Recently, new developments have occurred regarding deductibility of legal expenses for a job related lawsuit, deductibility of interest on student loans paid by parents for a child, use of an internet tax stamp, a defective IRS deficiency notice, and an extension for an IRA rollover due to a bank’s error. Each of these will be discussed.
Small business organizations and associations can be beneficial for many reasons. These can offer a wealth of knowledge and practical tips for growing your business. The networking opportunities can also help you and your company. Let’s look at at a few small business organizations you should know about.
Certain taxes you have paid can be allowable as itemized deductions. To be deductible, these taxes must have been imposed on you personally, and you must have paid them during the year.
The following taxes you paid during the year are deductible on Schedule A:
• State and local income taxes (from your W-2).
• Real estate taxes (deductible in the year you paid them).
• Personal property taxes charged on the value of personal property.
• Foreign income taxes paid.
Note carefully, however, that the following taxes are not deductible: Read More
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