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The abolition of any deduction for wages is likely to raise the cost of employing workers, even with abolition of the employers' share of the payroll tax.
In November a Bush-appointed reform advisory panel proposed repealing the AMT, limiting the home mortgage interest tax break, wiping out any deduction for state and local taxes, and revamping retirement, education and health care savings accounts.
When they were both working, the couple's income approached $200,000 meaning they earned too much to get the child credits or any deduction for the interest on Jennifer's $65,000 in college and law school loans.
You can't take any deduction for the $2,000.
Worse yet, the Neffs forfeit any deduction for miscellaneous expenses if they're subject to the alternative minimum tax.
The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce.
Similar(51)
If you claim any deductions for which you have no evidence and are then audited, you will probably have to pay additional tax, interest and a penalty; if any are overlooked, you will pay too much tax.
In fact, even if Romney eliminated all of their other loopholes and benefits — by, for instance, preventing them from claiming any deductions for mortgage payments and charitable giving — then if he were serious about revenue neutrality he would still have to target the non-rich, scaling back some of their tax breaks, too.
The tax bill that Congress passed in December even included a provision disallowing a deduction for "any settlement or payment related to sexual harassment or sexual abuse if such settlement or payment is subject to a nondisclosure agreement".
That's after making a deduction for any sales commissions and reinvesting what's left of distributions after taxes.
You can claim a deduction for any licensing or registration fees required for your business.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com