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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 live in the US and own an investment property UK and I'm
I live in the US and own an investment property UK and I’m the sole income earner in a marriage. Can I set up a “management company” or “trust” which pays my wife to run the company which manages the property? Or could I use the income from the rent coming from the property?
US/UK align their tax systems thus can I claim additional tax relief for paying my wife within this company? i.e. give her a salary of 15k per year reducing my taxable income by 15k?
Question : Clarification of state and local income taxes or
Question : Clarification of state and local income taxes or state and local sales taxes. deduction
I saved major purchases receipt all year the total sales tax paid for the year is over 7000 .
as well as new car Tax over 3000.
The Ca income tax paid during the year is less than this amount. Can I deduct the Sales Tax paid for the year instead of Income tax .
Is the Sales Tax paid all year just added up for ALL purchases or only major purchases and then entered .
Is there a difference between the Sales Tax paid and the new car tax paid .
I'm trying to find out if a tax id number that has been passed
I'm trying to find out if a tax id number that has been passed down through the years, for a football booster club, is a tax exempt number. Currently, no on the board knows. We are trying to get sponsorships and want to offer a tax deduction. I know that a grandparent said they had sponsors years ago and future boards let them slip away. Is there a website that I can look up this information?
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