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  2. Tax Deductions: IRS Highlights Options for Business Travelers

    www.aol.com/tax-deductions-irs-highlights...

    There are more business travel tax deductions available to workers than you might realize. As a general rule, most costs associated with business travel -- such as transportation, lodging and ...

  3. Internal Revenue Code section 162 (a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses. The Second Circuit Court of Appeals found that the Tax Court should look at if employment of the taxpayer is in the same trade or business to determine if it is a start-up expense, or a carrying on expense. [11]

  4. Internal Revenue Code section 61 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    One form of income listed in the Code, that of "discharge of indebtedness" is not often considered income by lay persons. If, however, a taxpayer owes a debt to any other party, and that debt is forgiven without being fully repaid, the taxpayer must as a general rule declare the forgiven amount as income, and must pay tax on it. [6]

  5. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

    www.aol.com/tax-deduction-tax-deductions...

    Standard Deduction for Tax Years 2020 and 2021. Filing Status. Deduction for Tax Year 2020. Deduction for Tax Year 2021. Single. $12,400. $12,550. Married, filing jointly

  6. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

  7. 13 Tax Deductions You Can Take Without Itemizing - AOL

    www.aol.com/finance/13-tax-deductions-without...

    When you file your taxes, you can claim the standard deduction or choose to itemize. However, recent changes in tax law have dramatically reduced the percentage of Americans who itemize. For You:...

  8. Employer transportation benefits in the United States

    en.wikipedia.org/wiki/Employer_transportation...

    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.

  9. 11 Steps to Make Sure Your Tax Return Is Accepted by the IRS

    www.aol.com/11-steps-sure-tax-return-170949017.html

    This includes all W-2 and 1099 forms and supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments. ... Tax Identification Number (ITIN ...