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The question of what types of interest payments are tax deductible used to be a simple one, but since 1986, the law governing tax deductible interest payments has become very complicated. The general rule is that interest payments are tax deductible, but there are many exceptions to consider when filing taxes.
→ Read MoreThe overall limitation on miscellaneous itemized deductions, captured on Schedule A, based on your adjusted gross income, no longer applies in 2018 because of the 2017 Tax Cuts and Jobs Act. However there may be other limitations that impact the amount you can claim.
→ Read MoreThere are four main types of deductions available on your pesornal income tax return: business deductions, above-the-line deductions, itmemized deductions, and the standard deduction. Business deductions are deductions for the cost of operating a business or being self-employed. Above-the-line deductions, on the front page of Form 1040, may be deducted whether you are able to itemize deductions or not. Itemized deductions are deductions that you may use in place of your standard deduction. Standard deduction is available to taxpayers who choose or cannot take itemized deductions.
→ Read MoreThere are several kinds of taxes that are deductible, but not all deductions are available for all taxpayers. Most tax deductions are available only on Form 1040. State and local income taxes (or if you elect instead, sales tax), real estate taxes and personal property taxes are deductible if you are able to itemize, on Schedule A.
→ Read MoreDeductions are subtractable amounts for gross income. Unlike credits, deductions are only a percentage of the total dollar amount spent and are typically limited to a specific overall percentage of your gross income.
→ Read MoreYes, there are other income tax deductions. Examples include depreciation, net operating loss carryovers, start-up expenses, and many others. You should consult you tax advisor to see whether the foregoing, or any other deductions, are applicable in any given income tax situation.
→ Read MoreThis type of expenses deduction includes most expenses in connection with rental property or investment property, such as investment advisory fees, maintenance expenses and repairs of rental real property, and any other ordinary and necessary expense incurred to produce income or to manage, conserve or maintain income-producing property.
→ Read MoreMedical expenses are tax deductible only to the extent that they exceed 7.5% of the taxpayer’s adjusted gross income and are not compensated for by insurance or otherwise. According to the IRS, tax deductible medical expenses may include everything from fees paid to doctors to transportation costs essential to medical care.
→ Read MoreThe standard deduction for individuals is a deduction developed under the tax code as an’average’ deduction for individuals who either cannot or do not want to itemize deductions. It is a flat amount that you can use to reduce your taxable income.
→ Read MoreThere are two types of bad debt that are deductible on a personal income tax return: business bad debt and non business bad debt. Deductible business bad debts are debts that became worthless in the year they were to be deducted. Non-business bad debts are deductible if they meet certain requirements.
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