Pension Deductible Amount
May 27th, 2009
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Question: Are pre-Tax Deductions such as pension, medical and dental plans considered tax Deductible Expenses?
I have spent over $3,200 in out of pocket work related expenses in 2006 and I know that that amount is tax deductible. However, I have also paid about $2,600 in pre-tax deductions in pension, medical and dental plans. Is that $2,600 considered tax deductible in the same was as the other $3,200? Could I legally claim $5,800 in tax deductible expenses for 2006?
Answer: Pre Tax Deductions are just that… They come out of your income before your taxes do so you are not taxed on that money to begin with. You can not take the deduction on those. Your out of pocket work related expenses are the only expenses deductible.
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HOLLAND LANDING, ONTARIO– (Marketwire – March 4, 2010) – Mr. Madan Bhayana, Chief Executive Officer of Inscape (TSX:INQ), a leading designer, manufacturer and marketer of office systems, storage and architectural wall solutions for commercial office environments, announces the following financial results for the third quarter ended January 31, 2010:
I’m Using Turbo Tax
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