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Home office deduction: Starting this year, entrepreneurs who work out of their homes not only can deduct the cost of using their office space but also other areas affected.
The standard procedure," says Mackles, "is for the company to deduct the cost of the monthly lease payment while the employee has to pay tax on imputed income from personal use.
Even so, the court permitted the taxpayer to deduct the fees as ordinary and necessary employee business expenses.
It leaves for another day a determination of when a corporation can deduct items it pays that a shareholder incurred for its benefit.
Ramirez pleaded guilty Thursday to seven counts of being in contempt of a court order to deduct child support payments.
E[acute accent]--Worthless Investments: If you own stock or bonds in a company that has stopped doing business and has no intention of restarting operations, (merely filing for Chapter 11 doesn't necessarily render an investment worthless) you can deduct your cost basis in the stock or bond.
You can deduct travel-related items when you file your tax return.
SB 50 Allows Taxpayers to Deduct Tsunami-Relief Donations Made in January on Their 2004 State Tax Returns
Deducting sales and use taxes: For tax years 2004 and 2005, taxpayers can deduct state and local sales and use taxes in lieu of state income taxes, based on either actual taxes or IRS published tables that will be based on income, number of dependents and other factors.
Businesses may deduct environmental remediation costs currently as repairs if the expenditures keep property in an ordinarily efficient operating condition but don't materially increase its value or useful life.
However, if you pay off the loan early--say, by refinancing again--you can deduct the remaining unamortized points that year.
A Limited Partner who is an individual resident, or subject to tax, in Quebec may, in computing his or her income for Quebec tax purposes, deduct an amount equal to 100% of CEE incurred in Quebec and allocated to such Limited Partner by the Partnership in a given year.