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How do you claim mileage donated to a non profit?
Charitable contributions are deductible on Schedule A (Itemized Deductions). The amount is entered on Line 17 (Other than by cash or check) in Gifts to Charity section. There are two methods for mileage deduction. One, deduct unreimbursed out-of-pocket expenses, such as the costs of gas and oil directly related to travel to and from the charitable organization. Certain expenses are not deductible: general repair and maintenance, depreciation, registration fees, tires, insurance. Two, deduct actual mileage at the rate of 14 cents per mile. Parking fees and tolls are deductible under both methods. For more information, go to www.irs.gov/formspubs for Publication 526 (Charitable Contributions).
Where are George's total business expenses on Schedule C-EZ line 2?
Schedule C-EZ is Net Profit from Business. Line 2 is Total expenses. This is the total of all deductible business expenses that you're claiming. Deductible business expenses include advertising, car/truck expenses, commissions/fees, insurance, legal/professional services, office expenses, supplies, utilities, etc. If the total is more than $5,000, then you must file Schedule C (Profit or Loss from Business) instead.For more information, go to www.irs.gov/formspubs for Publication 535 (Business Expense).
Can amount on line 12 code l on w2 be subtracted from total income?
No, the amount on line 12, code L, of your W-2 represents the taxable cost of group-term life insurance over $50,000 and is not deductible from your total income. Instead, it is included in your taxable income. You cannot subtract it; rather, it is reported as part of your earnings when filing your tax return. Always consult a tax professional for personalized advice.
How can you deduct alimony payments when paying taxes?
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
Straight line method?
The straight-line method of depreciation depreciates a capital asset evenly over its useful life until it reaches its salvage value (i.e., the value at which the asset can be sold at the end of its useful life). As an equation: Annual S/L Depreciation = (Cost - Salvage Value) / Useful Life
When was Life Line Screening created?
Life Line Screening was created in 1993.
What are the risks of life line screening?
The risks of life line screening are possible heart injuries. More information on this topic is located on various online information websites where a dedicated agent will be happy to help you.
Are expenses paid for Life Line Screening a medical deduction on income tax return?
Not in Canada.
Where can someone get information on health screening?
There are a large number of health websites that have information available for health screenings. Sites such as Mayo Clinic, UK Screening and Life Line Screening all have such information available.
You have a credit line and you are told that if you pay off the line over years it is not deductible If you pay it off in the year you use it it is deductible Is this right?
You cannot take any credit card debt or interest as a deductible on your taxes. Credit card debt is considered personal debt and does not qualify for tax breaks.
Is home equity tax-deductible?
The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.
Can penalties for early IRA withdrawal be used as a tax deductible item?
No. The additional 10 percent tax on early withdrawal isn't deductible. Early withdrawal of savings is deductible on line 30 of Form 1040. Contributions to an IRA may be deductible on line 31 of Form 1040 (line 17 of Form 1040A).To print a copy of Tax Topic 557 (Tax on Early Distributions from Traditional and Roth IRAs), go to www.irs.gov. Type Tax Topic 557 in the Search Box in the upper right corner.
How do you claim mileage donated to a non profit?
Charitable contributions are deductible on Schedule A (Itemized Deductions). The amount is entered on Line 17 (Other than by cash or check) in Gifts to Charity section. There are two methods for mileage deduction. One, deduct unreimbursed out-of-pocket expenses, such as the costs of gas and oil directly related to travel to and from the charitable organization. Certain expenses are not deductible: general repair and maintenance, depreciation, registration fees, tires, insurance. Two, deduct actual mileage at the rate of 14 cents per mile. Parking fees and tolls are deductible under both methods. For more information, go to www.irs.gov/formspubs for Publication 526 (Charitable Contributions).
What does deductible transportation include?
Generally, it's transportation in the line of doing business, such as transporting goods, clients, employees, etc./ et al., or traveling between job sites. Transportation while job hunting is also deductible. Travel from home to your primary work place (and vice versa) is not deductible. Also, transportation for which you have been compensated is not deductible.
What are the release dates for Border Line - 2009?
Border Line - 2009 was released on: USA: 15 March 2009 (festival screening)
Is the interest on a home equity line of credit tax deductible?
The beauty of a Home Equity Loan or Line of Credit is that interest paid is usually tax deductible* AND you can use the money for any purpose YOU choose - home improvements, consolidate debts, college education, vehicle purchase, or vacations.
Can you use a personal line of credit for closing costs down and fees to purchase a home?
I used my line of credit for legal fees and partially for downpayment but the bank that I got my mortgage from was not aware of it as my line of credit was with a different financial institution
