Bond Money Paid Allowed For Tax Deduction

Bond Money Paid Allowed For Tax Deduction

I am working in a software company, not as a salaried employee but as a consultant.

I am receiving fees from the company and company is deducting TDS @10% on professional fees.

Now I have left my job from such company and as per terms I had paid Rs.50000/- as bond money for premature bond period.

Now I just want to ask you if I will be eligible for deduction of such bond money from my prfessional income or not? And under what section of I.T. Act.?

Can I Deduct Business Credit Card Payments From An Old Business?

by Vanessa
(Portland, OR)

My old business partner neglected to pay off two credit cards that were under the business and should have been transferred to him. It appears that they are still under my name and ss# although I have not been with the business for 2+ years. What I'm wondering is if this is something worth taking to small claims court if I have a contract stating that he is the sole owner and responsible for all business related items? Otherwise can I pay off the credit cards and claim them on my taxes as a business loss?

CAN I DEDUCT DIFFERENCE OF MY MILEAGE?

by NICOLE
(GLENMORA LA)

I AM A HOME HEATLH NURSE, WE ARE PAID 0.41 CENTS A MILE(NON-TAXABLE). THE STATE OF LA ALLOWS 0.51 CENTS A MILE. AM I ABLE TO CLAIM THE DIFFERENCE ON MY TAXES, IF SO STATE OR FEDERAL AND DO I NEED TO ITEMIZE TO DO THIS.

THANKS

NICNURSE

Can Personal Loan Interest Be Deductible?

My husband and I bought more than 51% shares of a business from a family owned. We financed it with the owners at 8% interest. Can we deduct the interest on our income tax? and what form? Thanks.

Thu and Chi Nguyen

Credit Card Transactions

Business (rental) expenses have been charged to credit card, but not yet paid. Do I deduct them now or when I actually pay them?

Deduction

by Jerzey
(Arizona)

Someone I know was married to a women who had 2 children from a previous relationship they have since divorced and he never adopted her children. They have been divorced for 5 years but her children are currently living with him is he allowed to claim them as dependents on his taxes.

Decuction Help

by Steve
(Centennial, CO, USA)

I'm a firefighter and my department reimburses me for my text messaging plan on my cell phone. This is included in my taxable income. Can I still deduct the costs of the extra text messaging plan?

Deductions

by Beau
(Kansas City MO)

My daughter turned 18 dec 18 2010 also got married dec 28 2010 she lived with me and my wife all year. Can I claim her as a dependent?

Heavy Equipment Deduction???

I'm currently developing 5 acres for a primary residence in Washington State. I paid cash for a used excavator to clear the property and would like to know if I can use the excavator as a tax write off.

Thanks in advance

Hello,

Thank you for your inquiry.

As the property you are developing is going to be a personal residence, I do not believe you can deduct the cost of the heavy equipment.

Income Tax Return Deduction From Salary Without Asking Me

by Shikha Rani
(Delhi)

Can my company submit my Income tax return without asking me from my salary?

K9 Deduction

by Carolyn Lund
(Modesto CA 95354)

I recently purchased a registered dog and have begun to show him we are wondering if there is any way of claiming any tax deductions from it.

Law Enforcement Specific Deductions...

by Tracy
(Salt Lake City)

As I look over the tax deduction lists you have on your website, Fire Fighters are allowed to deduct their meals or at least a portion of their meals...do Law Enforcement Officers have that same opportunity?
In a casual conversation several months ago, there was mention of 'per diem' deductions instead of meal deductions. Is there a difference? Does it change depending on if you work 8 hour, 10 hour, or 12 hour shifts.

Married Child As Deductable

My daughter lived with me and was a full time student until she married on July 31st. She and her husband have already filed claiming married filing jointly. Can I still claim her as a dependent since she lived with me for over 1/2 a year?

Medical Expense Deductions

by Blair Edward
(Philadelphia, PA, USA)

Hi,

I am a college student and was hospitalized overnight in 2009. My insurance paid for a portion of the expenses and I am still in the process of paying off the remainder.

I recently found out that I can claim medical expenses and the insurance premium as tax deductions. But one of my bills unfortunately went to collections. My question is, can I claim these medical expenses that went to collections as tax deductions?

Any insight you can provide will be appreciated. Thank You.

Mileage Deduction

by Dave
(Olalla Washington usa)

When you are forced to work overtime can you deduct mileage to and from work on those days?

Money From LTD Settlement, Attorney's Fees Deductible?

by Jerrie Johnson
(Kaufman, Texas)

I had to hire an attorney to fight my long-term disability insurance company. After about a year and a half the LTD company settled with a payout instead of reinstating my monthly payments. Since I received a lump sum, and the attorney received a large percentage of that, are his fees tax-deductible?

Mortgage Interest Deductibility

Since interest rates at banks are so low, could my adult son and daughter in law deduct the interest if my husband and I financed their mortgage at a rate better than we can get at a bank on our investments??

Paid Time Off Charity Deduction

by Norman Brown
(Jacksonville, Fl)

I work for a not-for profit hospital and we get Paid Time Off hours to use for vacations or sick time off. The hospitals aslo allows use to donate our hours to other employees who are in need of PTO hours because the deplited their own because of personnel crisis in their life. We are allow got give up to 20hours a monthly to anyone in need. Can I deduct my Paid Time Off hours (PTOs) on my taxes as money item since it is worth money?

Per Diem Deductions

I live in Missoula, Mt, but work seasonally in central Montana in several locations during the work year. I am an employee of a company and do not receive a per diem. I sleep on the work unit, in a wall tent i purchased, for about 125 days a year. Can I deduct mileage and a per diem for food expenses? I received a w-2.

Personal Draw or Tax Deductible?

If LLC pays for it's members health insurance premium or life insurance premium - is it tax deductible or does it counts agains the LLC's member's equity draws?

Real Estate Auction Deductions

by Jim
(Ohio)

Bought a rental property at an auction and had to pay a 10% premium for the property. Is this deductible as an expense for the cost of purchase.

Rental Mortgage Interest Deduction

My father-in-law owns the house we live in. The loan is in his name only. However the bill and statements are delivered to our house, (with his name on them) and we pay the mortgage payment. He isn't making anything on the property, but it is being paid for by us. He comes and stays with us a few times a year.

He has been told by someone, that he can not deduct the interest or property taxes off of this home, since he "rents" it to his family. Is this correct? He also has another home that he lives in another state that is his main residence.

Rental Sold---Commissions Deductible?

by Terri Williams
(GA)

I owned a home in CO. and lived in it for 4 years. Then I moved and rented the home out for 9 months until the renters were able to purchase it. They completed the purchase last March. Can I deduct part of the real estate sales commissions?

Rollover Options re: Employee Voluntary Non-Deductible Contribution

by Godfrey
(Virginia)

I have a voluntary non-deductible contribution with my ex-employer's retirement plan.

The $$ amount remaining now in that voluntary non-deductible contribution account is a sum of the original volunatry amounts + interest earned on that amount.

now that i have moved to another job, i want to rollover those $$ to an IRA possibly, Traditional or Roth. i want to pay the least taxes at this time.

what are my options?

Schedule C Deductions

by Steffi
(South Carolina)

I am 19, a full time student and live with my mom. I am claimed as a dependent on her tax report. In 2009 I delivered phone books several times and borrowed the "family vehicles" to do these deliveries. I drove approximately 10,000 miles total while doing this and earned about $22,000 gross on my 1099's. Can I deduct the mileage or actual gas expenses? I traveled out of town one or two weeks at a time and stayed in a motel during the deliveries. Thanks!

Standard Deduction

by Melissa Mongold
(Petersbug, WV 26847)

What if your standard deduction is more than what you made?

Hello Melissa,

Typically if your standard deduction is more than what you made in earned income, you are not required to file a tax return. However you may still wish to file a return if you had any federal or state withholding so that you can get a refund.

Tax Deductibility of HELOC

by Kay
(Connecticut)

I would like to pay off my existing first mortgage using funds from my HELOC on the same home, as the interest rate is much less. Will the interest still be tax deductible?
Many thanks.
Kay

Tax Deduction

by S
(Rockaway, NY, USA)

I received a violation from the NYC Department of Buildings; can this be deducted or claimed n my tax return?

Tuition Deduction /Divorce

If my ex-husband is required, per our divorce decree, to pay my son's college tuition, can I still use that amount on my return (he is my dependent) as a deduction?

Volunteer Deductions

by Teresa
(Wisconsin)

I know I can not deduct my time. but here is the deal I will be doing run reports for my reqcue squad it is a volunteer squad. the questions are can I deduct the interenet a % of it, there will be a room in my home where I will be doing the reports. can I deduct the % of sq ft. with the house and deduct heating, electric, ect??

Wrap Fee Deduction

by Jack
(Denver, CO)

We pay $5,500 in "wrap fees" to our financial advisor. Are these fees deductable under professional fees in the misc deductions?

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