Word: deducting
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...COUNTRY CLUBS & YACHTS. Deductible only if used more than 50% for business. Example: if a taxpayer uses his country club 75% for business, he may deduct 75% of the dues, plus out-of-pocket costs for entertaining customers at the club...
...high school level, a $100 tax credit would amount to pennies for parents of children in private schools, paying tuitions in thousands. And some parochial school parents who, in effect, now pay tuition by putting money in the Sunday plate already have a form of relief: they can deduct the money (up to 30% of income, in fact) as a church contribution...
...concentrate two-thirds of their projected $40 billion in capital spending this year on modernization. The Government has helped to get them moving. Under the Administration's new depreciation allowance, companies can depreciate new equipment 18% faster than before; under a more liberal tax credit plan, they can deduct 7% on plant modernization costs from their taxes. The Treasury estimates that these two plans place an additional $2.5 billion at the disposal of U.S. companies this year. Businessmen seem eager to reach for the new tools that the machine tool industry is anxious to supply...
...Wisconsin's Doughboy Industries paid out $10,000 to remodel the ground floor of a top executive's home and $6,000 to construct a swimming pool on the grounds. A lenient court ruled that the company could deduct 95% of the outlays because the executive often entertained customers at home...
Minor Casualties. To help low income taxpayers, Kennedy proposes a new gimmick: an optional standard deduction that would entitle a taxpayer to deduct $300, plus $100 for each dependent (but not more than $1,000), even if this deduction amounted to more than 10% of his income-the present maximum percentage. For persons 65 or older, Kennedy would discard the extra $600 exemption and substitute a tax credit of $300. Since the $300 would be applied against the tax actually owed (while the $600 exemption merely reduces taxable income), the change would be a net benefit for taxpayers...