If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
Income under the head of “House property”
2.Income under the head of “profit and gain of business or profession”
3.Income under the head of “Capital Gain”
4.Income under the head of “Income from other sources”
South-Western Federal Taxation 2024 Corporations, Partnerships, Estates and Trusts, 47th Edition Solution Manual ISBN-13 9780357900673, full product at https://coursecost.com/product/solution-manual-for-south-western-federal-taxation-2024-corporations-partnerships-estates-and-trusts-47th-edition/
This presentation includes an overview of tax changes from 2012 and what's new in 2013.
For more information about our tax services, visit www.cbiz.com
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
2. 6-2
Learning objectives
1. Identify the common deductions necessary
for calculating adjusted gross income (AGI)
2. Describe the different types of itemized
deductions available to individuals and
compute itemized deductions
3. Explain the operation of the standard
deduction, determine the deduction for
personal and dependency exemptions, and
compute taxable income
3. Deductions for AGI
Three categories of deductions for AGI
Directly related to business activities
Indirectly related to business activities
Deductions subsidizing specific activities
6-3
4. Deductions for AGI
Directly Related to Business Activities
Taxpayers are allowed to deduct expenses
incurred to generate business income
For tax purposes activities are either
profit-motivated or
motivated by personal objectives
Profit-motivated activities are classified as
1. business activities (called “trade or business”) or
2. investment activities
6-4
5. Deductions for AGI
Although both are motivated primarily by profit,
business activities are distinguished from
investment activities:
Trade or Business activities require a relatively high
involvement or effort from the taxpayer where as
investment activities don’t require
Investment activities involve investing in property for
appreciation or for income payments
6-5
7. Deductions for AGI
Trade or Business Expenses must be:
directly connected to the business activity
ordinary and necessary for the activity (e.g.,
appropriate and helpful for generating a profit)
reasonable in amount (not extravagant)
Expenses are claimed on Schedule C
Revenues from the same activity are also reported on
the same Schedule C
The net income or loss from Schedule C is transferred
to Form 1040 (page 1) on line 12
6-7
8. Deductions for AGI
Rental & Royalty Expenses
Claimed above the line (for AGI)
Could either be an investment activity or a trade
activity depending on facts
Taxpayers report expenses and revenue on Schedule
E and transfer the net income or loss from Schedule E
to Form 1040 (page 1), line 17
Flow-through Entities
Expenses and losses incurred by a flow-through entity
pass through to the entity owners who typically report
these amounts on Schedule E and Line 17
6-8
9. Deductions for AGI
Losses
Taxpayers disposing of trade or business assets at a
loss are allowed to deduct the loss for AGI
Losses from investment assets (called capital assets)
are offset against capital gains
If capital losses exceed capital gains, this is called a
net capital loss
A net capital loss is deducted for AGI but limited to
$3,000. Losses in excess of the $3,000 limit are
carried forward indefinitely to subsequent years
6-9
10. Deductions for AGI
Deductions indirectly Related to Business
Activities
The cost of moving personal possessions is not
a direct cost of doing business or being
employed
Moving Expenses are deductible for AGI if the
move meets two tests
1. A distance test
2. A business test associated with a move
6-10
11. Deductions for AGI
Distance test – the new job site must extend existing
commute by 50 miles
A new job site is required, but a new employer is not
essential
Business test - Taxpayer must be employed at least
39 of 52 weeks or be self-employed for 78 of the 104
weeks following the move
Taxpayers are allowed to deduct a mileage rate in lieu
of the actual costs of driving their personal
automobiles during the move (24 cents per mile in
2013)
6-11
12. Deductions for AGI
Health Insurance deduction by Self-Employed
Taxpayers
Deduction provides equity with employees who
receive health insurance as a qualified fringe benefit
Insurance must be provided for taxpayer or
dependents who are not eligible for employer-
provided health insurance
Penalty for early withdrawals of savings
Reduces the taxpayer’s net interest income to the
amount actually received
6-12
13. Deductions for AGI
SE Tax Deduction
Employer and employees each pay the employee’s
Social Security tax
Employers deduct the portion of Social Security taxes
they pay for employees
Self-employed individuals are required to pay SE tax
in lieu of Social Security tax
Self-employed tax payers are allowed to deduct the
employer portion of the SE tax they pay to
compensate for employers deducting their portion of
Social Security
6-13
14. Deductions for AGI
Alimony payments are deductible for AGI to
maintain equity
Contributions to a qualified retirement
account are deductible for AGI to encourage
savings
Interest expense on qualified educational
loans
Qualified educational expenses
6-14
15. Deductions for AGI
Deduction for Interest expense on loans used to
fund qualified educational expenses
Up to $2,500 of interest on education loans is
deductible for AGI
The interest deduction is phased-out for taxpayers
with AGI exceeding $60,000 ($125,000 filing joint)
The deduction is eliminated for taxpayers with AGI
exceeding $75,000 ($155,000 filing joint)
6-15
17. Deductions from AGI: Itemized
Deductions
Medical Expenses
Taxpayers may deduct medical expenses incurred to
treat themselves, their spouse, and their dependents
Qualifying medical expenses include unreimbursed
payments for care, prevention, diagnosis or cure of
injury, disease, or bodily function
Taxpayers using personal automobiles for medical
transportation purposes may deduct a standard
mileage allowance (24 cents per mile in 2013) in lieu
of actual costs
6-17
18. Deductions from AGI: Itemized
Deductions
Hospitals and Long-term Care Facilities
Taxpayers may deduct the costs of actual medical
care whether the care is provided at hospitals or other
long-term care facilities
Medical Expenses Deduction Limitation
It is limited to the amount of unreimbursed qualifying
medical expenses paid during the year which is
reduced by 10% (7.5% for a taxpayer or spouse age
65 or older) of the taxpayer’s AGI
6-18
19. Taxes
Individuals may deduct itemized deductions
payments for following taxes
State, local, and foreign income taxes
Real estate taxes on property held for personal or
investment purposes
Personal property taxes that are assessed on the value
of the specific property
Sales Tax deduction
State and local sales taxes can be deducted in lieu of
state and local income taxes
Deductions from AGI: Itemized
Deductions
6-19
20. Deductions from AGI: Itemized
Deductions
Interest
Two itemized deductions for interest expense:
Deduction of investment interest is limited to a
taxpayer’s net investment income
Any investment interest in excess of the net
investment income limitation carries forward to the
subsequent year
Home mortgage interest
Interest on acquisition indebtedness of $1million
Interest on home equity debt of $100K
6-20
21. Charitable Contributions
Contribution of money or property must be made
to a qualified charity
Special rules apply to charitable contributions of
property depending on the type of property:
Capital gain property
Ordinary income property
Deductions from AGI: Itemized
Deductions
6-21
22. Deductions from AGI: Itemized
Deductions
Charitable Contribution Deduction Limitations for
property donations
Apply the AGI limitations in the following sequence
Step 1: Determine limitation for the 50% contributions
Step 2: Apply limitation to 30% contributions, which is the
lesser of (a) AGI × 30% or (b) AGI × 50% minus the
contributions subject to 50% limit
Step 3: Apply limitation to 20% contributions, which is the
lesser of (a) AGI × 20% , (b) AGI × 30% minus the
contributions subject to 30% limit, or (c) AGI x 50% minus
the contributions subject to the 50% limit and the
contributions subject to the 30% limit
6-22
24. Deductions from AGI: Itemized
Deductions
Casualty and theft losses on personal-use
assets
The amount of the tax loss from any specific
casualty event (including theft) is the lesser of
decline in value of the property caused by the
casualty or
taxpayer’s tax basis in the damaged or stolen asset
6-24
25. Deductions from AGI: Itemized
Deductions
Casualty Loss Deduction Floor Limitations
It must exceed two separate floor limitations to
qualify as itemized deductions
$100 for each casualty during the year
10 percent of AGI floor limit applied to the sum of
all casualty losses for the year (after applying the
$100 floor)
In other words, the itemized deduction is the
aggregate amount of casualty losses that exceeds 10
percent of AGI
6-25
26. Deductions from AGI: Itemized
Deductions
Miscellaneous Itemized Deductions Subject
to AGI Floor
Employee Business Expenses
Travel and transportation
Employee expense reimbursements
Investment Expenses
Tax Preparation Fees
Hobby losses
Total miscellaneous itemized deductions are
subject to a 2 percent of AGI floor limit
6-26
27. Itemized Deductions and the
Standard Deduction
Miscellaneous Itemized Deductions Not
Subject to AGI Floor
Individuals include all gambling winnings for the
year in gross income and deduct gambling losses
to the extent of gambling winnings for the year
Standard Deductions
Taxpayers generally deduct the greater of their
standard deduction or their itemized deductions
High income taxpayers are subject to a phase out
of certain itemized deductions
6-27
28. The Standard Deduction
Standard deduction amounts for 2013
Filing status
Standard
deduction
Additional standard
deduction (age and
blindness)
Married filing
jointly
$12,200 $1,200
Head of household 8,950 1,500
Single 6,100 1,500
Married filing
separately
6,100 1,500
6-28
29. Standard Deductions & Exemptions
Bunching Itemized Deductions
Tax benefit can be gained by implementing simple
timing tax-planning strategy
Taxpayers with itemized deductions that fall just short
of the standard deduction amount
These itemized deductions do not produce any tax
benefit
Rather than deduct the standard deduction every
year time deductions (when possible) to bunch
together in one year
6-29
30. Standard Deductions & Exemptions
Deduction for Personal and Dependency
Exemptions
$3,900 for the taxpayer
$3,900 for the taxpayer’s spouse
$3,900 for each dependent
Subject to phase-out for high income taxpayers
6-30