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Here’s the top 15 self-employment tax deductions that you might qualify for: Common Tax Deductions. Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The government expects a cut of your Uber or Lyft earnings. Fortunately, there are a number of tax deductions you can take advantage of to reduce how much you owe.Image source: Getty Images.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
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The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone. The vehicle must be used mostly in the United States. The vehicle must be placed in service by the taxpayer by 2010 or later.
Car loan interest is tax deductible only if you use the car for business. Before you claim the deduction, make sure your car-related expenses qualify and track down all supporting documentation.
Only a taxpayer eligible for the standard deduction can choose it. U.S. citizens and aliens who are resident for tax purposes are eligible to claim the standard deduction. Nonresident aliens are not eligible. If the taxpayer is filing as "married, filing separately," and his or her spouse itemizes, then the taxpayer cannot claim the standard ...
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