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" ... But there’s an administrative reason for this rule, too: Generally allowing business meals to qualify for the deduction keeps the IRS from having to make the subjective determination whether a taxpayer enjoyed a business meal. And from an economic recovery standpoint, making many business meals nondeductible would be a particularly harsh result for restaurants. ... "
" ... Deductible IRA Phase-Outs. You can earn a little more in 2021 and get to deduct your contributions to a traditional pretax IRA. Note: Even if you earn too much to get a deduction for contributing to an IRA, you can still contribute—it’s just nondeductible. ... "
" ... However, there are limitations. IRS also offered the following as an example of a nondeductible prepayment: ... "
" ... Later, Bilzerian was convicted of violating securities laws, making false statements and criminal conspiracy. The IRS disallowed his tax deduction saying the related $125,000 payment had to be illegal. The IRS claimed the payment was nondeductible regardless of whether the payment itself was legal since it was made in furtherance of an illegal activity. The Tax Court ruled that only payments illegal by themselves were nondeductible. ... "
" ... “If you want to save even more or can’t contribute to your employer retirement plan, you can contribute to a traditional IRA for yourself and/or your spouse (spousal IRA),” says Turoski. “The contribution to each IRA can be up to the lesser of your earned income or $6,000 ($7,000 if age 50 or over) for you and your spouse. You have up until April 15, 2021 to make your contribution for 2020. There are income limits on being able to deduct the contribution if you participate in an employer plan. Even if you can’t get a deduction, the nondeductible contribution creates basis, which means a portion of your future distributions come out tax-free. In the meantime, the account compounds tax-deferred, enabling you to accumulate more wealth.” ... "