Can I Deduct?
The most frequently asked tax questions related to Can I Deduct?
Legal fees
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, Individuals can deduct legal expenses incurred in attempting to produce or collect taxable income or paid in connection with the collection, refund or determination of tax.
You may not deduct legal fees incurred in obtaining tax-free damages for physical injury or sickness.
Businesses can deduct legal fees for the production or collection of income or for the management of income producing property.
You may not deduct legal fees incurred in obtaining tax-free damages for physical injury or sickness.
Businesses can deduct legal fees for the production or collection of income or for the management of income producing property.
Dog or Cat expenses
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Your pet medical and other expenses are not deductible.
House improvements
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Improvements to your Residence are not deductible.
The costs are added to your initial cost basis to calculate your increased adjusted cost basis.
Your increased cost basis will be used in the year of sale of your residence to determine the gain on sale.
Improvements to your Rental property are deductible as a repair or a depreciable capital improvement.
The costs are added to your initial cost basis to calculate your increased adjusted cost basis.
Your increased cost basis will be used in the year of sale of your residence to determine the gain on sale.
Improvements to your Rental property are deductible as a repair or a depreciable capital improvement.
Life insurance
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The payments to life insurance policies are not deductible.
Parking tickets
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The payments of parking tickets and other fines for illegal acts are not deductible.
Youth Programs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Team sports dues, uniform, tournament, travel expenses are not deductible.
Social Security
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The Social Security and Medicare withholding Taxes taken out of your paycheck and summarized on your W-2 form is not a tax deduction.
Tax Preparation fees
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Tax preparation or Audit representation are deductible itemized deduction subject to the 2% of AGI limitation.
Union dues
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Union dues are deductible itemized deduction subject to the 2% AGI limitation.