A factory worker, who declined to be named, said: 'My wages were not deducted
for the two days when I went to vote.
3) Fees deducted
from an IRA are not tax deductible on IRS Form 1040; Schedule A (i.e., itemized deductions).
Even when a contract does exist, however, it is not clear that advance payments may be deducted
in the year of payment if, for example, monthly payment options are available.
(5) She cannot deduct
these medical expenses because 7.5 percent of adjusted gross income (exclusion) is $2,694.
94-12 (which deals with the treatment of incidental repairs), the IRS confirmed that INDOPCO did not "change the fundamental legal principles for determining whether a particular expenditure can be deducted
." Similar guidance was provided in respect of advertising expenditures (in Rev.
By so doing, they could easily jeopardize their eligibility to deduct
The shareholder can only deduct
the health insurance as an itemized deduction subject to the 7.5% adjusted-gross-income limit.
Thus, for a taxpayer to currently deduct
employment taxes on accrued vacation/bonus pay that is paid in the subsequent year, it must meet the all events test and economic performance must have occurred with respect to the liability.
Shareholders who lend money to an S corporation can deduct
losses in excess of the stock basis.
This means you can deduct
$15,000 for a $45,000 piece of equipment, then depreciate the remaining $30,000 as you normally would.
69-21 supplies taxpayers an alternative method (apart from section 162) under which they may deduct
expenditures to remedy year-2000 software problems.
* A self-employed individual can deduct
25 percent of his/her medical insurance as a deduction to adjusted gross income.