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Record the date, destination, address, purpose, and total miles. Be detailed when documenting the purpose. I keep everything in a spreadsheet.
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∙ 16y ago
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Can mileage from and to a bank to get Cd's deductible from federal income tax?
No, the mileage to and from a bank to get CD\'s are not deductible from federal income taxes.
How long do you save official documents?
5 years, if they are income tax documents. Otherwise, it depends on the document.
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is Payroll Tax considered Income Tax?
Yes. Any tax on income is income tax. Taxes imposed after income, such as sales tax, aren't.
Can you claim mileage for driving to college on tax return if unemployed and all income is from unemployment and are c in a retraining program?
No. But the situation you describe means you won't have any taxable income anyway.
What is a Fedeal income tax?
A income tax is a tax levied on the income of individuals or business.
Is form-16 and ITR1 both are same?
No. Form 16 is something your employer gives you. ITR1 is the document you submit the income tax department to file your tax returns
Is Net income before or after tax?
Net income is what you get after tax, gross income is before tax.
What is an income tax?
Income tax an amount of tax that is due on your TAXABLE INCOME amount for the tax year.
Does an Indian professional need form 16 in US?
No. Form 16 is only for income tax in India. For US it is a different document.
What are the similarties between the state income tax and the federal income tax?
The amount of your tax liability is based on your TAXABLE INCOME after your income tax return is completed completely and correctly down to the TAXABLE income line of each income tax return.
