I read somewhere that you can give your kids or anyone else up to $10,000 a year and deduct it from your income. If this is true, where can I find out the rules concerning this? Must it be business related?
Category Archives: 323
Is there an income tax deduction (up to $10,000 per year per recipient) for gifts?
Can a costly stock investing seminar/trading program be a tax deduction?
My wife purchased a stock investing education program from Investools for $5400. Can this be written off on my tax return as a deduction?
i sold a home in CA. There was 3% withhold tax for CA. Can this withhold be deducted in fed income tax?
when I calcualted the itemized deduction -schedule a
Tax question- what if my itemized deduction is higher than my adjusted gross income?
This is like the first time I’ve done my own taxes. I just started a small business earlier this year. So do I just leave line 41 in the negative on the 1040 individual income tax return? Is this going to cause a red flag to go up in the irs office? I’ve got proof to back my figures so I guess I shouldn’t worry………..right? (biting lip)
Tax Return Question?
If my sister has filed her return and her AGI is $30,000 Flat after all deductions and she falls in to the 25% tax bracket… she gets a return of X dollars. If she decides to put a 1000 in an IRA and drop her bracket to 15% and her AGI to $29,000, how much more will she get on her tax return. Please define X + __?___ . Include calculation if possible. Thanks.
I apologize for not including more details. I meant to say that her taxable income is $30,000 after the deductions, not her AGI. Let me know if you need any clarification.
Using “Turbo Tax.” BIG mistake. How do you get it to accept and deduct city wage tax. They don’t know.
Sorry… I said “Tax Cut” earlier. My apologies. IF they enter the tax, they don’t calculate the deduction. If you override, they won’t EFile
US Tax Laws?
I get a salary in US which is always net of tax i.e my employers pays Federal/state tax . My employers is of the view that since he pays the tax, various exemptions like standard deductions , child credit should accure to him . As a result I should claim the various exemptions and pass the funds back to him . Is he right ??
US Tax Laws?
I get a salary in US which is always net of tax i.e my employers pays Federal/state tax . My employers is of the view that since he pays the tax, various exemptions like standard deductions , child credit should accure to him . As a result I should claim the various exemptions and pass the funds back to him . Is he right ??
What’s more fair? An national income flax tax or national sales tax?
Which is fairer tax scheme that allows no personal or business tax deduction and is sufficient to cover state and federal taxes?
1) A national flat income tax where, for example, 10% is deducted from everyone’s income.
2) A national flat sales tax where everyone pays, for example 15%, on everything that is purchased.
Posted in 323
Tagged Business, business tax, deduction, federal taxes, flax, Income, national sales tax, personal, sales tax, scheme, state, Tax, tax deduction, tax scheme
What is the maximum charitable deduction I can take on my income tax without documentation?
What is the maximum charitable deduction I can take on my income tax without documentation?
Posted in 323
Tagged charitable deduction, deduction, documentation, Income, income tax, maximum, Tax