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What else can I help you with?
What is the adjusted gross income before or after the standard deduction?
Adjusted gross income is calculated before the standard deduction is applied. The standard deduction is then subtracted from the adjusted gross income to determine the taxable income.
What is the difference between deduction for AGI and deduction from AGI?
The difference between deduction for AGI and deduction from AGI is that deduction for AGI reduces your total income before calculating your adjusted gross income, while deduction from AGI reduces your adjusted gross income after it has been calculated.
What percentage of your adjusted gross income can you generally deduct for charitable donations?
You can generally deduct up to 60 of your adjusted gross income for charitable donations.
Does an expenditure that is classified as a deduction from adjusted gross income produce the same tax benefits as an expenditure that is classified as a deductions for adjusted gross income?
You should review your Q...there is no difference in what your asking.
Do you have to itemize to get a deduction for hearing aids?
You have to itemize your medical expenses in order to get a deduction for hearing aids. Then you only get to deduct the amount of medical expenses that are above 7.5% of your adjusted gross income.
How do you calculate phc tax liability?
Begin with Taxable Income ADD: Dividend Received Deduction, Net Operating Loss CarryForward (to be used this year), and Passive losses from rental property LESS: Regular Tax Liability (not paid and not accrued), Excess Charitable Contributions, Net Capital Gain (Net of Capital Gain Tax) = Adjusted Taxable Income Less Dividend Paid Deduction = PHC Income Times Tax Rate (15%) = PHC Tax
How would you classify donations received. Are they income?
The amount could possibly be income to you. Since you are NOT a qualified charitable tax exempt organization that has been approved by the IRS to receive any charitable donations that you could give the the taxpayer a receipt for that would allow the taxpayer to take a charitable donation on the taxpayer schedule A itemized deduction of the 1040 federal income tax return.
How can I lower my adjusted gross income?
You can lower your adjusted gross income by contributing to retirement accounts, such as a 401(k) or IRA, taking advantage of tax deductions, such as for student loan interest or charitable donations, and utilizing tax credits, such as the Earned Income Tax Credit.
Do you know if I give my used lawn equipment to my church can I get a deduction on my income tax?
You most certainly can get a tax deduction on your charitable donations to a church. However, you should keep in mind that you need to keep everything properly documented and get a receipt from them.
Can we hold charity collections if we are not registered?
The advantage of being a registered charity is that you can give people receipts for their donations, which can then be used in claiming a deduction on their income tax. You can collect charitable donations without being a registered charity, but the money donated to a charity that is not registered doesn't count for the purpose of income tax deduction.
What section of the Internal Revenue Code governs charitable lead trusts?
A charitable deduction is allowed for a contribution of an income interest in trust (remainder to a noncharity) onlyif: (1) the donor is taxable on the trust income, and (2) the donated income interest is either a "guaranteed annuity" or a "unitrust interest." (Code Sec. 170(f)(2)(B); Reg § 1.170A-6 )
Is taxable profit the same as net profit?
Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
