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http://www.telegram.com/apps/pbcs.dll/article?AID=/20070325/NEWS/703250497/1052/RSS01
"On Oct. 22, 1986, President Ronald Reagan signed into law the Tax
Reform Act of 1986. Reagan called the 829-page, 33-pound bill 'the most
sweeping overhaul of the tax code in our nation's history.'
"The new code gradually phased out all deductions for interest paid on
car loans, charge-account purchases, vacations and anything else that
fell under what the law termed 'consumer loans.'
What else can I help you with?
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
Are state income taxes an allowable deduction?
no
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
Are federal corporate income taxes deductible for state income taxes?
In general, states do not allow a deduction for federal income taxes as most states "piggyback" off of federal taxable income as the beginning of the state income tax calculation. However, the states of Alabama , Iowa , Louisiana , and Missouri have variations of state taxable income that allows for some potential deduction for federal income taxes. Each of these four states has its own unique methodology for the deduction and each place certain restrictions on the ability to take the deduction.
What is the difference between a Tax Deduction and a Tax Credit?
According to Yahoo Finance, "a credit reduces the amount of tax you owe; a deduction reduces the income on which taxes are assessed." See related links for more information on new tax credits for 2010.
What is an example of an income deduction?
An example of an income deduction is the mortgage interest deduction, which allows homeowners to deduct the interest paid on their mortgage from their taxable income. This can significantly reduce the amount of taxable income, leading to lower overall taxes. Other common deductions include student loan interest and contributions to retirement accounts like a 401(k).
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
Are state income taxes an allowable deduction?
no
Can you write off daycare expenses on your taxes?
Yes, you can potentially write off daycare expenses on your taxes as a childcare tax credit or deduction, depending on your income and specific circumstances.
How does mortgage interest effect your taxes?
With certain limits, interest paid on the mortgage for your primary home is a deduction against your taxable income, IF YOU ITEMIZE. (Which the size of this deduction alone is the main thing that makes most people better off itemizing than taking the standard deduction).
Claim your house on your taxes?
On your income tax there is what's called the standard deduction. I think its currently a little under $6000 for singles. Everyone gets to subtract this from their income. However, if your interest on your home mortgage plus your state taxes add up to more then $6000 then you should put them on Schedule A (called itemizing) and you will be able to subtract more then the standard deduction. If you are married & filling jointly then the standard deduction is a little under $11000 and your mortgage interest + state taxes would have to be more then this to get anymore deducted from your income.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
Are federal corporate income taxes deductible for state income taxes?
In general, states do not allow a deduction for federal income taxes as most states "piggyback" off of federal taxable income as the beginning of the state income tax calculation. However, the states of Alabama , Iowa , Louisiana , and Missouri have variations of state taxable income that allows for some potential deduction for federal income taxes. Each of these four states has its own unique methodology for the deduction and each place certain restrictions on the ability to take the deduction.
What is the maximum amount of the 2018 student loan interest deduction that can be claimed on my taxes?
The maximum amount of student loan interest deduction you can claim on your taxes for the year 2018 is 2,500.
What is the difference between a Tax Deduction and a Tax Credit?
According to Yahoo Finance, "a credit reduces the amount of tax you owe; a deduction reduces the income on which taxes are assessed." See related links for more information on new tax credits for 2010.
Can I claim donations of cars to charity on my CT state income taxes?
No. The tax deduction will be on your federal income taxes instead.
