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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.
What else can I help you with?
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.
Is donating blood tax deductible?
No, donating blood is not tax deductible.
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.
Are life insurance premiums and long term disability premiums tax deductible?
Life insurance premiums are generally not tax deductible for individuals, as they are considered personal expenses. However, long-term disability insurance premiums can be tax deductible if you are self-employed or if your employer does not pay for the coverage. In the latter case, you can deduct them as unreimbursed medical expenses, subject to certain limitations. Always consult with a tax professional for specific guidance.
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.
Are gift cards tax deductible for a business?
No, gift cards are not tax deductible for a business.
Is property tax deductible in California?
Yes, property tax is deductible in California for state income tax purposes.
