The ACT has a pending petition before the BIR for the scrapping of the 5% tax deduction
on election service compensation.
The special energy efficiency tax deduction
, 179D, has been extended to tax-paying businesses for 2017.
Personal spending-related income tax deductions
will be applied to taxes owed instead of income, which will increase the tax burden of high income earners.
As Congress and the president make deficit reduction a higher priority for the federal budget, Americans show solid opposition to eliminating common tax deductions
. Opposition is high regardless of whether the elimination is designed to help lower the overall tax rate or reduce the deficit.
Kaplow (1992b) argues that tax deductions
for net losses are inefficient if the available insurance in the private market is based on proportional coverage.
If there are regular tax deductions
that will be added back for AMT purposes and that a taxpayer has flexibility in paying (for example, state and local taxes), delay paying these taxes until next year to avoid a current-year AMT liability.
And the president punted on the part of his "compassionate conservative" agenda that would have done the most to increase private giving: a federal tax deduction
for non-itemizers (i.e.
The Canadian federal government has reached an out-of-court settlement allowing investors to keep tax deductions
that they received from investing in the country's film-related tax shelters.
Inventoriable costs is another area of difficulty in separately identifying book expense and tax deductions
. Such costs are included on the ledger and mapped into the tax software without reflecting changes in ending inventory.
Nursing Homes/Long Term Care Management asked several nationally recognized experts on healthcare financing to comment on the differences between a long-term care policy based on tax deductions
, such as the Bush administration proposal, and one based on tax credits.
Therefore, to make informed decisions about donating their vehicles, taxpayers should be aware of how vehicle donation programs operate, the role of fund- raisers and charities in the vehicle donation process, and IRS rules and regulations regarding allowable tax deductions
. Due to the increased use of vehicle donation programs, GAO was asked to describe (1) the vehicle donation process, (2) the amount of proceeds received by charities and fund-raisers, (3) donor tax deductions
, and (4) taxpayer cautions and guidance.
The government's tax panel will propose consolidating and abolishing a variety of tax deductions
as measures for comprehensive tax reforms, the panel head said Thursday.