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No. Personal expenses are not deductible on your 1040 income tax return.
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∙ 13y ago
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Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is an increase in rent expense a credit?
Rent expense has a debit balance as a normal balance so increase in rent will be shown by debit to rent expense.
What is the difference between prepaid rent and rent expense?
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
Is rent tax deductible in Massachusetts?
Rent for business purposes is deductible from your business income for both federal and state purposes. Rent for your personal use is not federally deductible. There is a rent deduction of up to $3000 ($1500 married filing separately) for Massachusetts state taxes.
Is a walk in tub deductible on my tax return as a medical expense?
No, I'm afraid it is not. Just like a hot tub is not deductible because someone has back aches. These items are all seen the same way by the IRS and tax law.
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
What causes a particular expense to be nondeductible in the tax computation?
An expense is deductible only if Congress (in the case of federal taxes) has passed a law saying it is deductible. Otherwise it is not deductible. Now, Congress cannot anticipate everything. It passed laws saying that "ordinary and necessary" expenses in generating taxable income are deductible. Is a two week trip to a luxury resort in Hawaii ordinary and necessary? So the IRS writes some regulations to explain in greater detail what might or might not be ordinary or necessary. Did the IRS exceed its authority or make unreasonable regulations? That's what the courts are there to decide.
Is an increase in rent expense a credit?
Rent expense has a debit balance as a normal balance so increase in rent will be shown by debit to rent expense.
What is the difference between prepaid rent and rent expense?
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
Is acupuncture fees a deductible medical expense?
Yes, to the degree your medical expenses are deductible
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
Is rent tax deductible in Massachusetts?
Rent for business purposes is deductible from your business income for both federal and state purposes. Rent for your personal use is not federally deductible. There is a rent deduction of up to $3000 ($1500 married filing separately) for Massachusetts state taxes.
How is rent expense properly recorded?
Debit Rent Expense xxxx Credit Rent payable / cash /bank xxxx
Is interest paid IRS on delinquent taxes deductible?
No, personal interest is never deductible, regardless of who it is paid to.
Can you deduct private mortgage insurance?
PMI is not a deductible expense.
What is a fixed expense?
A fixed expense is an expense that doesn't change, regardless of the activity level. For most companies, rent expense is fixed. No matter what the company's sales volume, rent expense stays the same.
