Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsBonus Depreciation
Asked Thursday, January 19, 2012 by an anonymous user
For qualified property acquired and placed in service in 2016, a 50% bonus first-year depreciation allowance applies under Code Sec. 168(k).,
Personal Exemptions 2016
Asked Sunday, January 15, 2012 by an anonymous user
Every taxpayer is entitled to this deduction for themselves, spouse and each of their dependents. For the year 2016 there is a phase-out of this deduction.
The Phase-outs are:Single $259,400 to $381,900
MFJ and surviving spouses $311,300 to $433,800
MFS $155,650 to $216,900
Head of Households $285,350 to 407,850.
The Phase-outs are:Single $259,400 to $381,900
MFJ and surviving spouses $311,300 to $433,800
MFS $155,650 to $216,900
Head of Households $285,350 to 407,850.
Standard Mileage Rates - 2013
Asked Sunday, January 15, 2012 by an anonymous user
Business 56.5 cents per mile
Charitable 14 cents per mile
Medical and Moving 24 cents per mile
Charitable 14 cents per mile
Medical and Moving 24 cents per mile
Are Points deductible?
Asked Tuesday, January 10, 2012 by an anonymous user
If Points qualify as mortgage interest they are deducted over the term of the lease unless they are paid as part of the purchase of your principal residence. Refinanced points are amortized over the life of the mortgage.
Mortgage interest - third home
Asked Tuesday, January 10, 2012 by an anonymous user
Generally you may deduct on Form 1040 Schedule A qualifying mortgage interest on up to 2 residences as well as premiums paid for mortgage insurance.
A residence may be a coop unit, condominium, mobile home, houseboat, that has cooking, sleeping and toilet facilities.
Interest on debt secured on more than 2 residences may still be deductible if you use the proceeds for investment or business purposes.
A residence may be a coop unit, condominium, mobile home, houseboat, that has cooking, sleeping and toilet facilities.
Interest on debt secured on more than 2 residences may still be deductible if you use the proceeds for investment or business purposes.
Depreciation - cost basis for the asset’s purchased
Asked Tuesday, January 03, 2012 by an anonymous user
Although you purchased a sole proprietorship for 1 amount, that amount must be allocated to the individual assets for depreciation purposes. Allocation is based on the proportion of the sales price to an individual assets fair market value at the time of the sale. Speak to your local CPA about the allocation formulas.
Can Corporations use the standard mileage rate method in calculating auto depreciation?
Asked Tuesday, January 03, 2012 by an anonymous user
No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.
Can Corporations use the standard mileage rate method in calculating auto depreciation?
Asked Tuesday, January 03, 2012 by an anonymous user
No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.
When can a child decide which parent he or she will live with?
Asked Thursday, December 22, 2011 by an anonymous user
Children have the legal right to make their own choices at age 18.
