Word: deductionism
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In addition, victims who are part of partnerships, or small businesses, will be able to go back 5 years to recover investments and phantom monies. Previously, it appeared victims could only go back three years. With this new ruling, a theft loss deduction that creates a net operating loss for...
"I think we're going to see the IRS come out with guidelines very shortly," said Neil Tipograph, tax partner at New York City-based Imowitz Koenig & Co. LLP, an accounting firm specializing in private-equity and feeder hedge funds. According to Tipograph and other tax experts, victims involved in...
The second is a "phantom income deduction," which allows you to remove the Ponzi income going back three years. But if you still have a loss, you can carry it forward (i.e., apply it as a deduction against future gains) until the full loss is made up.
Since Geithner certainly has an office at his Fed job, he can't claim his home as a place of business. But if he telecommuted, he could write off a portion of the cost of his computer and other gear needed to run the largest branch of our nation's...
Move in Style Mark Luscombe, principal tax analyst at CCH, a company based in Riverwoods, Ill., that provides tax information and software to accountants, points out that if you have to relocate because of your job, you can deduct a portion of your move. To qualify, your new commute would...