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Marijuana - prescribed by a doctor
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Marijuana, even if prescribed by a doctor is not deductible.
Safe Deposit box
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Safe deposit or vault expenses are itemized deduction subject to the 2% AGI limitation.
Uniform cleaning
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The costs of purchase and maintenance of a uniform are deductible.
The dry cleaning and maintenance costs of your work clothes such as suits and dresses are not deductible. To be deductible the clothing must be not be adaptable to everyday wear and be required as a condition of employment.
The dry cleaning and maintenance costs of uniforms and special clothing such as for nurse’s, police, and fireman are deductible.
The dry cleaning and maintenance costs of your work clothes such as suits and dresses are not deductible. To be deductible the clothing must be not be adaptable to everyday wear and be required as a condition of employment.
The dry cleaning and maintenance costs of uniforms and special clothing such as for nurse’s, police, and fireman are deductible.
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.
Punitive damages
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Punitive damages are taxable even if they relate to a physical injury or sickness. An exception to this exists for damages awarded under a state wrongful death statute.
Wrongful termination
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally damages received for Wrongful termination are taxable as compensation.
Credit card interest
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, only mortgage interest is deductible
Credit card interest for nonbusiness purchases are not deductible.
Credit card interest for nonbusiness purchases are not deductible.
Car loan interest
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Generally, only mortgage interest is deductible
Interest paid on car loans is not deductible except for business use of an auto for self-employed individuals.
Interest paid on car loans is not deductible except for business use of an auto for self-employed individuals.
Vasectomy costs
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
The costs of a vasectomy and reversal of a vasectomy are deductible as a medical itemized deduction subject to the 7.5% limitation.
Vitamins and supplements
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Vitamins and other nutritional supplements are not deductible unless recommended by a medical practitioner as treatment for a specific physician diagnosed medical condition.