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Daniel has worked as a computer programmer and senior officer of Litem Systems Inc for several years.He has built up a close relationship with a number of Litem clients.One of them asks Daniel if he can do some programming work on the side.It is the same kind of work that Daniel does for clients of Litem.The client would hire and pay Daniel directly.Daniel would do the work on nights and weekends.Daniel is interested,but he cannot take the work because it would be a breach of his fiduciary duty and,if he does take it,he could be forced to pay over all of his profits to Litem.
Charitable Contributions
Donations or gifts made to qualifying nonprofit organizations, often eligible for a tax deduction.
World Wildlife Foundation
A global conservation organization dedicated to preserving the natural environment and reducing the human impact on the world's biodiversity.
AGI
Adjusted Gross Income, calculated by taking gross income and subtracting specific deductions, determining eligibility for many tax credits and deductions.
Deductibility
Deductibility pertains to the eligibility of an expense to be subtracted from gross income to lower taxable income, based on tax laws and regulations.
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