PPT-Issues in Deduction of Business Expenses under IT

By CMA S VENKANNA Section 30 to 37 of IT Act 1961 Sec30 Expenses on Business Premises Sec31 Expenses on Plant and Machinery Sec32 Depreciation Sec32AD Investment Allowance Sec33AB Tea Coffee Rubber Development Account. Adjustments . for. Adjusted Gross Income. . “Don’t tax you, don’t tax me;. Tax the fellow behind the tree.”. Senator Russell B. Long. LO #1 Student Loan Interest. Only interest on a “qualified” student loan is potentially deductible.. . Self-Employed. Business Income Schedule C. “A fine is a tax for doing something wrong. . A tax is a fine for doing something right.”. -- Anonymous. LO #1- Income and Expenses of the Self-Employed. Adjustments . for. Adjusted Gross Income. . “Don’t tax you, don’t tax me;. Tax the fellow behind the tree.”. Senator Russell B. Long. LO #1 Student Loan Interest. Only interest on a “qualified” student loan is potentially deductible.. . This deduction allows a Zone business to deduct the . increase. . in assessed value. from a . “qualified investment”. in . real or personal property. for up to 10 years. . Investment Deduction. Lisa Riccardi. Tax Manager, VonLehman & Company. Agenda. Types of Reimbursement . P. lans. Common Deductions. Substantiation Requirements. Questions. Accountable Plan. Not included in employee’s income. Adjustments . for. Adjusted Gross Income. . “Don’t tax you, don’t tax me;. Tax the fellow behind the tree.”. Senator Russell B. Long. LO #1 Student Loan Interest. Only interest on a “qualified” student loan is potentially deductible.. 2. Learning objectives. Identify the for AGI deductions directly related to business activities. Describe the loss limitation rules for passive activities, the rental use of a home, and home office deductions. 2. Learning objectives. Identify the common deductions necessary for calculating adjusted gross income (AGI). Describe the different types of itemized deductions available to individuals and compute itemized deductions. This presentation is adopted from a presentation made in an advanced tax planning class as part of the curriculum for my Master’s in Tax & Financial Planning at San Diego State University. Although it highlights many of the HSA basic concepts, it is actually designed to focus on a little known “secret” behind the HSA plan—the ability to by-pass the 7.5% AGI limitation required before most people can ever deduct any of their medical expenses. I hope you enjoy!. Income Tax Fundamentals 2013. Student Slides . Gerald E. . Whittenburg. . Martha . Altus-. Buller. Steven Gill. 2013 Cengage Learning. Defining Trade or Business . & Tests for Deductibility. A trade or business is not specifically defined in the Internal Revenue Code, but is generally an activity conducted for a profit. Tax Law & Scope Changes 2018. CO1 IW - 2018. 2. The authority for Tax-Aide scope questions. Manual for Tax Year 2018 issued November 28. Located in Portal Library under Tax Law and Training. Tax-Aide Scope Manual. LJPR Financial Advisors. Tax Reform . B. uilt . a New Set of Rules. Use Them To Your Advantage. Tax . Cuts and Jobs Act: . Tectonic . Shift. Profound changes to business taxes. C-corp. rules changed . for Stakeholders - Updated 3 / 18 /202 1 MAGI Deductions Guide for Stakeholders These deductions are only allowable when they belong to someone in the tax filing unit or in the household (for non China ContactsJex00660066 Xu Partner jexudeloittecomcn86 21 6141 1278What146s newSummary of updates/Changes to RD and government incentives from 1 January 2019 through 31 October 2020The RD super dedu