deductibility Archives

Contrast deductible taxes with nondeductible fees, licenses, and other charges.

Posted on March 18, 2023March 18, 2023 by Assessments

Chapter #10 Deductions and Losses: Certain Itemized Deductions Chapter Introduction Learning Objectives After completing Chapter 10, you should be able to: ⦁ LO.1Distinguish between deductible and nondeductible personal expenses. ⦁ LO.2Define medical expenses and compute the medical expense deduction. ⦁ LO.3Contrast deductible taxes with nondeductible fees, licenses, and other charges. ⦁ LO.4Explain the Federal income […]

Describe the methods of accounting used for taxpayers and determine when taxpayers may change from one method to another. Describe how expenses incurred to alter or improve a non-depreciable asset affect the cost-basis of that asset.

Posted on October 15, 2022 by Assessments

Describe rules governing the deductibility of employer and employee contributions to authorized retirement funds. Discuss the limitations for deducting loss carryforwards. Define a taxable year according to Article 22 and describe how a taxpayer can change the taxable year. Describe the methods of accounting used for taxpayers and determine when taxpayers may change from one […]

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Contrast deductible taxes with nondeductible fees, licenses, and other charges.

Describe the methods of accounting used for taxpayers and determine when taxpayers may change from one method to another. Describe how expenses incurred to alter or improve a non-depreciable asset affect the cost-basis of that asset.