to pay only that which is required. I also understand that 2014 is the last year for sales tax deduction. Is that true?
Thank you for your time and help,
I removed a tax deduction since it had no impact (i.e.
I removed a tax deduction since it had no impact (i.e. deleted it from Turbotax since I already had more deductions than I could use - and it can't be carried over in the software to next year). I would think that, were I to end up revising/amending the
return for other reasons, that I could go ahead and restore that deduction as well (if it then mattered). Is that correct?
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