Category: P

  • Professional Expenses

    The Professional Expenses are. expenses that, when incurred by a self-employed person, are allowable on Schedule C. Professional expenses include, for example, dues paid to professional societies and subscriptions to professional journals. Similar expenses incurred by an employee would be classified…

  • Personal Allowances

    The Personal Allowances are. exemptions from withholding for a taxpayer, spouse, and dependents, used in calculating the amount of income tax to be withheld from periodic wage payments. Personal allowances are granted to individuals as deductions from income in computing their taxable income. There …

  • Points Paid by Seller

    Points Paid by Seller Under Rev. Proc. 94-27, individual taxpayers may claim a tax deduction for points paid by the seller in connection with the purchase of a principal residence if certain requirements are met. Under this rule, the seller is treated as having paid the amount of the points to the buyer who, in…

  • 529 Plans

    529 Plans Paying for Education as Part of an Estate Plan: 529 Plans By Elizabeth Carrott Minnigh, Esq., Buchanan Ingersoll & Rooney PC, Washington, DC One of the most important concerns for high net worth clients is how to best pay for the costs of higher education (i.e., college or graduate school) for children and…