Sentences with phrase «count as a tax deduction»

(Other perks: pajamas count as work attire, book purchases count as tax deductions, zoning out on Facebook at night counts as «platform building.»)

Not exact matches

For example, the agencies do not count as tax expenditures deductions the tax law permits to measure income accurately, such as employers» deductions for employee compensation or interest expenses.

Counting your IRA contributions as tax deductions depends on the type of IRA you invest in, the retirement plan your employer offers, and your income.

I don't count mortgage interest deduction as a true tax deduction (I know a lot of people do).

2 — RE taxes are only deductions in as much as they can be counted as an an expense against the net rent.

You should read the guidance notes carefully, particularly the parts that explain what counts as income for tax credits and what deductions are allowable from income.

This just added insult to injury There is also the impact of cuts in housing benefit if you have a spare room in your house, taking in a lodger is not an option because you get penalised again because the lodger is counted as a non-dependant and punitive deductions are made from any HB or Council Tax rebate you may receive.

Counting your IRA contributions as tax deductions depends on the type of IRA you invest in, the retirement plan your employer offers, and your income.

Contributions to a qualified workplace retirement plan, such as a 401 (k) or 403 (b), have essentially the same tax - lowering effect, but they are not technically tax deductions, since they are not counted as current - year income and therefore do not appear on your tax return.

Does it still count as an RRSP deduction even if the contribution was made directly and I haven't paid tax on it?

For example, if you buy something in December with a credit card, and then pay off the credit card balance in January, you still count the expense as having occurred in December, and claim your deduction on that year's tax return.

It's also not counted as a charitable deduction, because you never paid tax on, it so it's a wash.

The most likely reason you'll have to pay AMT is if you have certain types of deductions that don't get counted for AMT purposes, such as real estate and state income taxes.

Many middle - class homeowners count on deduction as a way to save or a way to make ends meet, and the powerful real estate industry also depends on the mortgage interest tax.

If you don't owe any federal income tax because of deductions and other credits, the entire $ 1,000 refundable credit counts as a tax overpayment and is refunded to you.

It counts as a deduction, which might reduce your tax bill by 50 cents or not at all, depending on your situation.

The IRS will not count the amount forgiven by the mortgage holder as income to the seller, thus giving distressed borrowers incentive to sell short rather than default; (2) restored the tax deduction for mortgage insurance premiums that expired at the end of 2011; (3) the mortgage interest deduction untouched; and (4) tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short sales and foreclosures.