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What is tax expenditure?
are losses to the U.S. treasury from granting certain deductions, exemptions and credits to specific categories of taxpayers.
Are fees on IRA funds tax deductible?
Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. You're right that investment fees paid to produce taxable income are tax-deductible. These expenses are miscellaneous itemized deductions subject to an overall reduction of 2 percent of adjusted gross income. The key to deducting the IRA fees is to cut a check or use a credit card to pay the broker the annual maintenance fees. For example, if your broker charges you $150 for the IRA annually, you need to pay this to the broker from non-IRA assets for it to be deductible. The payment is not considered an additional contribution, but rather a miscellaneous itemized deduction. On the other hand, if your broker charges a 1 percent-of-asset-value fee to invest your IRA, these fees cannot be reimbursed to the IRA. That would be considered an additional contribution as it is not an administrative fee. Since your broker is deducting this from your IRA, this investment charge is not deductible to you as it is coming out of pretax dollars Read more: http://www.bankrate.com/finance/taxes/are-investment-fees-tax-deductible.aspx#ixzz2vrNsfdej Follow us: @Bankrate on Twitter | Bankrate on Facebook
When do taxes start?
For wage earners: When you exceed a certain threshold of earned income. For taxpayers: Whenever you buy something in a store.
What does deductible waived means?
"Deductible waived" refers to a situation in insurance where the policyholder is not required to pay the deductible amount before the insurance coverage kicks in for certain services or treatments. This means that the insurer will cover the costs from the first dollar of the claim without requiring the insured to first cover a specified amount out of pocket. This provision is often seen in specific plans or for certain types of care, such as preventive services.
Is current use tax tax deductible?
Well yes and no. Under a recent change in the tax laws, sales or use taxes are deductible under certain rules IF you elect to, and beneficial if they are more than the State income taxes. This equalizes the deductible State taxes for those living places that have no (or small) income taxes.
Can a charity be penalized if it fails to give out a receipt?
No, there are no specific laws that require a charitable organization to give receipts to the donor for his or her contribution. It is the responsibility of the donor to request a receipt if none is offered, and to be certain that they are donating to a charity that is reputable and the IRS qualifies the contribution as a tax deductible.
Are child care expenses tax deductible?
Yes, child care expenses can be tax deductible under certain conditions.
Are day care expenses tax deductible?
Yes, day care expenses can be tax deductible under certain conditions.
How can one contribute to a SEP IRA?
To contribute to a SEP IRA, an individual can make tax-deductible contributions as an employer or self-employed person. The maximum contribution limit is a percentage of their income, up to a certain annual limit set by the IRS.
Are tax preparation fees deductible on Schedule A?
Yes, tax preparation fees are deductible on Schedule A as a miscellaneous itemized deduction subject to certain limitations.
Can you contribute to an IRA if you are contributing to a 401k?
Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.
Are business gifts for clients tax deductible?
Yes, business gifts for clients are tax deductible up to a certain limit per recipient per year.
Can you explain how a TFSA works?
A TFSA, or Tax-Free Savings Account, is a type of account where you can save and invest money without paying taxes on the growth of your investments. You can contribute a certain amount of money each year, and any earnings within the account are tax-free. TFSA contributions are not tax-deductible, but withdrawals are tax-free.
Is the related party interest expense deductible?
Yes, related party interest expense may be deductible if it meets certain criteria set by tax laws and regulations.
Is lasik eye surgery tax deductible?
Yes, LASIK eye surgery may be tax deductible if it is considered a medical expense and meets certain criteria set by the IRS.
What does after deductible mean?
"After deductible" means you will not get coverage or certain benefits until a deductible has been met. Insurance policies often have more than one deductible. For example, you may have a $1,000 per year deductible for certain medical expenses, and another deductible for prescription drugs. If your prescription drug deductible is $500 per year, you will have to pay out of pocket the first $500 of drug cots before your plan will kick. Many plans have complicated formulas for how deductibles are applied and how they are met so there is no one answer. But "after deductible" always means that the person with the insurance policy will have to pay something first, before getting reduced-cost, free, or co-pay services and drugs. Source: Women in Business (http://www.womeninbusiness.about.com)
What is tax expenditure?
are losses to the U.S. treasury from granting certain deductions, exemptions and credits to specific categories of taxpayers.
