AFSP question with answers
standard mileage rate enables a taxpayer to - -deduct vehicle expenses on
per mile rate basis rather than deducting actual car expenses.
-Accordingly, the standard mileage rates differ from one another depending
on whether the vehicle is
used for: - -Business purposes;
Charitable purposes; or
Obtaining medical care.
-Can taxpayer deduct unreimbursed employee expenses? - -no
-the 2018 alternative
standard mileage rate applicable to eligible business use of a vehicle is - -
54.5¢ per mile, up from 53.5¢
in 2017.
-(Business Use of a Taxpayer's Personal Vehicle)
In order for such expenses to be deductible, they must have been: - -Paid or
incurred during the tax year;
For the purpose of carrying on the taxpayer's trade or business; and
Ordinary and necessary.
-Provided the vehicle expenses meeting the three criteria are not
reimbursed, the deductible
personal vehicle expenses include those incurred while traveling: - -Between
workplaces;
To meet with a business customer;
To attend a business meeting located away from the taxpayer's regular
workplace; or
From the taxpayer's home to a temporary place of work.
-In addition to using the standard mileage rate, a taxpayer may also deduct
any - -business-related
parking fees and tolls paid while engaging in deductible business travel.
-parking fees paid by
a taxpayer to park his or her vehicle at the usual place of business are
considered - -commuting
expenses and are not deductible.
-The standard mileage rate applicable to a taxpayer's
use of a personal vehicle for charitable purposes is based on statute and
remains unchanged at - -14¢
,per mile
-use of Personal Vehicle for Charitable Purposes, The taxpayer may also
deduct - -parking fees and tolls regardless of whether the actual
expenses or standard mileage rate is used.
-The vehicle expenses a taxpayer may include as
medical and dental expenses are - -the amounts paid for transportation to
obtain medical care for the
taxpayer, a spouse or a dependent.
-A taxpayer may also include as medical and dental expenses
those transportation costs incurred:
and
The taxpayer may also deduct - -By a parent who must accompany a child
needing medical care;
By a nurse or other person who can administer injections, medications or
other treatment
required by a patient traveling to obtain medical care and unable to travel
alone; or
For regular visits to see a mentally-ill dependent, if such visits are
recommended as a part of
the mentally-ill dependent's treatment.
and
any parking fees or tolls,
regardless of whether actual expense or the standard mileage rate is used.
-For 2018, the standard medical mileage rate is - -18¢
per mile, an increase of 1¢ from 2017.
-Under the
federal education savings bond program, a taxpayer may exclude some or all
interest income received
on qualified U.S. savings bonds if the taxpayer: - -Paid qualified education
expenses for the taxpayer, a spouse or a dependent claimed as an
exemption;
Has a modified adjusted gross income (MAGI) not exceeding specified
maximum amounts that
are adjusted for inflation each year; and
Has a federal income tax filing status other than married filing separately.
-The U.S. savings bonds that qualify for the education savings program are -
-series EE bonds issued
after 1989 and series I bonds.
The bonds must be issued either in the taxpayer's name as sole owner
or in the name of the taxpayer and spouse as co-owners.
, the owning taxpayer must have been at least age 24 before the bond's date
of issue.
-head of the House of Ways & Means Com. - -Richard Neal (D-MA)
-Qualified Improvement Property (QIP) - -any improvement to an interior
portion of a building that is nonresidential real property if such improvement
is placed in service after the date such building was first placed in service.
-nonresidential real property - -real estate that is not residential real estate
-An excise tax is - -an indirect tax on the sale of a particular good or service
such as fuel, tobacco and alcohol.
-Indirect tax means - -the tax is not directly paid by an individual consumer
— instead, the Internal Revenue Service (IRS) levies the tax on the producer
or merchant, who passes it onto the consumer by including it in the product's
price.
-An annuity contract - -is a method of converting wealth into a stream of
income. An investor gives money to an insurance company. In exchange the
insurance company agrees to provide the investor with a benefit at a future
date.
-An employee stock ownership plan (ESOP) - -an employee-owner program
that provides a company's workforce with an ownership interest in the
company. In an ESOP, companies provide their employees with stock
ownership, often at no upfront cost to the employees.
-401(k) payin cap for 2019 is - -$19,000....$25,000 for people age 50 or
older
-Education expenses considered qualified education expenses under the
education savings bond
program are - -education expenses incurred at an eligible educational
institution by the taxpayer for the
taxpayer, the taxpayer's spouse or a dependent claimed by the taxpayer.
Such expenses include:
Tuition and fees;
Contributions to a qualified tuition program; and
Contributions to a Coverdell education savings account (ESA)
-Are room and board qualified education expenses for purposes of the
education savings bond program? - -NO
standard mileage rate enables a taxpayer to - -deduct vehicle expenses on
per mile rate basis rather than deducting actual car expenses.
-Accordingly, the standard mileage rates differ from one another depending
on whether the vehicle is
used for: - -Business purposes;
Charitable purposes; or
Obtaining medical care.
-Can taxpayer deduct unreimbursed employee expenses? - -no
-the 2018 alternative
standard mileage rate applicable to eligible business use of a vehicle is - -
54.5¢ per mile, up from 53.5¢
in 2017.
-(Business Use of a Taxpayer's Personal Vehicle)
In order for such expenses to be deductible, they must have been: - -Paid or
incurred during the tax year;
For the purpose of carrying on the taxpayer's trade or business; and
Ordinary and necessary.
-Provided the vehicle expenses meeting the three criteria are not
reimbursed, the deductible
personal vehicle expenses include those incurred while traveling: - -Between
workplaces;
To meet with a business customer;
To attend a business meeting located away from the taxpayer's regular
workplace; or
From the taxpayer's home to a temporary place of work.
-In addition to using the standard mileage rate, a taxpayer may also deduct
any - -business-related
parking fees and tolls paid while engaging in deductible business travel.
-parking fees paid by
a taxpayer to park his or her vehicle at the usual place of business are
considered - -commuting
expenses and are not deductible.
-The standard mileage rate applicable to a taxpayer's
use of a personal vehicle for charitable purposes is based on statute and
remains unchanged at - -14¢
,per mile
-use of Personal Vehicle for Charitable Purposes, The taxpayer may also
deduct - -parking fees and tolls regardless of whether the actual
expenses or standard mileage rate is used.
-The vehicle expenses a taxpayer may include as
medical and dental expenses are - -the amounts paid for transportation to
obtain medical care for the
taxpayer, a spouse or a dependent.
-A taxpayer may also include as medical and dental expenses
those transportation costs incurred:
and
The taxpayer may also deduct - -By a parent who must accompany a child
needing medical care;
By a nurse or other person who can administer injections, medications or
other treatment
required by a patient traveling to obtain medical care and unable to travel
alone; or
For regular visits to see a mentally-ill dependent, if such visits are
recommended as a part of
the mentally-ill dependent's treatment.
and
any parking fees or tolls,
regardless of whether actual expense or the standard mileage rate is used.
-For 2018, the standard medical mileage rate is - -18¢
per mile, an increase of 1¢ from 2017.
-Under the
federal education savings bond program, a taxpayer may exclude some or all
interest income received
on qualified U.S. savings bonds if the taxpayer: - -Paid qualified education
expenses for the taxpayer, a spouse or a dependent claimed as an
exemption;
Has a modified adjusted gross income (MAGI) not exceeding specified
maximum amounts that
are adjusted for inflation each year; and
Has a federal income tax filing status other than married filing separately.
-The U.S. savings bonds that qualify for the education savings program are -
-series EE bonds issued
after 1989 and series I bonds.
The bonds must be issued either in the taxpayer's name as sole owner
or in the name of the taxpayer and spouse as co-owners.
, the owning taxpayer must have been at least age 24 before the bond's date
of issue.
-head of the House of Ways & Means Com. - -Richard Neal (D-MA)
-Qualified Improvement Property (QIP) - -any improvement to an interior
portion of a building that is nonresidential real property if such improvement
is placed in service after the date such building was first placed in service.
-nonresidential real property - -real estate that is not residential real estate
-An excise tax is - -an indirect tax on the sale of a particular good or service
such as fuel, tobacco and alcohol.
-Indirect tax means - -the tax is not directly paid by an individual consumer
— instead, the Internal Revenue Service (IRS) levies the tax on the producer
or merchant, who passes it onto the consumer by including it in the product's
price.
-An annuity contract - -is a method of converting wealth into a stream of
income. An investor gives money to an insurance company. In exchange the
insurance company agrees to provide the investor with a benefit at a future
date.
-An employee stock ownership plan (ESOP) - -an employee-owner program
that provides a company's workforce with an ownership interest in the
company. In an ESOP, companies provide their employees with stock
ownership, often at no upfront cost to the employees.
-401(k) payin cap for 2019 is - -$19,000....$25,000 for people age 50 or
older
-Education expenses considered qualified education expenses under the
education savings bond
program are - -education expenses incurred at an eligible educational
institution by the taxpayer for the
taxpayer, the taxpayer's spouse or a dependent claimed by the taxpayer.
Such expenses include:
Tuition and fees;
Contributions to a qualified tuition program; and
Contributions to a Coverdell education savings account (ESA)
-Are room and board qualified education expenses for purposes of the
education savings bond program? - -NO
