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Standard Mileage Rate vs Actual Vehicle Expenses for 2009, 2010

You may know that because the IRS provides a standard mileage rate for the deduction of vehicle expenses used in your business, you are allowed to choose between this rate and the actual expenses you incur in calculating this deduction. Because the mileage rate includes...

created by frankie1266 | 1 year ago | updated 5 wks ago
2250 views | 0 recommendations | 0 comments

Allowable IRS Medical Expenses Tax Deduction Guidelines 2009 2010

You can deduct any expense you pay for the prevention, diagnosis, or medical treatment of physical or mental illness, and any amounts you pay to treat or modify any part or function of the body for health, but not for cosmetic purposes. (So you can deduct the cost of Lasik...

created by frankie1266 | 1 year ago | updated 5 wks ago
36005 views | 13 recommendations | 2 comments

Interest Allowed But Not Principal Amount On Home Loan!

"I have taken housing loan in 1999 for Rs. 1.53 lacs and then addition loan of Rs. 3.50 lacs for addition to the same house and constructed first floor. Again I have taken one more housing loan and made slight modification to the same house. I repeat I have three housing...

created by q4tax | 2 years ago
165 views | 0 recommendations | 0 comments

Expense on Grandmother Is Also Allowed u/s 80DD

created by q4tax | 2 years ago
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List of Mutual Funds For 80C Deduction!

"For AY 2007-08, what mutual funds are eligible for Sec 80 C?Your Email : colmitra@..........com The mutual funds eligible for 80C deduction are almost all the mutual funds which are recognized by SEBI. Section 80C under sun section [xiii] states as under "(xiii) as...

created by q4tax | 2 years ago
250 views | 0 recommendations | 0 comments

Coaching Institute Fee Is Not Allowable Deduction U/s 80C

created by q4tax | 2 years ago
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The dos and don'ts of income-tax deductions

"Find the Deduction is a game with constantly shifting rules. Each year Congress changes something in the tax law, the Internal Revenue Service issues opinions, and tax courts make their rulings. If you like a challenge, learning this year's deduction options is like a game...

created by alaaron | 2 years ago
509 views | 0 recommendations | 0 comments

Principal Amount of Loan Allowed Even If Interest Is Not Allowed!

"Suppose, somebody is taking exemption on rent can he also be eligible on Housing Principal & Interest benefit? rajendra.panditrao@.................com Yes, the deduction u/ s 24 of the I T Act of Interest on borrowed fund for construction of house 1. which is self...

created by q4tax | 2 years ago
141 views | 0 recommendations | 0 comments

Interest & 80C Deductions Allowed to Non Residents Too!

"shankers_1999@......com Asked : I was NRI and working in DUBAI till Dec 14th 2007 ( Went to Dubai in 26th July 2003). Returned back to India on 15th Dec 2007 and joined an MNC here. I have 2 question for filing my Income tax return,( FY 2006-2007) * a) I am paying...

created by q4tax | 2 years ago
224 views | 0 recommendations | 0 comments