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Federal income taxes are not deductible. Similarly, you cannot deduct your payment of FICA on wages or the additional Medicare taxes on earned income (0.9% over your threshold amount) and net investme...
If you bought the time share for personal use, then just as in the case of a sale of a principal residence, no loss is allowed. If you bought the time share for investment purposes, you may be able to...
No. A Schedule C is required if you are in a trade or business. However, you can report miscellaneous income on line 21 of Form 1040 (“other income”). This miscellaneous income is not subject to s...
Unreimbursed employee business expenses can be deducted as a miscellaneous itemized deduction on Schedule A of Form 1040. So you must itemize, and only amounts in excess of 2% of adjusted gross income...
It depends on whether you’re viewed under the tax law as a developer. If you hold the lot as investment property, any gain you reap is taxed as capital gain. You may also owe an additional 3.8% tax ...
Earned income remains taxable regardless of age. Similarly, such income continues to be subject to Social Security and Medicare taxes (FICA for an employee; self-employment tax for a self-employed per...
No. The computation of alternative minimum tax (AMT) starts with adjusted gross income from which itemized deductions other than miscellaneous itemized deductions and state and local taxes are subtrac...
Group-term life insurance up to $50,000 of coverage is tax free to employees, former employees, and leased employees (there’s a $2,000 cap on coverage for spouse and dependents). Group-term life ins...
Not yet, but the odds are in favor of an extension. Unfortunately, we probably won’t know for sure until later this year. If it comes very late in the year, the IRS may even give relief for rollover...
Married persons who file separately are barred from claiming certain tax credits, such as the adoption credit or education credits. However, there is no such bar for the low-income housing credit....
Federal income taxes are not deductible. Similarly, you cannot deduct your payment of FICA on wages or the additional Medicare taxes on earned income (0.9% over your threshold amount) and net investme...
If you bought the time share for personal use, then just as in the case of a sale of a principal residence, no loss is allowed. If you bought the time share for investment purposes, you may be able to...
No. A Schedule C is required if you are in a trade or business. However, you can report miscellaneous income on line 21 of Form 1040 (“other income”). This miscellaneous income is not subject to s...
Unreimbursed employee business expenses can be deducted as a miscellaneous itemized deduction on Schedule A of Form 1040. So you must itemize, and only amounts in excess of 2% of adjusted gross income...
It depends on whether you’re viewed under the tax law as a developer. If you hold the lot as investment property, any gain you reap is taxed as capital gain. You may also owe an additional 3.8% tax ...
Earned income remains taxable regardless of age. Similarly, such income continues to be subject to Social Security and Medicare taxes (FICA for an employee; self-employment tax for a self-employed per...
No. The computation of alternative minimum tax (AMT) starts with adjusted gross income from which itemized deductions other than miscellaneous itemized deductions and state and local taxes are subtrac...
Group-term life insurance up to $50,000 of coverage is tax free to employees, former employees, and leased employees (there’s a $2,000 cap on coverage for spouse and dependents). Group-term life ins...
Not yet, but the odds are in favor of an extension. Unfortunately, we probably won’t know for sure until later this year. If it comes very late in the year, the IRS may even give relief for rollover...
Married persons who file separately are barred from claiming certain tax credits, such as the adoption credit or education credits. However, there is no such bar for the low-income housing credit....
