Is there any chance of raising the incometax limit of Rs. 1,10,000/- by the Finance Minister, Shri Chidambaram
Answers: I am sure that this limit will be raised at least to 1.25 lakhs. But I am expecting it to be 1.5 lakhs because the Govt. is collecting lot of taxes by way of back door taxes like service tax. Now a days, one lakh ten thousand is nothing.
Non married couple bought house and own 50/50, pay 50/50, who files and claims mtge int ded and taxes on 1040?
Answers: See page 7 of the publication 936, third column, paragraph titled "More than one borrower"
IRS states 85% of folks with mortgages do not qualify for the itemeized deductions.
check u standard deduction
. go to IRS .gov for good advice.
both of u go out tomorrow and get wills and life insurances for each other.
50/50 houses are financial nightmare should one of u pass
Each files and claims 1/2.
I paid for truck driver school in 2007 can be deducted from the taxes ?
Answers: If the school is eligible for Federal student aid, yes. Otherwise, no.
Note: Mark S is well behind the times and is confusing the rules on deduction of education and training costs as a business expense. If the school qualifies for Federal student aid you can use the tuition to qualify for the Hope Credit, Lifetime Learning Credit, or the Tuition Deduction as appropriate. Many truckdriving schools DO qualify for Federal student aid though not all do.
Not unless you are already a truck driver.
Education that qualifies you for a new occupation is not tax deductible. Education that is needed to meet the minimum qualifications for your current occupation are not deductible either.
Education that improves your performance in your current occupation is deductible.
Usually, trucking schools that are built by companies to recruit people pay the money back, if you passed.
They didn't do that?
If they did, I would say, you can't. Though, you might be able too.
The main question, are you treated/considered, as an independent contractor, or does the company pay full traveling expenses?
If you are considered a contractor, then yes, more than likely you will be able to write it off on your taxes.
If you are no considered a contractor, and the company pays for all of the traveling expenses, then I would say no, it more likely then you can't write it off.
Though, you still might be able to in this scenario.
Overall, I am not quite sure, but if you are a contractor, then im 99% sure you can write it off.