Once in the subaccount, the money is invested and can grow tax-free until the couple designates eligible groups to receive it, at which point there isn't any deduction.
While President Bush has suggested any tax reform he proposes will retain the mortgage interest deduction, he hasn't said how big a deduction he aims to protect.
But whatever the percentage allowed, this isn't a special deduction for oil and gas.
WSJ: Merrill Matthews: About Those Tax Breaks for Big Oil . . .
Warning: If you are eligible for any employer-subsidized health plan, including your spouse's, you aren't supposed to claim this deduction, even if you aren't on your spouse's plan.
Low income Americans generally don't pay very much in taxes, so a tax deduction isn't really going to help them afford health insurance.
Well what we're actually saying is not that we don't think the tax deduction important, we do.
BBC: News | BREAKFAST WITH FROST | Conservative Leader, Iain Duncan Smith MP
Too bad the deduction isn't linked to the increase in health care costs.
Although traditional IRA contributions might be tax-deductible for younger people, their incomes are low enough that the deduction doesn't help much, financial planners say.
Warning: If you amend your return to claim missed sales taxes, it could affect whether you owe the alternative minimum tax, since the deduction isn't allowed in the AMT calculation.
This is a valuable "above-the-line" deduction that can't be snatched back by the Alternative Minimum Tax.
This is totally constitutional and isn't much different than the tax deduction many of us already enjoy by purchasing insurance.
If you were offered a pension plan or 401(k) at work at any time in 2006, even if you didn't participate, your eligibility for an IRA deduction may be limited by your income.
Yes, you can list your losses as a miscellaneous itemized deduction--but you can't deduct more than the total amount of your winnings.
Another wrongheaded proposal would allow an interest deduction only to buy assets that aren't already owned by a corporation.
They've been pushing everything from hidden offshore accounts, bogus domestic trusts and discredited "tax protester" arguments (say, that the income tax isn't legal) to abusive insurance, deferred compensation and charitable deduction schemes.
What if your state grants a big deduction for contributing to its plan, but you don't like its investment options?
Personal legal expenses aren't deductible but those related to one's job can be claimed as a miscellaneous deduction.
And here's where it gets really bizarre: It's possible some taxpayers in states with income taxes, who haven't made a big purchase, might actually be better off claiming a smaller sales tax deduction than a bigger income tax deduction.
You don't have to be particularly adept at running the acquired company, just smart enough to claim the interest deduction, in order to make a fortune.
That didn't affect the Perrys, but their neighbors at Marina Bay, Sally and Keith Huzyak, used the mortgage deduction to the max when they combined the mortgage on their primary home, a Lake Tahoe condo, and their 66-foot Pollycraft motor yacht, the Bes-ame ("kiss me" in Spanish).
This deduction is claimed instead of (not in addition to) the state and local income tax deduction, and is most useful to residents of states, including Florida and Texas, that don't impose their own income taxes.
应用推荐