Chapter7 - Overview of Deductions and Losses Chapter 7 The...

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Unformatted text preview: Overview of Deductions and Losses Chapter 7 The Price Waterhouse Personal Tax Adviser Table of Contents Chapter 1 WHY TAX PLANNING Chapter 2 HOW TAX RATES AFFECT YOUR BOTTOM LINE Chapter 3 MAKING THE MOST OF YOUR PERSONAL EXEMPTIONS Chapter 4 ADDING UP YOUR DEDUCTIONS Chapter 5 THOSE LATE, GREAT INTEREST DEDUCTIONS The Price Waterhouse Personal Tax Adviser Table of Contents Chapter 6 THE RIGHT WAY TO WRITE OFF CHARITABLE CONTRIBUTIONS Chapter 7 HOW TO WRITE OFF YOUR MEDICAL AND DENTAL EXPENSES Chapter 8 CLAIMING DEDUCTIONS FOR TAXES CHAPTER 9 MAKING THE MOST OF YOUR MISCELLANEOUS DEDUCTIONS CHAPTER 10 SAFEGUARDING YOUR TRAVEL AND ENTERTAINMENT EXPENSES The Price Waterhouse Personal Tax Adviser Table of Contents CHAPTER 11 HOW TO WRITE-OFF BUSINESS MEALS AND ENTERTAINMENT CHAPTER 12 HOW TO WRITE OFF TRAVEL EXPENSES CHAPTER 13 THE RIGHT WAY TO WRITE-OFF BUSINESS AUTOMOBILES CHAPTER 14 MAKING THE MOST OF YOUR CAPITAL GAIN The Price Waterhouse Personal Tax Adviser Table of Contents Chapter 15 TAX RULES YOU NEED TO KNOW WHEN YOU SELL YOUR HOME Chapter 16 ANSWERST TO QUESTIONS ABOUT HOME OFFICE DEDUCTIONS Chapter 17 WHAT YOU NEED TO KNOW ABOUT DEPRECIATION Chapter 18 MAKING SENSE OF THE PASSIVE LOSS RULES The Price Waterhouse Personal Tax Adviser Table of Contents Chapter 19 CALCUALTING THE ALTERNATIVE MINIMUM TAX Chapter 20 STOCK OPTIONS AS EMPLOYEE INCENTIVES Chapter 21 PUTTING MONEY INTO RETIREMENT PLAN Chapter 22 TAKING MONEY OUT OF YOUR RETIREMENT PLANS 14 Requirements for Deduction Contrast with income Everything is taxable except what’s not Nothing is deductible except “what is” Statutory authority is required Authorization General Specific 15 Requirements for Deduction General criteria § 162: Trade or business expenses § 212: Income producing expenses § 165: Certain losses Specifically allowed Personal expenses Medical Taxes Charity Residence interest 16 Requirements for Deduction Not allowed or limited § 262: Personal living expenditures § 263: Capital expenditures § 265: Expenses related to tax exempt income § 267: Related party transactions § 280A: Home office expenses § 162: Expenses contrary to public policy § 183: Hobby expenses 17 Requirements for Deduction Classification For AGI From AGI (Itemized) 18 Requirements for Deduction Year of deduction Accounting methods 19 General Provisions Authorizing Deductions § 162 Trade or Business Expenses (a) In general. - - There shall be allowed as a deduction all the ORDINARY and NECESSARY expenses paid or incurred during the taxable year in CARRYING ON any TRADE OR BUSINESS , including . . . 20 General Provisions Authorizing Deductions § 212 Expenses for Production of Income In the case of an individual, there shall be allowed as a deduction all the ORDINARY and NECESSARY expenses paid or incurred during the taxable year (1) for the PRODUCTION or COLLECTION OF INCOME...
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This note was uploaded on 03/23/2010 for the course ACCT 402 taught by Professor Toleno during the Spring '10 term at Providence College.

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Chapter7 - Overview of Deductions and Losses Chapter 7 The...

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