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Reg Notes CPA

Single taxpayers have a standard deduction of $6,100 and married filing jointly taxpayers have a standard deduction of $12,200 for 2013. The 2013 personal exemption is $3,100. Cash basis accounting is allowed for individual taxpayers owning a business but not for corporations, partnerships with a C corporation partner, or inventories. Deductions that can be taken to arrive at adjusted gross income include self-employed SEP, SIMPLE, and qualified plan contributions, self-employed health insurance premiums, investment penalties for early withdrawal, alimony paid, IRA deduction, student loan interest if not a dependent of another taxpayer, teacher expenses, moving expenses, and tuition expense but not if also claiming AOTC or Lifetime Learning

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2K views1 page

Reg Notes CPA

Single taxpayers have a standard deduction of $6,100 and married filing jointly taxpayers have a standard deduction of $12,200 for 2013. The 2013 personal exemption is $3,100. Cash basis accounting is allowed for individual taxpayers owning a business but not for corporations, partnerships with a C corporation partner, or inventories. Deductions that can be taken to arrive at adjusted gross income include self-employed SEP, SIMPLE, and qualified plan contributions, self-employed health insurance premiums, investment penalties for early withdrawal, alimony paid, IRA deduction, student loan interest if not a dependent of another taxpayer, teacher expenses, moving expenses, and tuition expense but not if also claiming AOTC or Lifetime Learning

Uploaded by

Adam James
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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2013 Standard Deduction

Single - $6,100
MFJ - $12,200
2013 Personal Exemtion
$3,!00
"as# $asis %ccounting- is allo&ed 'or (ndi)idual *axa+ers o&ning a $usiness
*#e "as# $asis %ccounting is not allo&ed 'or "ororations, Partners#is &it# a "-"or Partner,
nor iis it allo&ed 'or (n)entor+,
Deductions to %rri)e at %d-usted .ross (ncome /%.(0
MS%12%S "ontri3utions
Mo)ing Exenses
Deducti3le art o' Sel'-Emlo+ment *ax
Sel'-Emlo+ed SEP, S(MP4E, and 5uali'ied Plans
Sel'-Emlo+ed 2ealt# (nsurance Premiums
(n)estment enalties 'or earl+ &it#dra&al
%limon+ aid
(6% Deduction
Student 4oan (nterest 7 can8t 3e anot#er taxa+er8s deendent,
*eac#er exenses
Mo)ing Exenses
*uition Exense 7 "an8t also claim %9" or 4i'etime 4earning "redit 'or same exenditures

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