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Old 07-14-2014, 05:57 PM
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From the Rich Get Richer Department

Asian Morning Briefing: U.S. Stocks End Up on Citigroup Earnings - Wall Street Journal - WSJ.com

Tax deductibility of banks’ big settlements with the government became an issue last fall, when J.P. Morgan Chase & Co. reached a $13 billion settlement with the government over similar issues and acknowledged that $7 billion of that amount would be deductible.

Tax deductions for settling the fraud charges against you. What lucky ducks . . . except for that $7 Billion part . . .
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Old 07-14-2014, 06:01 PM
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Bush's fault.
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Old 07-16-2014, 01:21 PM
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So...if I get a ticket, for speeding, say...for $260.00, I can deduct $140.00 of that fine from my taxes next year?

COOL!!!

Oh...I have to be a "big boy" to get those kind of deductions...

Who says taxes are for the rich only?

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Old 07-16-2014, 01:35 PM
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this sounds like one of the loopholes needing to be closed up
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Old 07-16-2014, 01:45 PM
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Quote:
Originally Posted by mgburg View Post
So...if I get a ticket, for speeding, say...for $260.00, I can deduct $140.00 of that fine from my taxes next year?

COOL!!!

Oh...I have to be a "big boy" to get those kind of deductions...

Who says taxes are for the rich only?

It's not a fine; it's more of a lawsuit settlement. And yes, small businesses can deduct losses from legal action as well.
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