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Tax Minimization Network

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Income tax systems generally allow a tax deduction, i.e., a reduction of the income subject to tax, for various items, especially expenses incurred to produce income. Often these deductions are subject to limitations or conditions. Tax deductions generally are allowed only for expenses incurred that produce current benefits, and capitalization of items producing future benefit is required, sometimes with exceptions. Most systems allow recovery in some manner over a period of time of capitalized business and investment items, such as through allowances for depreciation, obsolescence, or decline in value. Many systems reduce taxable income for personal allowances or provide a range of income subject to zero tax. In addition, some systems allow deductions from the tax base for items the tax levying government desires to encourage. Some systems distinguish among types of deductions (business versus non-business).

From Wikipedia under the GNU Free Documentation License
Mon Apr 30 22:37:08 2012

Noun

tax (countable and uncountable; plural taxes)

  1. Money paid to the government other than for transaction-specific goods and services.
  2. A burdensome demand.
Synonyms

From Wiktionary under the GNU Free Documentation License
Sat Apr 28 20:53:36 2012


Chapter 10 Taxation of Wealth
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Sun Apr 22 23:49:54 2012

What is a "0504EE" tax/deduction?
Q. On the "taxes and deductions" portion of my Earnings Statement there is a "0504EE" tax/deduction. What is it? almost 4% of gross pay.
Asked by Mike E - Mon Apr 7 22:36:20 2008 - United States - 1 Answers - Comments

A. Each company may have items on their statements that are unique to that company. You should check with your payroll department.
Answered by Brian J - Tue Apr 8 06:26:56 2008

On this year's federal 1040 tax form, is there no longer a spot to list a "tuition and fees deduction?"
Q. As of last year, a student could deduct up to $4000 from their total income on line 34 of the Adjusted Gross Income section of the 1040, but I don't see that possibility this year. Line 34 is something different and I don't spot the "tuition and fees deduction" hidden anywhere else. What makes it confusing is that I still received a "Form 1098-T" from my university that lists the amount I spent on tuition this past year. Did they remove that deduction possibility, or am I just being unobservant? Thanks.
Asked by xander_earl - Sun Mar 25 00:49:54 2007 - United States - 3 Answers - Comments

A. The extension of that deduction was passed by congress in December, after the forms were already printed, so there's no preprinted space for it. To claim it, enter the amount on line 35, and write "T" to the left of the amount.
Answered by Judy - Sun Mar 25 00:57:27 2007

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See also:
  • Services, 165, Inc.Services, 165, Inc.
    165services.com
    Expert assistance in receiving substantial tax benefits from stock market losses as a result of stock broker fraud, churning, misrepresentation, unauthorized trading or dishonesty.
  • Tax FixTax Fix
    taxfix.co.uk
    Specializes in the refund of tax from the Inland Revenue for students and other low income individuals.
  • Dick Norton, EADick Norton, EA
    dicknorton.com
    Representing taxpayers with audit and collection issues before the IRS and California tax agencies.
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