Sentences with phrase «as a deductible expense»

For example, the money you pay for rent, salon insurance and utilities qualifies as a deductible expense, as do funds you use to help replenish salon consumables, such as skin care products, towels and sanitation products.

The idea is that you use the interest expense to reduce your taxes (in Canada, mortgages do not qualify as a deductible expense) and use dividends to pay down your mortgage faster.

Administrative duties (such as bookkeeping, recordkeeping, billing operations, making appointments, and ordering supplies) may qualify as deductible expenses, but your home office must be the only place where you can accomplish these tasks.

Since these premiums were paid with pre-tax money, they're already income - tax - free; you can't claim them as a deductible expense.

You don't have to be out of work to have some of your costs qualify as a deductible expense, but only expenses that exceed 2 % percent of your income count.

Not exact matches

And while not every out - of - pocket health - care expense counts as deductible, long - term care insurance premiums do, with age - based caps on how much you can deduct yearly (see chart below).

The business use percentage of expenses are generally deductible for items such as rent, repairs, utilities, mortgage interest, real estate taxes, insurance, depreciation and any other expenses.

Business intent as a primary focus during hunting and fishing trips or aboard yachts, pleasure boats, and airplanes is difficult if not impossible to prove in order to validate the expense as deductible.

Your HSA contributions are tax - deductible, they grow tax - free and withdrawals avoid taxes if used for qualified health expenses, such as doctor's visits, prescription drugs and dental care.

As long as you itemize your deductions instead of taking the standard deduction, out - of - pocket medical expenses that exceed 7.5 percent of your adjusted gross income — your earnings minus certain adjustments — could be deductible for both 2017 and 201As long as you itemize your deductions instead of taking the standard deduction, out - of - pocket medical expenses that exceed 7.5 percent of your adjusted gross income — your earnings minus certain adjustments — could be deductible for both 2017 and 201as you itemize your deductions instead of taking the standard deduction, out - of - pocket medical expenses that exceed 7.5 percent of your adjusted gross income — your earnings minus certain adjustments — could be deductible for both 2017 and 2018.

Nominees for ambassadorships and cabinet positions are grilled during background checks by IRS agents to ensure that they're not disguising personal expenses as tax - deductible business costs.

Contributions are tax advantaged in two important ways: they are tax deductible as a business expense, and, although they are a form of workers» compensation, they are free from any payroll taxes.

This should help the company pick up tax - deductible charges employees may have forgotten about, as well as incorrectly filed expense charges.

Certain other entertainment expenses are also 100 percent deductible if they are taxable as compensation to the employee or independent contractor, or if they are reimbursed expenses.

Debt interest costs are fully tax deductible as a business expense and in the case of long term financing, the repayment period can be extended over many years, reducing the monthly expense.

This structure is commonly used by corporations as interest, a tax - deductible expense, is maximized.

To do so, add up all deductible expenses for the year, including those related to homeownership as well as other categories.

Your lease payment might even be deductible as a business expense (this is something you should consult with your tax accountant about).

All your business - related expenses are tax deductible as well.

The SALT deduction cap should have no impact on a rental property, the taxes for which are deductible as a business expense.

Contributions are made by the employer only and are tax deductible as a business expense.

There are potential tax benefits to offering a plan, because plan contributions for the business owner are deductible as a business expense.

Tax Tip: Educational material such as this guidebook is likely to be deductible as a business expense.

Speak to your accountant to find out which of these are deductible as business expenses and which ones you will need to pay for yourself as an individual.

Keep a record of these transactions, as the fees are deductible business expenses.

Business owners understand that the Internal Revenue Service considers a deductible business expense as one that is commonly required in a particular business or profession.

To avoid this Western fiscal / financial problem, China should avoid treating interest as a tax deductible expense in calculating the land's taxable yield (or that of industry, for that matter).

Where this occurs all receipts must be kept and disclosed as these are tax - deductible expenses of the corporation.

Entire House — If an expense pertains to the entire house, a portion of it will be deductible as an «indirect» home office expense.

Only to Home Office — If an expense is related only to your home office, the entire cost is deductible as a «direct» home office expense.

Non-Business Portion — If an expense is associated only with the non-business part of your home, it is not deductible as a home office expense.

Qualified expenses for legitimate working animals «like a junkyard dog or a guard dog» can be deductible as a business expense, Steber said.

File your receipts — some summer costs could be tax deductible as a child care expense or under the child fitness tax credit on your tax return

The decision to include it as an allowable health expense is a major milestone for nursing moms, as breastpumps and supplies that assist breastfeeding are now considered «medical care» and tax deductible.

If not covered by your insurance, breast pumps and supplies that assist lactation are (as of 2/28/11) considered a deductible medical expense.

Isn't a turnover tax on companies the same as with VAT or income tax on an employee's salaries, for which very limited expenses are tax deductible?

The «cheap» plans just mean that you're going slightly less bankrupt if anything happens to you and now even middle class people who previously had OK plans will also likely go bankrupt with any major medical expenses as all, but the most premium plans have been forced to go the high deductible route with many deductibles so high that they still virtually guarantee financial insolvency.

However, they may be tax deductible as ordinary and necessary business expenses subject to restrictions imposed by the Omnibus Budget Reconciliation Act of 1993 as a result of association lobbying activities.

If your car is stolen, this protection can help offset the cost of theft - related expenses such as your insurance policy deductible and rental car reimbursement.

For the 2018 First Look for Charity Gala, $ 223 of each $ 275 ticket is deductible as a charitable expense, for tax purposes.

With Pavarti K. Tyler as your guide, you will take a walk through the numbers as you learn which expenses are tax deductible and which aren't, pick up tips and tricks for preparing the taxes for your author business, and receive innovative recommendations for using your talent to add a little extra chub to your piggy bank.

In case you're still undecided... Self Publishing, Writing and Marketing Your Own Books and Booklets is tax deductible as a business expense because it is training material for your business!

While the deposits you make into the account are not tax deductible in the current year, the balance in the account can earn income tax free as long as you only make withdrawals to pay for qualified education expenses.

A review of the rest of the IRS literature reveals that there is no other category of tax - deductible expenses on individual tax returns that allow insurance premiums as deductions.

Debt interest costs are fully tax deductible as a business expense and in the case of long term financing, the repayment period can be extended over many years, reducing the monthly expense.

If in the new location the individual is required to have renters insurance by her property management, the cost of the same may be deductible as a moving expense per the above.

Further, those costs are unfairly distributed because unreimbursed expenses, such as those in excess of a policy limit or deductibles, are borne by the parties in proportion to the size of the loss.

Home improvements such as wheelchair ramps recommended by a doctor may be deductible as medical expenses if you itemize deductions.

While some elements of homeownership, such as mortgage interest, may be partially tax deductible, the premiums you pay for a home insurance policy are treated similarly to any other personal expense related to your home, such as a utility bill.

The cost of a capital asset is generally not deductible as an expense.