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Yes, in most situations.

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16y ago

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Which of the following are income tax deductible items to a corporation Common stock dividends preffered stock dvidends retained earnings or Bond interest expenses?

Interest expenses are tax deductible.


Are nursing home expenses deductible?

Yes, nursing home expenses are considered to be tax deductible. However, the person deducting these expenses on their tax return must have receipt proof of the items bought.


Are nursing home expenses tax deductible?

Yes, nursing home expenses are considered to be tax deductible. However, the person deducting these expenses on their tax return must have receipt proof of the items bought.


What is deductible for 2010?

Kids, Job Interviewing expenses, Work Travel expenses, Everything involving your home, If you kept your grocery receipts i heard you can write most items off this year, Gas mileage on your car, medical bills.


What type of income is income and expenses of a corporation?

The income and expenses of a corporation are classified as operating income and expenses, which arise from the core business activities, and non-operating income and expenses, which come from secondary activities not directly related to the main business operations. Operating income includes revenue from sales and costs related to production and administration, while non-operating items might include interest income, gains or losses from investments, or one-time charges. Together, these components reflect the overall financial performance of the corporation.


Are union dues tax deductible?

Yes Union Dues are deductible only if you itemize your deductions on Schedule A of the 1040 Form of the Federal Income taxes. You union dues will go in the Job Expenses section of this form along with any specialized clothing and boots and such that you are not reimbursed for by your employer. This is only if these items are not suitable for wearing any where else. For instance, blue jeans worn to work would not be deductible but uniforms with the employers logo and or your name on them would be deductible.


Why do hotel bills need to be itemized for the IRS?

Hotel bills must be itemized because only a subset of expenses are tax-deductible. Your lodging, meals, and even items like dry cleaning are deductible. But expenses like using gym facilities, watching paid movies, or playing games are not. Documentation 17 from IRS has a very complete set of information on this. http://www.irs.gov/pub/irs-pdf/p17.pdf


How can one calculate operating expenses from a balance sheet?

To calculate operating expenses from a balance sheet, you can subtract the cost of goods sold (COGS) from the total revenue. Operating expenses include items such as salaries, rent, utilities, and marketing costs. Subtracting COGS from revenue gives you the gross profit, and then subtracting operating expenses from the gross profit gives you the operating income.


What is general expenses and whether it is asset or liability?

Answer:The income statements shows the breakdown of the expenses. The various main expense items of operating income are: cost of revenues/goods sold, R&D expenses, sales and marketing expenses. All other expenses are general expenses (administrative, overhead, etc). General expenses, just like any other expenses, are neither an asset, nor a liability.General expenses can be the result of a decline in the value of an asset (payment of cash, depreciation of value of an asset), or an increase in a liability (electricity bills payable, etc).


Are items donated to a high school tax deductible?

Generally yes presuming the school is part of the community/town and not a for profit entity. Deductible at their actual value.


Petty cash account details?

when we use laundry and cleaning expenses,meals and entertainment expenses,office expenses,pantry items expenses,travelling expenses etc.. what are the expenses will come each cotogories


How does allstate insurance work?

Allstate insurance covers the cost of particular items, like vehicles, boats, houses, apartments, items in dwellings, life, and retirement in exchange for a monthly premium and deductible. Monthly premiums vary based on what is being insured, the amount of the deductible, and your personal background.