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Should you deduct resale value of an asset when calculating straight line depreciation?
Yes you should. That is also known as the residual value and you would minus that from cost and divide by the useful economic lifetime if the asset.
Is section 179 still valid for taxes Can you still deduct equipment?
Yes. Very much so. It isn't that you can deduct equipment..it is (and was) that you can currently expense (rather than capitalize, and deduct through depreciation over years), up to an certain amount. That amount is being substantially increased.
Is it mandatory to deduct depreciation for the purposes of income tax?
Yes, to the degree the law reads your gain will be calculated from the basis of the depreciation taken or should have been taken.
Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
Need 1500 computer system for your small office now buy on credit card hope to deduct as 2010 expense by paying credit card off in 2010 because you have little income left to deduct 1500 in 2009?
you meant you want to buy an eqipment in 2009 but want to deduct as 2010 expense Is that workable in tax laws How to go about doing it
Should you deduct resale value of an asset when calculating straight line depreciation?
Yes you should. That is also known as the residual value and you would minus that from cost and divide by the useful economic lifetime if the asset.
Is section 179 still valid for taxes Can you still deduct equipment?
Yes. Very much so. It isn't that you can deduct equipment..it is (and was) that you can currently expense (rather than capitalize, and deduct through depreciation over years), up to an certain amount. That amount is being substantially increased.
Can self-employed couple deduct depreciation on business equipment when calculating income in determining continued eligibility for food stamps?
No. See 7 C.F.R. Sec. 273.11(b)(2)(iii)
The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods true or false?
Yes. Accumulated depreciation is a contra asset account, which means it has an opposite balance from a normal asset account. It is used to reduce the balance whatever asset you are deprecating. When you total your assets on the balance sheet, you deduct the cost of Accumulated depreciation from your assets to get the true worth of your assets.
Can you deduct life insurance as a business expense?
Not likely.
Deduct Your Laptop Computer Expense?
Are you a blogger at home? Do you run a hair business at home? Whatever the case, you may be able to deduct the expense of a laptop computer for your personal business. Do not forget to deduct the expense of a laptop computer when filing your taxes. A laptop computer can offer a great opportunity for potential savings on your taxes. Bloggers are able to deduct the expense of a laptop, because a majority of their income comes from their creating blog posts through a laptop computer. A hair stylist may also deduct the expense of a laptop computer if she uses it so make hair appointments.
Can you deduct private mortgage insurance?
PMI is not a deductible expense.
Is it mandatory to deduct depreciation for the purposes of income tax?
Yes, to the degree the law reads your gain will be calculated from the basis of the depreciation taken or should have been taken.
Use the word deduct in a sentence?
When calculating your taxes, remember to list the property tax payment as a deduction, so you pay less tax.
Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
Need 1500 computer system for your small office now buy on credit card hope to deduct as 2010 expense by paying credit card off in 2010 because you have little income left to deduct 1500 in 2009?
you meant you want to buy an eqipment in 2009 but want to deduct as 2010 expense Is that workable in tax laws How to go about doing it
What is the maximum allowable educator expense adjustment for an eligible teacher?
you may be able to deduct up to $250
