CHAPTER 6 STUDENT F 2010

CHAPTER 6 STUDENT F - CHAPTER 6 INDIVIDUAL DEDUCTIONS Deductions for Individuals Business deductions(162 Indirectly related to Business(and

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CHAPTER 6 INDIVIDUAL DEDUCTIONS
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Deductions for Individuals Business deductions (§162) Indirectly related to Business (and Production of income) Deductions (§212 and various sections) Subsidizing specific Activities Deductions (various sections Itemized Deductions (various sections)
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Deductions for Individuals Individual taxpayers deductions divided into two categories: Deductions for adjusted gross income (AGI) Above the line deductions Deductions from adjusted gross income Below the line deductions
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Deductions for AGI Deductions for AGI include: Ordinary and necessary expenses incurred in trade or business Capital Loss Deduction Educator expenses Health Savings Account Deduction Moving Expenses One-half of self-employment tax paid Self-Employed Retirement Plans
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Deductions for AGI Deductions for AGI include: Self-employed Health Insurance Forfeited interest penalty for premature withdrawal of time deposits Alimony paid IRA Deduction Student Loan Interest Deduction Tuition and fees Deduction Domestic Production Activities Deduction
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Moving Expenses Two tests Distance test 50 miles Time test 39 of the 52 weeks 78 of the 104 weeks Deductible Expenses? household goods and personal effects travel for taxpayer and family to new location
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Employee Expenses Educational Expenses – For AGI No work related requirement Post – secondary education May be limited – filing status and modified AGI Code §222
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Deductions from AGI Deductions from AGI include: The greater of: Itemized deductions, or The standard deduction Personal and dependency exemptions
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Standard Deduction Basic standard deduction Amount based on taxpayer’s filing status Additional standard deductions Age 65 or over, and Blind Amount depends on filing status
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This note was uploaded on 04/15/2011 for the course ACC 5170 taught by Professor Jones during the Spring '10 term at Wayne State University.

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CHAPTER 6 STUDENT F - CHAPTER 6 INDIVIDUAL DEDUCTIONS Deductions for Individuals Business deductions(162 Indirectly related to Business(and

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