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Deductions Allowed

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  • To what extent tax deduction is allowed per person age 67? If I file a short form w/only mortgage insurance and interest, isn't there a standard deduction for each person, say $7500 each? Not including the children in here only an adult of age 67.
  • I need to know whether deduction is allowed on form NYC-202, Schedule B, Line 20 for the contribution to a SEP by a unincorporated business
  • It seems that in IRS form 1040A Hobby expense deductions are allowed for many hobbies. Is this deduction also allowed for motorcycling? for many this is a hobby.
  • In October I took a loan which does not qualify under IRS, now I have incurred an unrealised foregin exchage currency loss on that loan. Is there any sort of tax relief or deduction allowed on such loss.
  • My dad is 55 and hes is operating as a day trader from home trading forex (full time) and this is the only source of income for him. What should he do so that he have to pay the least possible tax, what all type of deductions are allowed in IRS form? I am based in the UK.

 

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