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Fordivorced or separatedparents, the custodial parent (the parent with whom the child resides for the most nights out of the year) can claim the credit even if the other parent has the right to claim the child as a dependent due to the divorce or separation agr...
Section 179 Deductions and Depreciation Section 179 deductions work like depreciation. The purpose of depreciation is to spread the expense (and tax deductions) of owning a business asset such as a car or truck over the life of that asset. Normally, depreciation is deducted as an expense to...
Passive activity loss rules can limit the impact of rental property deductions. However, exceptions apply for certain real estate professionals, and for people who actively participate in rental activities (that is, make management decisions about the rental property and own at least 10% of it)....
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Contributions you make through payroll deductions, or employer contributions to a tax-deferred account, aren't included in your taxable income. So, when you receive yourW-2 formfor the tax year of the contribution, the taxable wages reported in Box 1 won't include the money ...
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