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No, only that money which you earn or interest from investments count as income and it is only income that is taxed, not money that you borrow.
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∙ 14y ago
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Do federal student loans count as income for tax purposes?
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Does welfare count as income for tax purposes?
Yes, as it replaces earnings.
How agriculture income is treated for income tax purposes?
direct income
Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Is Jackson hewitt doing income tax loans yet?
Yes
Is your income tax return qualify as income?
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
Is sales tax deductable?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Can wages and Income tax be garnished at the same time for student loans?
yes and no
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
What has the author Harold William Jasper written?
Harold William Jasper has written: 'Averaging of income for federal personal income tax purposes' -- subject(s): Income tax, Income averaging
Is a snowmobile considered a recreational vehicle for federal income tax purposes?
I have never paid tax for mine
