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For example; if you have a prospective client meeting at a restaurant to discuss doing business together and spend $200 on food and drinks — you can deduct $100 of the cost on your business tax ...
Half of Self-Employment Taxes. If you’re self-employed, you can deduct 50% of the 12.4% Social Security tax on net self-employment income up to an annual ceiling, according to the NOLO legal ...
Learn which of your home expenses may be tax deductible, how to claim those deductions, and what you can do year-round to optimize tax season. A Guide to Tax Deductions for Home-Based Businesses ...
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.
For example, § 162(c)(1) disallows a deduction for illegal bribes or kickbacks to a domestic government official or agency, and § 162(f) disallows a deduction for fines paid to the government for violating the law. Furthermore, § 280E prevents a taxpayer from taking a deduction related to the business of selling illegal controlled substances.
What are you missing as you figure out your tax deductions? Read on to learn about some of the whacky ways that have helped others trim their tax liability.
To help reduce the amount of income you have to pay tax on, you can claim either the standard deduction, which is allowable for all taxpayers, or itemized deductions, which can make sense if they ...
If you opt to itemize your deductions on your federal income tax return, you'll see a lot of emphasis on saving taxes by not overlooking common deductions. This makes sense because, as a taxpayer ...
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