If you are self-employed, it's likely you need to fill out an IRS Schedule C to report how much money you made or lost in your business. Freelancers, contractors, side-giggers and small business owners typically attach this profit or loss schedule to the
Also, remember that these benefits are paid for with pre-tax dollars so they are not eligible to be used as a deduction on your return. For example, health insurance is a common benefit offered by these plans, but you cannot also use these costs as a medical deduction on Schedul...
President-elect Trump has said he wants to repeal the cap on the SALT deduction but it’s unclear what lawmakers ultimately will decide.What’s deductible for tax year 2024?The IRS offers different options for calculating the amount of your sales tax deduction:...
PMI is a type of insurance that protects the lender should you default on your mortgage. It applies when you make a down payment under 20 percent. MIP A mortgage insurance premium (MIP), is a type of mortgage insurance that comes with a Federal Housing Administration (FHA) insured mortgage...
Explains a case that involved a taxpayer's tax deficiency attributable to his Schedule C business. Reasons for not allowing the interest expense deduction; Arguments and justifications presented in the case.KleinStevenI.LooneyStephenR.Business Entities...
Some common types of deductible business insurance include property and liability coverage, health and dental insurance for your employees, auto insurance for your business vehicles, and business interruption insurance. 3. Vehicle Mileage and Expenses ...
Thanks (again) to friends and family, we procured the mercurochrome and prednisone within a day and buckled down to nurse Labios Negros back to health. We changed his feeding schedule as Dr G suggested and my partner injected him every night at 6pm (even after 20 years here, I don’t gi...
I reckoned I’d be okay in the car, so I gave it a clean bill of health. When we got back to the entry gate at the track, Glen, the track manager was waiting for us. “I need to see your license, registration, and proof of insurance!” He was pretty pissed. I said, “I’...
Expert Q&A on Retirement Plans The Motley Fool touched base with retirement expert Jialu Streeter, Ph.D., a Research Scholar at the Stanford Center on Longevity. Jialu’s research primarily focuses on the economics of aging, retirement security, and financial security and mental wellbeing of older...
Private mortgage insurance (PMI) and Mortgage Insurance Premiums (MIP) are often required for homebuyers who put down less than 20% on their homes. These insurance premiums were not deductible from federal taxes for years, but the legislation surrounding this has evolved.12 The Further Consolidated...