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	Tax deduction - Wikipedia, the free encyclopedia
		A tax deduction or a tax-deductible expense represents an expense incurred by a taxpayer that is subtracted from gross income and results in a lower overall taxable income.
		Tax deductions start to "phase out" for married individuals, filing jointly, with an income of about $145,000 or higher (2005); beyond that point, the full amount of the expenses cannot be deducted.
		Corporations enjoy a wider range of possible tax deductions, as they are taxed on their income, and in order to calculate a corporation's income, the corporation simply subtracts its expenses from its revenues.
	en.wikipedia.org /wiki/Tax_deduction (940 words)

	Restoration of the IRS Sales Tax Deduction
		For the sales tax, individuals were allowed to deduct either the actual amount paid, or they could use an optional sales tax table that provided deductible amounts for each state (based on its rate and base) by income group and family size.
		The deduction of state and local sales taxes was one of the last (and most contentious) items considered by the Senate, but the final efforts to restore at least some vestige of the deduction, led in part by Senator Phil Gramm, ultimately failed.
		Although the sales tax deductions were eliminated in part for reasons of tax simplification, the proposed legislation before Congress would add only one more line to Schedule A, for those taxpayers electing to itemize on their Form 1040.
	www.window.state.tx.us /specialrpt/deduction04 (1802 words)

	Tax Deduction With Maximum Tax Refund (Site not responding. Last check: 2007-11-01)
		This deduction, however, would be subject to the 2 percent of AGI limitation, along with most other miscellaneous itemized deductions you list on Form 1040, Schedule A.
		You may deduct home equity debt interest, as an itemized deduction, if you are legally liable to pay the interest, pay the interest in the tax year, secure the debt with your home, and do not exceed certain limitations.
		However, if you have a deductible loss from a disaster in an area that is officially designated by the President of the United States as eligible for federal disaster assistance, you can choose to deduct that loss on your return for the year immediately preceding the loss year.
	www.taxexact.com /tax_deductions.jsp (1900 words)

	Sales tax deduction could cut your tax bill (Page 1 of 4)
		One that was excised from the tax books 20 years ago is helping some taxpayers lower their tax bills this filing season.
		Deductions help millions of filers reduce their taxable income; less taxable income generally means a lower tax bill.
		For 2005 filing purposes, the standard deduction is $5,000 for single filers or married couples filing separately, $7,300 for head of household filers and $10,000 for married couples who file a joint return.
	www.bankrate.com /brm/itax/tips/20050218a1.asp (572 words)

	Tax deduction finder - MSN Money
		For 2005, your total itemized deductions are limited if your AGI exceeds $145,960 ($72,975 if married filing separately).", "See IRS IRS Publication 17, Chapter 28, and IRS Publication 463, Chapter 4.", "If you use your car in your work, you may deduct the percentage of expenses you incurred that are business-related.
		Deduct the expense on Form 2106 as Other Business Expense or on Schedule A as Unreimbursed Employee Expense.", "Employee business expenses are grouped with other miscellaneous itemized deductions on Schedule A, and the total is reduced by 2% of adjusted gross income (AGI).
		State income taxes paid by an individual are deductible only as an itemized deduction on Schedule A." +"Other deductible taxes related to your business are listed on Schedule C as Taxes and Licenses, or included in total expenses on Schedule C-EZ.
	moneycentral.msn.com /investor/calcs/n_deduct/main.asp (2340 words)

	Education -EN_030206-student-tax-deduction.htm
		Tax Tip: You may be able to take the Hope or lifetime learning credit for your education expenses instead of a tuition and fees deduction.
		The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.
		Generally, the deduction is allowed for qualified education expenses paid in 2005 in connection with enrollment at an institution of higher education during 2005 or for an academic period beginning in 2005 or in the first 3 months of 2006.
	www.military.com /Education/Content/0,13302,EN_030206-student-tax-deduction,00.html?ESRC=education.nl (653 words)

	Tax Benefits Charitable Donations to 501(c)(3) Nonprofit Organizations (Site not responding. Last check: 2007-11-01)
		To claim a deduction, you will need to fill out a 1040 Form, which is available through the IRS website, and itemize your deductions on Schedule A. If you fill out the short form or take standard deductions, you cannot claim your contributions.
		The receipt needs to record the donation amount, the date the donation was made, and the name of the charity, as well as a written acknowledgement from the organization of any property or services that you may have received in return for your donation and an estimate of their value.
		You cannot deduct the value of time or services to a charitable organization, but you can deduct any hard costs associated with that volunteering, such as the gas or bus fare it costs to get there.
	www.justgive.org /html/don_info/tax.html (1102 words)

	MODEL SPAY/NEUTER TAX DEDUCTION STATUTE
		In the states, the same is true, with tax codes encouraging certain activities and rewarding them with tax breaks, and discouraging others and penalizing them with higher tax rates and non-deductibility.
		In principle, there is absolutely no reason why tax codes, federal and state alike, cannot allow tax deductions for the spay/neutering of taxpayer's dogs and cats.
		Subject to the limitations provided in paragraph 2 hereof, there shall be allowed as a deduction against gross income amounts paid by the taxpayer for the spaying and neutering of dogs and cats which are maintained as pets in the taxpayer's household.
	www.instituteforanimalrightslaw.org /statute_spay-neuter_tax-deduction.htm (633 words)

	Colorado - State Income Tax Deduction Addback
		For tax years beginning on or after January 1, 2000 but prior to January 1, 2003, for the purpose of computing this addback the appropriate standard deduction for a married couple filing a joint return is double the basic standard deduction for a single taxpayer.
		Brown uses her state income tax deduction from Schedule A as the addback, the result is a $9,000 addback.
		In the case of a married couple filing separate returns and itemizing deductions for federal income tax purposes, the allowable standard deduction for Colorado income tax purposes is zero unless it is to the advantage of each spouse to claim a standard deduction for Colorado income tax purposes.
	www.revenue.state.co.us /fyi/html/income04.html (1415 words)

	Standard Tax Deduction, Maximize Your Deductions
		If you feel pressured at tax time, you may be tempted to settle for the standard tax deductions and exemptions, rather than going through all the work of itemizing your deductions.
		If your interest is lower than the standard tax deduction that applies to you, add the real estate taxes you paid on your home to the interest amount, and compare again.
		If you had an overpayment on your 2001 state or local tax return and asked the government to apply it to your 2002 taxes instead of requesting a refund check, the amount that you overpaid is deductible.
	www.moving.com /Mortgage_and_Finance/MAI_Article/Maximize_Your_Deductions.asp (1470 words)

	Hybrid Cars - Tax Deductions & Credits on Hybrid Car Purchases
		Surprisingly, for taxpayers who take a lot of deductions or use the Alternative Minimum Tax, the previous tax deduction (which bit the dust in 2005) was more valuable.
		If you are eligible for multiple tax credits, the hybrid tax credit is taken last after all the other credits (e.g., child care tax credit, mortgage credit, retirement savings credit) have been taken.
		The deduction was limited to new cars, but you could go back as far as 2000, if you haven't already taken the deduction.
	www.hybridcars.com /tax-deductions-credits.html (747 words)

	Department of Revenue: Personal Income Tax Sales Tax Deduction
		Individuals who claim sales tax as an itemized deduction on their federal return in 2005 and later must reduce their itemized deductions on the Oregon return for the sales tax deduction claimed.
		If you filed your 2004 Oregon return and elected to claim the sales tax deduction instead of state and local income taxes and it was adjusted when we processed your return, you may file an amended return.
		Their total itemized deductions are limited to $20,831 based on the federal itemized deductions worksheet.
	oregon.gov /DOR/PERTAX/sales_tax_deduction.shtml (548 words)

	Home > Tax Topics > Federal Sales Tax Deduction (Site not responding. Last check: 2007-11-01)
		The deduction is effective for the 2004 and 2005 tax years, unless Congress decides to extend the deduction.
		The deduction is available only to taxpayers that itemize their deductions, not those who take the standard deduction.
		The RTA tax is a part of the general sales tax in much of Snohomish, King, and Pierce Counties.
	dor.wa.gov /content/home/TaxTopics/FederalDeduction.aspx (659 words)

	Tax Deduction FAQs
		On the other hand, deductions are specific expenses that the government allows you to subtract from your income therefore reducing the amount of taxes you pay.
		In order to take this deduction, you must stay in your new full-time job for at least 39 weeks, your new job is more than 50 miles away from your old home and job and you have relocated within one year of assignment to your new job.
		A. The cost of career counseling may be deducted as a miscellaneous deduction if you are actively seeking a job in your current profession.
	www.taxgaga.com /taxcenter/taxpartner/1349/resources/articles/TaxDeduction.html (1277 words)

	Tax Deduction and Worthless Securities, IRS and Tax
		The tax deduction on your tax return is only available in the tax year the securities become completely worthless.
		The worthless securities are treated on your tax return as though they were capital assets sold on the last day of the tax year if they were capital assets in your hands.
		No tax deduction can be taken on your tax return for a partially worthless corporate bond.
	www.wwwebtax.com /deductions_z_other/worthless_securities.htm (507 words)

	Home Office Tax Deduction (Site not responding. Last check: 2007-11-01)
		Starting with tax year 1999, the home-office deduction requirements were relaxed somewhat which could allow more self-employed people to take a deduction for businesses they operate from their homes.
		Under the earlier requirements it was possible to take a deduction if the home-office was your principal place of business, a place where you regularly met with clients or customers, or was located in a separate structure on your property.
		For those that qualify, deductions can be taken for repairs, mortgage interest, taxes, utilities and depreciation (as a percentage based on proportionate usage of the office space to the home).
	www.usboomers.com /home_office.htm (451 words)

	This tax tip outlines Section 179 expensing that allows a business to fully deduct the cost of property in the year it ...
		This tax tip outlines Section 179 expensing that allows a business to fully deduct the cost of property in the year it is purchased rather than depreciating the business assets over years.
		Your original tax return filed for the tax year the property was placed in service, regardless of whether you file it timely.
		The tax tip explains the process for using Section 179 to fully expense certain business expenses immediately instead of depreciating them across a period of several years.
	www.bankrate.com /brm/itax/Edit/tips/Stories/sec179_deduction.asp (1337 words)

	White Paper - EPAct 2005 Tax Deduction Provisions
		If a property does not qualify for the $1.80 tax deduction, but one of the qualifying systems meets its designated energy-savings target, then the property will be eligible for a partial tax deduction.
		In the case of privately owned buildings, the tax deduction is earned by the owner or person or entity that paid to have the building constructed or renovated.
		The tax deduction is allowable in the year in which the energy-efficient property is placed in service.
	www.aboutlightingcontrols.org /education/papers/tax_deduction_2005.shtml (1473 words)

	Get More Tax Deduction With Online tax Preparation Services (Site not responding. Last check: 2007-11-01)
		You can deduct the current value of the stock rather than what you originally paid for it, and you avoid having to pay tax on the profit that built up while you owned it.
		Since medical bills are deductible only to the extent that they total more than 7.5 percent of your adjusted gross income, timing your payments may be the only way to garner a tax benefit from these costs.
		Unlike the rules for itemized deductions - which allow a deduction for the year you give the check regardless of when it is cashed - when a gift is involved, it is considered given in the year the check is cashed.
	www.taxexact.com /imp_deductions.jsp (989 words)

	Boston.com / Business / Bad debts aren't automatic tax deduction (Site not responding. Last check: 2007-11-01)
		One of the big letdowns some new business owners suffer during income tax season is when they find out they can't deduct their bad debts -- bills their customers didn't pay during the previous tax year.
		Paul Gada, a senior tax analyst with CCH Business Owners Toolkit, a service based in Riverwoods, Ill., noted that a bad debt has to be for something that can be quantified.
		It's important for a business owner who can deduct bad debts to understand what a bad debt really is. A payment that's late on Dec. 31 isn't a bad debt.
	www.boston.com /business/articles/2004/02/19/bad_debts_arent_automatic_tax_deduction (895 words)

	Tax Tips - Deduction Changes for 2003
		When Congress modified the tax code in 2002, they made a few changes to the deductions you could take on your 2002 return, but you will now see many changes affecting deductions take effect on your 2003 return, or later.
		The amount of interest you can deduct for payments on student loans is still $2,500 for 2003, but the deduction is no longer limited to interest that you’re required to pay during the first 60 months.
		You’re eligible to take the deduction if your adjusted gross income is $130,000 or less (for married couples filing joint returns), or $65,000 for all other filers.
	www.tax-tips.org /tax-tips-4.html (791 words)

	Sales Tax Deduction
		For 2004 and 2005, taxpayers who itemize will be allowed to claim this deduction, but only if they do not claim an itemized deduction for state or local income tax.
		Apart from the requirement to choose between deducting sales tax or income tax, the new rule will work the way the old one did, for those old enough to remember it.
		The deduction is not allowed for sales tax you incur as part of your business.
	www.fairmark.com /news/sales-tax.htm (455 words)

	Quicken.com Tax Deduction Finder
		We also offer a comprehensive Tax Estimator that shows you what your entire tax situation will look like under the new tax laws for 2001 and 2002.
		Access to the TurboTax Deduction Finder application is provided as a convenience to help you calculate an estimate of your federal and state income tax liabilities for the tax year indicated.
		Access to the TurboTax Deduction Finder is provided free of charge on an "AS-IS" basis, and Intuit makes no warranty with regard to the accuracy of the calculations, tax rates or results.
	www.quicken.com /taxes/deductionfinder (400 words)

	Sales Tax Deduction Option
		IRS Publication 600, Optional State Sales Tax Tables, helps taxpayers determine their sales tax deduction amount in lieu of saving their receipts throughout the year.
		An aircraft, boat, home (including mobile or prefabricated), or home building materials, if the tax rate is the same as the general sales tax rate.
		A Washington state resident who purchased a new car could add the tax paid at the general sales tax rate to the table amount, but not the 0.3 percent motor vehicle sales tax paid.
	www.irs.gov /newsroom/article/0,,id=133209,00.html (334 words)

	Sales Tax Deduction (Site not responding. Last check: 2007-11-01)
		Sales Tax Deduction — Taxpayers who itemize deductions will have a choice of claiming a state and local tax deduction for either sales or income taxes on their 2004 and 2005 returns.
		Sales taxes paid on motor vehicles and boats may be added to the table amount, but only up to the amount paid at the general sales tax rate.
		The IRS has also released sales tax tables which you may use, if the table provides more of a tax deduction than the actual amounts you have records for.
	www.pro1040.com /sales_tax_deduction.htm (366 words)

	The Mortgage Interest Tax Deduction (Site not responding. Last check: 2007-11-01)
		Introduced along with the income tax in 1913, the mortgage interest tax deduction has since become the favorite tax deduction for millions of U.S. homeowners.
		He or she files Form 1040 and itemizes deductions on Schedule A. He or she is legally liable for the loan - you cannot deduct interest if you make a payment on someone else's loan.
		Even if you qualify for the deduction based on the criteria outlined above, you cannot take the deduction unless your mortgage is classified as secured debt, which means that your home must serve as collateral for the debt.
	www.investopedia.com /articles/pf/06/MortIntTaxDeduct.asp (1011 words)

	2004 Tax Law Changes - TaxACT
		You may be able to deduct up to $4,000 if your adjusted gross income (AGI) is not more than $65,000 ($130,000 if married filing jointly), or deduct up to $2,000 if your AGI is higher than the limit but not more than $80,000 ($160,000 if married filing jointly).
		You can elect to deduct state and local general sales taxes instead of state and local income taxes as an itemized deduction on Schedule A. Generally, you can use either your actual expenses or the Optional State Sales Tax Tables to figure your state and local general sales tax deduction.
		You may be able to take an IRA deduction if you were covered by a retirement plan and your modified AGI is less than $55,000 ($75,000 if married filing jointly or qualifying widow(er)).
	www.taxact.com /reference/library_changes_2004.asp (430 words)

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