Yes. However, remember that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Check with a tax accountant for your specific situation.
In many business situations, the amount of executive salary (or partnership salary) that is deductibel is restricted for tax purposes.
If it is purchased for business purposes.
A life insurance trust is used to remove the assets and death benefit of the life insurance policy out of the insured's estate for estate tax purposes. If the insured were to remain the owner of the policy, the policy procedes would be estate taxable at the time of death. This is a non-issue if your assets are less the the allowable estate tax limits.
These organizations specialize in personal loans, which are cash loans to individual borrowers for such purposes as refinancing payments on medical bills, taxes, and insurance premiums.
If your shares were lent to a short seller, any payments in lieu of dividends you received are taxable. And what is even worse is that they are not qualified dividends for purposes of the reduced tax rate on dividends. If you are the borrower, any payments you made to the lender are an itemized deduction if you held the short position for 46 or more days. They are an addition to your basis if you held it for 45 days or less.
The reserve for bad debts is a provision set aside for debts (debtors) in the balance sheet that might not be collectable. This provision can be either specific or general: * Specific bad debt provision - a provision set aside for specific or identified individual debts considered not collectable. This provision is allowable for tax deduction * General bad debt provision - a provision set aside for non specific debts, it might be for eexample 100% of all debts over 90 days old and 50% of debts over 60 days old. It is a general provision to cover the fact if any of these debts go bad and is not an allowable deduction for tax purposes
no
In the US, you would be the taxpayer and there is a standard deduction used in figuring out your net income for tax purposes.
The unamortized portion of loan fees should be taken as a business deduction. For tax purposes, this is an ordinary deduction. Do not report the write off of loan fees on Form 4797.
Future deductible amount for tax purposes represent the allowable tax deductions in future years in respect of an asset or liability.
A vote book is a cash book where receipts and payments are recorded for accountig purposes.
In general, the custodial parent claims the child for tax purposes. If the court does not make any orders about the tax deduction, then the custodial parent automatically claims the child as a dependent for tax purposes. The IRS income tax rules say that the parent having custody for the greater portion of the calendar year receives the deduction. If the custody time is equal, parents can switch each year who gets the deduction.