Tax Truths and Lies: Here’s What You Can and Can’t Get Away With
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- A tax deductible expense is any expense that is considered “ordinary, necessary, and reasonable” and that helps a business to generate income
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Feb 01, 2021 · A nonrefundable tax credit means you get a refund only up to the amount you owe. A refundable tax credit means you get a refund, even if it's more than what you owe. What Is a Tax Deduction? Subtract tax deductions from your income before you figure the amount of tax you owe.
Here’s How To Cheat Your Tax Bracket — Legally
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A tax deductible expense is any expense that is considered “ordinary, necessary, and reasonable” and that helps a business to generate income. Taxable Income Taxable income refers to any individual's or business’ compensation that is used to determine tax liability.
- Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver.
- Health insurance premiums. Medical expenses can blow any budget, and the IRS is sympathetic to the cost of insurance premiums—at least in some cases. Deductible medical expenses have to exceed 7.5% of your adjusted gross income (AGI) to be claimed as an itemized deduction for 2020.
- Tax savings for teacher. It’s the rare teacher who doesn’t have to reach into her own pocket every now and then to purchase items needed for the classroom.
- Charitable gifts. Most taxpayers know they can deduct money or goods given to charitable organizations—but are you making the most of this benefit? Out-of-pocket expenses for charitable work also qualify.
You can deduct a casualty or theft loss as an itemized deduction on your Schedule A (Form 1040), if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). First report the loss on Form 4684.
- Payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners.
- Payments for inpatient hospital care or residential nursing home care, if the availability of medical care is the principal reason for being in the nursing home, including the cost of meals and lodging charged by the hospital or nursing home.
- Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction; or for participation in a smoking-cessation program and for drugs to alleviate nicotine withdrawal that require a prescription.
- Payments to participate in a weight-loss program for a specific disease or diseases diagnosed by a physician, including obesity, but not ordinarily payments for diet food items or the payment of health club dues.
The standard deduction is a set amount of money that’s not included as part of your taxable income when you file your taxes. 3 min read Dec 23, 2020 Write off repayment of a business loan You can’t...
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