The tax filing season starts on Monday, Jan. 23, 2017, and shall run till Tuesday, April 18, 2017. This post is for readers to claim ceratin benefits that one can do till the end of the year i. e 31st December 2016 . Often, taxpayer miss because they forget to claim those or do certain action as per law. So here are five such reminders :
Internal Revenue Code allows workers and employees certain deductions that are nencessry for carrying out jobs assigned to them .In other words , certain types of job-related expenses that are not reimbursed by the employer but incurred by an employee for the purpose of job might qualify for deductions from taxable income under certain conditions .
If you or your spouse of specified dependents are facing medical challenege on account of aging or any disese or aging or for any purpose , it should be known that Sec. 213(a) of Internal Revenue Code allows deduction of home imporvements linked to medical care on self , one’s spouse, or a specified dependent as defined in Sec. 152 . It has been held by Court held that an expense on home improvement medical deduction allowed only if one shows that the expense was part of an essential element of treatment and would not have otherwise been incurred for nonmedical reasons (Refer Jacobs, 62 T.C. 813 (1974)).