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Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not.
Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
What else can I help you with?
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
Is preferred stock dividends tax deductible?
No, preferred stock dividends are not tax deductible for the issuing corporation. Unlike interest payments on debt, which can be deducted from taxable income, dividends paid to preferred stockholders are considered a distribution of profits and are not deductible. This means that the corporation pays taxes on its earnings before distributing dividends to preferred stockholders.
What does the term tax deductible means?
"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.
Is credit card interest deductible?
Sadly interest is not tax deductible, especially for individual borrowers that don't have a business. Business owners *might* be able to argue their case if they absolutely had to borrow money in order to start a business, but interest on personal credit cannot be deducted... * note: that might depends on how lenient the IRS feels for a particular industry, or even what year it is. Typically, they want all the money they can collect.
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
How does your deductible work in home insurance?
The amount of a policy deductible on a homeowners insurance policy is chosen by the policyholder. Your policy deductible is the amount you are responsible for paying before the insurance company will payout for a claim. If you experience a loss to your dwelling or your personal property, your homeowners insurance policy deductible applies. The deductible does not apply to other coverages on the policy. If you experience a loss under your deductible, you will not be eligible for a payout. If your loss exceeds your deductible, your deductible will be deducted from your claims payout check.
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
You would like to know if cable Television is tax deductible?
if rent and utilities can be deducted when on a temporary job assignment, can the cable bill be deducted as one of the utilities?
Can junk car removal be tax deductible?
Yes, junk car removals can be a tax deductible service, depending on the reason it is being done. If it will be given to a charity it can be deducted.
What does the word deductible mean?
Nothing, it is not a word in English.Deductible is. It means an amount removed from the principle sum. It can also mean the amount you have to pay on an insurance claim
Are copayments for doctor visits tax deductible?
Yes, they qualify as a medical expense and can be deducted as an itemized deduction on Schedule A.
If deductible being deducted from settlement value why do they still deduct salvage value?
A deductible is a product of first party vehicle coverage. You are able to choose the amount of that deductible. The higher your deductible, the lower your premium. Remember, insurance is a 'shared risk'; if you choose NO DEDUCTIBLE, your rate will be higher - if you choose a high deductible, your rate will be lower. The salvage value has no relationship to the deductible at all. You will owe your deductible whether your vehicle is repaired or considered a total loss. Your premimums are based on the deductible you chose, so at no time will your company waive that deductible. You are given the choice of the deductible amount when you purchase the policy. The salvage value is not technically deducted, it is actually added back IN, after the vehicle is sold at salvage market. YOU, as policyholder, have the option to 'retain the salvage', that is, retain the vehicle, in which case, the salvage value would REMAIN deducted, i.e., remain 'out of' the settlement value. Deductible: an option given at the time of policy inception; policyholder controls that amount by choosing ... Salvage value: the amount at which the vehicle sells at a salvage auction, unless the policyholder/owner wishes to retain the vehicle (i.e. 'retain the salvage')
What can be deducted from a tax write off for training classes for a part time business?
Training that is for a new profession or position is NOT deductible. However, under certain circumstances, if it is paid by your business for you as an employee, it may be deductible by it.
Can you deduct toll expenses on your taxes?
Yes, toll expenses can be deducted on your taxes if they are related to business travel or other deductible expenses.
What percentage of business travel expenses are tax deductible?
Business travel expenses are typically 100 tax deductible for businesses, meaning that the full amount spent on travel for business purposes can be deducted from the company's taxable income.
What is excess and deductible?
Insurers provide a deductible in a motor insurance so that from every claim this amount is deducted irrespective of the claim quantum. In some policies this is a compulsory deductible depending on the type of car. In some cases a deductible is imposed because of adverse claim experience. In some case the insured is given an option of providing for a deductible. These deductibles are also known as excess - compulsory excess, imposed excess or voluntary excess.
Should you have to pay excess for an accident unmistakenly caused by someone else?
what do you mean by excess? if you mean your deductible if your collision coverage is used regardless of fault you will be deducted your deductible....i need more info/details and i could be of more assistance please...
