AFSP || with Error-free Solutions.
standard mileage rate enables a taxpayer to correct answers 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: correct answers Business purposes;
Charitable purposes; or
Obtaining medical care.
Can taxpayer deduct unreimbursed employee expenses? correct answers no
the 2018 alternative
standard mileage rate applicable to eligible business use of a vehicle is correct answers 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: correct answers 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: correct answers 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 correct answers
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 correct answers
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
correct answers 14¢
per mile
,use of Personal Vehicle for Charitable Purposes, The taxpayer may also deduct correct answers
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 correct answers 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 correct answers 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 correct answers 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: correct answers 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 correct answers 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. correct answers Richard Neal (D-MA)
, Qualified Improvement Property (QIP) correct answers 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 correct answers real estate that is not residential real estate
An excise tax is correct answers an indirect tax on the sale of a particular good or service such as
fuel, tobacco and alcohol.
Indirect tax means correct answers 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 correct answers 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) correct answers 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 correct answers $19,000....$25,000 for people age 50 or older
Education expenses considered qualified education expenses under the education savings bond
program are correct answers 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? correct answers NO
An eligible educational institution for purposes of the education savings bond program is broadly
defined as
And includes: correct answers one eligible to participate in a student aid program administered
by the U.S. Department of
Education and includes:
College;
University;
Vocational school; and
Other post-secondary educational institution.
standard mileage rate enables a taxpayer to correct answers 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: correct answers Business purposes;
Charitable purposes; or
Obtaining medical care.
Can taxpayer deduct unreimbursed employee expenses? correct answers no
the 2018 alternative
standard mileage rate applicable to eligible business use of a vehicle is correct answers 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: correct answers 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: correct answers 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 correct answers
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 correct answers
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
correct answers 14¢
per mile
,use of Personal Vehicle for Charitable Purposes, The taxpayer may also deduct correct answers
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 correct answers 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 correct answers 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 correct answers 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: correct answers 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 correct answers 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. correct answers Richard Neal (D-MA)
, Qualified Improvement Property (QIP) correct answers 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 correct answers real estate that is not residential real estate
An excise tax is correct answers an indirect tax on the sale of a particular good or service such as
fuel, tobacco and alcohol.
Indirect tax means correct answers 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 correct answers 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) correct answers 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 correct answers $19,000....$25,000 for people age 50 or older
Education expenses considered qualified education expenses under the education savings bond
program are correct answers 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? correct answers NO
An eligible educational institution for purposes of the education savings bond program is broadly
defined as
And includes: correct answers one eligible to participate in a student aid program administered
by the U.S. Department of
Education and includes:
College;
University;
Vocational school; and
Other post-secondary educational institution.
