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"Tax deductible" generally refers to an expense that can be deducted from your gross income when you file your tax return for the year in which the expense was incurred.
For instance, if you spent $1200.00 on a college tuition and $275.00 on books and supplies for that course, you could deduct $1475.00 from your gross income for the year, thereby lowring your taxable income. If your tax bracket based on your income level was 15%, you would receive $1475 x 15% = $221.25 reduction in the income tax you pay for that year. Presuming that the tax was already deducted by your emplolyer (as would normally be the case), you would then receive a tax refund of $221.25 for that particular tax-deductible item.
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Why are charitable donations tax deductible?
Charitable donations are tax deductible since the organizations involved are non-profit. That means the company does not make a profit so there is nothing for a charitable organization to claim on a tax return.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
Is long term care insurance deductible?
If you are referring to tax deductibility, yes, long-term care insurance is tax deductible. Age determines tax deductibiliby. Please refer to the related links below to check the limits of tax deduction for long-term care insurance:
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
Why are charitable donations tax deductible?
Charitable donations are tax deductible since the organizations involved are non-profit. That means the company does not make a profit so there is nothing for a charitable organization to claim on a tax return.
Are pet adoption fees tax deductible?
No, adoption fees or donations made to adopt any pet from a shelter is not tax deductible. But if you make a donation beyond the standard fee that is tax deductible if the shelter is a tax exempt entity. This means they need to be a 501(c)(3) organization and filed with the IRS.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is pet insurance tax deductible in Arizona?
Not deductible on your federal income tax return.
What are the tax advantages of long term care insurance?
Long term care insurance can be tax-deductible if you purchase a tax-qualified policy. There are many tax advantages to doing so, but paying your premium through a business will get you the best tax deductions. The actual amount of your premium that can be tax deductible depends on the type of business (C-Corp, S-Corp, partnership, etc.) and most benefits are generally tax free.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
Where can I make a tax deductible car donation?
You can make a tax deductible car donation at donateacar.com
What kind of insurance is tax deductible?
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
