Word: deductability
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...Which of the following is true about sales taxes? A. The national sales-tax percentage rate is 6% B. The Federal Government will deduct it from your paycheck C. You don't have to pay the tax if your income is very low D. It makes things more expensive for you to buy 42% of high school seniors answered this question correctly
...court cases, when people lose, it wasn't because they were attempting to deduct something that was nondeductible, but because they just had no records," says Perlman...
...Charlie Dent, would allow small businesses, states, associations and other organizations to pool their health insurance across state lines to help bring down costs. Kirk and a group of 34 moderate Republicans this week also introduced another alternative, which would allow those not insured by their employers to deduct the cost of their insurance policies from their income taxes. In May, Representative Paul Ryan, together with Representative Devin Nunes, introduced a bill called the Patients' Choice Act, which would essentially 1) redirect much of the money that goes into Medicaid to individuals to buy health savings accounts, 2) encourage high...
...Your chances of getting a tax break. The bad news is that in many cases, investors can't write off as much as they might think. Among the restrictions: you must completely liquidate your account in order to claim a loss. You have to claim it as a miscellaneous deduction, which means you can only deduct losses that exceed 2% of your adjusted gross income (AGI); other miscellaneous deductions can include IRA losses and fees paid to a financial adviser. So if your AGI is $100,000, for example, and your 529 lost...
...senior consultant at Marks Paneth & Shron LLP in New York City, says he was assured by the IRS that "guidance would be forthcoming" - by April 15, one hopes. He suggests a simple approach for both the victims and the IRS. "If the [IRS] were to allow the victim to deduct his or her tax basis, less the SIPC recovery and less a small reserve for other recoveries, as a theft loss on the victim's 2008 tax return, the taxpayer could quantify the loss quickly and file for the appropriate refunds," Goldstein says. "The benefit...