Sentence examples for eligible to deduct from inspiring English sources

Under the Small Business Tax Cut, introduced by Eric Cantor, House majority leader, any company of any sort with fewer than 500 employees would be eligible to deduct 20 percent of income in 2012, though the deduction is limited to half of cash wages paid to employees.

Please note that for federal income tax purposes, you may be eligible to deduct as a charitable contribution the amount of your contribution less the value of the gift as indicated above.

Most taxpayers are eligible to deduct certain expenses -- such as sizable charitable donations, medical expenses and property taxes -- but not everyone understands whether it's in their best interest to itemize them.

2. Child and Dependent Care Credit- If you paid for child care, dependent care, or even summer camp so you could work, you may be eligible to deduct 20percentto35percentcent of your qualifying expenses up to $3,000 for one qualifying individual and up to $6,000 for two or more qualifying individuals.

The break allows eligible taxpayers to deduct state and local sales and excise taxes paid on up to $49,500 of the purchase price.

Not only can you deduct all eligible expenses, you might be able to deduct losses up to $25,000 in the current or future tax years.

If you are not expecting any other eligible medical expenses to make up for the difference, you will need to deduct that amount from your contribution.

Another form of incentive, the investment allowance, permits investors to deduct from taxable income a certain percentage of the cost of eligible assets in addition to depreciation allowances.

Using a pretax 401(k) might reduce your adjusted gross income enough to make you eligible for a more flexible Roth IRA; or might keep you from losing the child credit; or might allow you to deduct interest on college loans.

I'd like to make it also possible to deduct some of the cost of health insurance from families that don't have employer-based health care and aren't eligible for one of the publicly supported programs.

It is forbidden, however, to deduct golf expenses.