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  2. Qualified Performing Artist Deduction - Wikipedia

    en.wikipedia.org/wiki/Qualified_Performing...

    In its publication 535, the IRS defines an "ordinary expense" as "one that is common and accepted in your industry," and a "necessary expense" as "one that is helpful and appropriate for your trade or business." [9] In addition, according to the TAS, courts have consistently held that "the amount of the expense must be reasonable." [10]

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

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

    Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]

  4. What Are Itemized Deductions and How Do They Work? - AOL

    www.aol.com/itemized-deductions-010031837.html

    With itemized deductions, you must be eligible to deduct at least one of the dozens of line items the IRS deems as qualifying. Keep reading to learn about the two main types of deductions and how ...

  5. Year-end financial checklist: Your guide to reviewing and ...

    www.aol.com/financial-planning-checklist...

    The IRS provides a complete list of eligible expenses, and your plan administrator can confirm which items qualify under your specific FSA. Numerous retailers make it convenient to spend remaining ...

  6. Internal Revenue Code section 132(a) - Wikipedia

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

    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 ...

  7. FSA Eligibility List - Wikipedia

    en.wikipedia.org/wiki/FSA_Eligibility_List

    The FSA Eligibility List is a list of tens of thousands of medical items that have been determined to be qualified expenses for flexible spending accounts in the United States. The U.S. Internal Revenue Service outlines eligible product categories in its published guidelines. [ 1 ]

  8. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    The section 179 election is subject to three important limitations. [6]First, there is a dollar limitation. Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020.

  9. Taxpayers will get higher standard deductions in 2025, IRS ...

    www.aol.com/taxpayers-higher-standard-deductions...

    In tax adjustments announced last year, for example, the IRS raised single filers’ standard deduction by $750 between the 2023 and 2024 tax years — and by $1,500 and $1,100 for married couples ...