Can the Tax From Buying New Car Be Deducted on Federal Taxes?

Answer The Internal Revenue Code in the United States allows for deduction of sales tax on the purchase of a vehicle when the taxpayer completes Schedule A, Itemized Deductions, of Form 1040, U.S. Individ... Read More »

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Can short-term&long-term disability insurance be deducted from federal taxes?

Taxpayers are not allowed to deduct premiums that they paid for personal disability insurance. While it is legal to deduct other forms of insurance, such as business liability insurance, personal d... Read More »

How can mileage be deducted from taxes?

Depending on your purpose for driving, you may be able to deduct mileage from your taxes. Most mileage deductions are itemized deductions, which means you can only claim them if you forgo the stand... Read More »

How to Calculate Taxes Deducted From Wages?

The Tax Policy Center notes that payroll taxes which fund unemployment, Medicare, Social Security and many other retirement programs contributed to approximately 34 percent of federal earnings in 2... Read More »

How much in taxes is deducted from a paycheck?

The amount of money that is withheld from your paycheck depends on your income and the number of exemptions you claimed on your W-4 form. In addition, 7.65 percent of your income is withheld for F... Read More »