Word: deductions
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Probably the most popular of the write-offs are limited partnerships, which have proliferated as tax shelters since the late 1970s and early '80s. An orthodontist investing in a real estate venture, for example, can deduct from his taxable income a share of the venture's losses based on the amount of his investment. Yet his actual liability is limited--hence the name of the arrangement--to the cash value of his initial in vestment. Thus if a partner invests $10,000, or 10% of a partnership's total investment, and the venture loses $700,000, he will be able...
...Britain's "group relief" rules that allow firms to cluster different business units for tax purposes; if successful, the argument would have gained Marks & Spencer tax relief of about $56 million. But that same year, Britain's Inland Revenue said no, declaring that Marks & Spencer had no right to deduct its Continental losses because they hadn't been incurred in Britain. The retailer appealed the decision to the E.C.J., and last week E.C.J. advocate general Miguel Poiares Maduro weighed in on its side. He said the British ruling was a violation of the E.U.'s founding Treaty of Rome, which...
Itemizers can now deduct state and local sales tax instead of income tax--a boon for those in income-tax-free states like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Didn't hold on to old sales receipts? IRS Publication 600 lists optional tables to figure out deductions...
...deduct a maximum of $4,000 (up from $3,000) for qualified higher-education expenses for you, a child or a spouse. Your adjusted gross income must be no more than $65,000 ($130,000 if you are married filing jointly). This deduction disqualifies you from taking Hope or Lifetime Learning credits...
...deduct car expenses, you'll get an extra penny and a half per mile this year. The standard mileage rate...