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Federal > Deductions > Standard Deduction

The IRS allows every taxpayer, based on your filing status, to deduct a flat dollar amount from your Adjusted Gross Income (AGI). 2016 Standard Deduction Amounts: Single or Married Filing Separate (MFS) $ 6,300 Married Filing Joint (MFJ

Tuition and Fees Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). You cannot claim this deduction if your filing status is married filing separately or if another person can claim

Deduction for Educator Expenses

. * If you do itemize your deductions, you cannot claim the same educator expenses as both a Deduction for Educator Expenses and as a deduction for Unreimbursed Employee Expenses. You can only list these expenses as a deduction in one place

Standard Deduction and Exemption Amounts

2016 Standard Deduction and Exemptions 1. Single - $6,300 2. Married Filing Joint - $12,600 3. Married Filing Separately - $6,300 4. Head of Household - $9,300 5. Qualifying Widow(er) - $12,600 Personal Exemption(s) - $4,050

Section 179 Deduction Limitations

Taking the Section 179 election allows the taxpayer to elect to deduct the total cost of the property purchased in lieu of depreciating the property over the life value. Your section 179 deduction is generally the cost of the qualifying

Which home purchases qualify for the first-time homebuyer credit?

for this credit in 2011. Please click here for more information. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after

Schedule C - Expenses

to deduct $5 per square foot up to 300 feet. Direct and indirect expenses are not entered. If you wish to enter your direct and indirect expenses, use the regular method. You may be able to claim a Depreciation deduction on your home if you

Non-Indiana Locality Earnings Deduction

This deduction is no longer available effective tax year 2016. You may still claim the non-Indiana locality earnings deduction for a prior year return. You may be allowed a deduction if you have income being taxed by a locality (local

Section 179 Expensing Deduction

If you reported 80% of federal section 179 expensing as an addition to income on in a year 2008 through 2012 on your Minnesota M1M, you can elect to have 20% of this as a subtraction for 2013. 2013 Form M1 Instructions

Other Subtractions- Virginia

Bonus Depreciation - If depreciation was included in the computation of your Federal Adjusted Gross Income and one or more of the depreciable assets received the special 30% or 50% bonus depreciation deduction for federal purposes in any