Are health insurance premiums tax deductible for a self-employed taxpayer?
Yes, health insurance premiums are deductible. The taxpayer can reduce their gross income by the fully amount of health insurance premiums paid during the tax year.
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Are child support payments tax deductible?
No, child support payments are not tax deductible for the individual that is paying the child support. In addition, if you receive child support payments, that income is nontaxable.
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Are gambling losses tax deductible?
Yes, but only up to the amount of winnings the taxpayer has. For example, if a taxpayer had $100 of gambling losses and $80 of gambling winnings, then the taxpayer could only deduct up to $80 of losses. The taxpayer would not have any gambling winnings in gross income, and the remaining $20 of gambling...
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Are contributions to a Roth IRA tax deductible?
No, contributions to a Roth IRA are not deductible from gross income. However, the main benefit with a Roth IRA is that future distributions are nontaxable. That means that both the principal and earnings grow tax free and can be withdrawn tax free in the future. There are limits and phaseouts that each taxpayer needs...
Are child support payments tax deductible?
No, child support payments are not tax deductible for the individual that is paying the child support. In addition, if you receive child support payments, that income is nontaxable.
Are gambling losses tax deductible?
Yes, but only up to the amount of winnings the taxpayer has. For example, if a taxpayer had $100 of gambling losses and $80 of gambling winnings, then the taxpayer could only deduct up to $80 of losses. The taxpayer would not have any gambling winnings in gross income, and the remaining $20 of gambling...
Are contributions to a Roth IRA tax deductible?
No, contributions to a Roth IRA are not deductible from gross income. However, the main benefit with a Roth IRA is that future distributions are nontaxable. That means that both the principal and earnings grow tax free and can be withdrawn tax free in the future. There are limits and phaseouts that each taxpayer needs...
