The IRS Deductions Blog

Question: As a business owner, is the drive to and from work tax deductible?

I was trying to figure out if you can take the standard mileage deduction. I seem to see different opinions about this.

Answer: If you’re just driving to and from your normal place of work, no. If you have a job, something like being in construction, where you have to drive from job site to job site, then yes.

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Question: Payroll program availability and recommendations.?

I have the need for a competent, readily used payrolling program.

The system I visualise will have the ability to accept settings of hours worked, standard and penalty pay rates, awards/ allowances, non-taxable income calculations, super-annuation/pension/ bank account contributions, Tax Deductions and tax due.

Once set, on entry of hours worked, all pay calculations are made.
Scales would be apportioned appropriately, tax/ contributions listed with final pay and week-to-date, month-to-date, and year-to date earnings revealed.

The program needs to be user friendly to computer unsavvy personel, Australian conditions relevant and preferably pre-purchase evaluation accessible.
Errata/ error correction would be required.
Also desirable would be the ability to handle more than a single group of settings to handle multiple differing considerations for various staff in a small business.
Mandatory would be compatibility with Windows XP home edition.

Any recommendations?

Answer: Mind Your Own Business…..i.e. MYOB…..if you contact the company you can get a free trial & have a chat with someone about the program.

It is almost idiot proof!

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Question: Can I still contribute to a non-deductible IRA (not traditional or Roth) now, and have it count towards 2008?

If so, what is the contribution limit for 2008? Are there any income limits associated with contributing to a non-deductible IRA?

Answer: Your IRA contribution limit for 2008 is 100% of earned income or $5,000, whichever is less. Taxpayers age 50 and older may contribute an additional $1,000. You may contribute to your IRA for 2008 until the tax-filing deadline (without extensions), in this case, April 15, 2009.

The deductibility of the contribution to a Traditional IRA is based on two factors: (1) whether the taxpayer is an active participant in a company retirement plan, and (2) the taxpayer’s Modified Adjusted Gross Income (MAGI). Please check with your professional advisors to see how these regulations apply to you.

Hope that helps.

Disclaimer. The information above is for general purposes only and is not be be construed as tax, legal, investment, or specific advice for any individual. Please consult with your professional advisors before you make any decisions regarding your finances.

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Question: Help on Schedule A – Itemized Deduction?

How do I get the value to put on Federal Schedule A – Itemized Deduction under taxes You Paid , Line 5 – State and Local Income Taxes? Where can I get the numbers to put there? Is it on my W2 Form? If yes, which boxes in W2 I need to add?
Thanks, I checked on PUBLICATION 17… it says add box 14 17 19. Thanks for confirming this!

Answer: That amount is found on your W-2 under “state income tax” (box 17). If you have local taxes as well (box 19), you add them to your state taxes to get a total.

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Question: How comfortable will you live on STG 26,000 pa ?

I need approximate examples for NI and income Tax Deductions, council tax, utility/phone bills and living expenses for 1 person, together with rent rates for 1 person accomod in Essex, in order to calculate the remaining income! Thx

Answer: The biggest deduction from your income is likely to be income tax and NHI This will depend on your age as over 60 you get more allowances. You have a personal allowance of I think around £4900 but you can check all this and the NHI on the Inland Rev Website. Once you have earner over your personal allowance you are taxed 10% on £2000 and 22% on the balance.
Council tax varies so you need to check similar properties in the area. Single occupation gets 25% reduction. Rent depends on type of property but few rents even for the most modest places are less than £70-£80 per week and that is here in the North West.utility bills and phone bills will depend on your usage and utility costs are high.Modest users I assume you are out all day would have for gas and electric and water (if you have a water meter) at least £1000 pa, You should have roughly half of your income left for food clothing holidays and any vices you might have

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1. The state general revenue fund faces a multibillion-dollar shortfall in the two-year budget you will have to introduce in a few months. As specifically as possible, how will you fix this problem?

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