[TOPIC 29] ITEMIZED DEDUCTIONS | Taxes Paid Claimed as Deduction and Tax Credit Against Tax Due скачать в хорошем качестве

[TOPIC 29] ITEMIZED DEDUCTIONS | Taxes Paid Claimed as Deduction and Tax Credit Against Tax Due

In our previous video, we have mentioned that a taxpayer who is self-employed or having business or practicing his profession may be allowed to deduct certain items from his gross business income to arrive at net taxable income subject to income tax. The taxpayer may choose between a) Itemized Deductions or b) Optional Standard Deduction. In this video, we discuss the tax rules when claiming itemized deductions, particularly when claiming taxes as a deduction against the taxable gross income. Taxes that may be chargeable against gross income include the taxes paid that are connected to the taxpayer's trade or business, or practice of profession. These taxes must be NECESSARY, ORDINARY, and SUBSTANTIATED, otherwise, they cannot be allowed for deduction. An exemption though, income taxes, donor's taxes, estate taxes, and special assessments cannot be deducted from gross income. If you haven't watched yet the comparison between Itemized Deductions and Optional Deduction, please click this link to redirect you to our video discussion:    • [TOPIC 26] ALLOWABLE DEDUCTIONS | Ite...   To further understand the 10 ITEMIZED DEDUCTIONS, please watch the following videos in order: 1. General Business Expenses:    • [TOPIC 27] ITEMIZED DEDUCTIONS | Gene...   2. Interest:    • [TOPIC 28] ITEMIZED DEDUCTIONS | Inte...   3. Taxes:    • [TOPIC 29] ITEMIZED DEDUCTIONS | Taxe...   4. Losses 4.1. Losses from Casualties:    • [TOPIC 30] ITEMIZED DEDUCTIONS | Loss...   4.2. Losses from Operation (NOLCO):    • [TOPIC 31] ITEMIZED DEDUCTIONS | Net ...   4.3. Losses from Wash Sales, Abandonment and Wagering Losses:    • [TOPIC 32] ITEMIZED DEDUCTIONS | Wash...   5. Bad Debts:    • [TOPIC 33] ITEMIZED DEDUCTIONS | Bad ...   6. Depreciation:    • [TOPIC 34] ITEMIZED DEDUCTIONS | Depr...   7. Depletion:    • [TOPIC 35] ITEMIZED DEDUCTIONS | Depl...   8. Charitable Contributions:    • [TOPIC 36] ITEMIZED DEDUCTIONS | Char...   9. Research and Development:    • [TOPIC 37] ITEMIZED DEDUCTIONS | Rese...   10. Pension Trust:    • [TOPIC 38] ITEMIZED DEDUCTIONS | Cont...   Also, if you want to know about the components of gross income, and how to compute an income, please watch the following videos. 1. Sale of Real Properties Classified as Capital Assets:    • [TOPIC 23] DEALINGS IN PROPERTIES | C...   2. Sale of Shares of Stocks:    • [TOPIC 24] DEALINGS IN PROPERTIES | C...   3. Sale of Capital Assets not Subject to Capital Gains Tax:    • [TOPIC 25] DEALINGS IN PROPERTIES | S...   4. Ordinary Assets and Capital Assets:    • [TOPIC 22] DEALINGS IN PROPERTIES | O...   5. Computation of Gross Business and Professional Income:    • [TOPIC 13] GROSS BUSINESS AND PROFESS...   6. How to Compute Compensation Income:    • [TOPIC 12] GROSS COMPENSATION INCOME ...   7. Final Income Tax on Certain Passive Income:    • [TOPIC 14] PASSIVE INCOMES | Final Wi...   I will upload videos every Monday, Wednesday and Friday.