Example: Let the kids play in your home office, so you can't deduct it.
The law says you can't deduct interest on a mortgage whose proceeds are used to buy or hold muni bonds.
But normally an employer can't deduct deferred pay until it's paid to the employee and reported on his tax return.
Yes, you can list your losses as a miscellaneous itemized deduction--but you can't deduct more than the total amount of your winnings.
Any losses the owners can't deduct are "suspended" until they put more money in or have more income from the S corp.
Also, don't deduct collecting costs like trips and magazine subscriptions unless you can prove you engage in collecting with a profit motive.
But the Treasury recently warned taxpayers that--rumors to the contrary--they can't deduct a drop in the value of publicly traded stock as theft just because fraud caused the company to collapse.
Simply put, a company won't be allowed to deduct any more in expenses than it reports as income to these vacation travelers.
Unless your medical expenses are substantial, however, your medical expenses will probably fit within the 7.5% limitation, meaning you won't be able to deduct anything.
Meanwhile, they'll deduct value because your home doesn't have a garage, primarily because all your neighbors do.
If you can't make this safe harbor and want to deduct your losses, you'll have to do more to prove your profit motive.
But if the computer hasn't been fully depreciated, the business can usually deduct its residual cost.
Under the current tax code, employers deduct health care costs from their taxes, and employees don't pay taxes on the value of those premiums.
So this year, taxpayers claiming college tuition and teachers' deductions, as well as the 11 million filers who deduct state sales tax (another break renewed at the last minute), can't use the simpler 1040A, as some could last year.
No, you can't take out a mortgage, invest the proceeds in a muni fund and still deduct the mortgage interest.
So don't contribute any more to your state's plan than you are permitted to deduct without first comparing it with plans in other states.
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