Tag: Expenses

  • Deductions

    Code Sections about Deductions Sec. 67. 2-percent floor on miscellaneous itemized deductions Sec. 68. Overall limitation on itemized deductions Sec. 151. Allowance of deductions for personal exemptions Sec. 161. Allowance of deductions Sec. 211. Allowance of deductions Sec. […]

  • Income

    Income means: economic benefit; money or value received. Former IRC (check if this IRC provision is current here) §61. Code Sections about Income Sec. 61. Gross income defined Sec. 62. Adjusted gross income defined Sec. 63. Taxable income defined Sec. 64. Ordinary income […]

  • Depreciation

    Depreciation means: an accounting technique in which the cost of an asset is allocated over its useful life. A deduction to reflect the gradual loss of value of business property as it wears out. Former IRC (check if this IRC provision is current here) §167. See Accelerated Cost Recovery […]

  • Miscellaneous

    Miscellaneous Below are articles related to miscellaneous subjects. Alternative Filing Methods Age-Name-SSN Rejects, Errors, Correction Procedures (IRS FAQ) Amended Returns (IRS FAQ) Due Dates & Extension Dates for e-file (IRS FAQ) Electronic Filing Electronic Signatures Filing Business Returns Electronically Forms W-2 & Other Attachments (IRS FAQ) How to Choose a Paid Tax Preparer Substitute Tax…

  • IRS Tax Tips

    IRS Tax Tips You can access IRS tax tips back to 1997 on the IRS website: IRS Tax Tips. The search box on that page is in this order: News Releases (IR-year-#) Fact Sheets (FS-year-#) Tax Tips (AT-year-#) IRS Tax Tips Examples Updated ITIN Procedure Changes Announced Earned Income Tax Credit for 2012; Do I…

  • Credits

    The Credits are. under the Social Security Act, the determiners of eligibility for Social Security programs. A person earns credits by working in a job covered by Social Security and by paying Social Security taxes. In 1991, one credit was earned for each $540 in Social Security earnings. A maximum …

  • Business

    Business Tax Law Business General Information Business Entertainment Expenses Business Income Business Travel Expenses Business Use of Car Business Use of Home Business Use of Home – Is It Deductible? Business Use of Home – Taxes and Interest Principal Business Activity Codes Partnership / 1065 2005 1065 K-1 instructions Basis Limitations for K-1 Losses Dispositions…

  • Dwelling Unit

    Dwelling Unit Renting Residential and Vacation Property If you receive rental income from renting to others a dwelling unit, such as a house or an apartment, you may deduct certain expenses. These expenses, which may include interest, taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that is taxed.…

  • Rental Expenses

    Rental Expenses Some examples of expenses that may be deducted from your total rental income are depreciation, repairs, and operating expenses. You can recover some or all of your original investment in the rental property (including furnishings) and the cost of later improvements through depreciation. You must use Form 4562 (to report depreciation) beginning in…