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For example, if you use your GMC Yukon 80 percent of the time for your business needs, the maximum deductible amount would be $20,000, which is 80 percent of the $25,000 maximum under Section 179.
If you lived in a prescribed northern zone, you can claim the basic amount of $11 for each day that you lived in this zone. If you lived in a prescribed intermediate zone, you can claim the basic amount of $5.50 for each day that you lived in this zone.
WHAT IS A NORTHERN LIVING ALLOWANCE? A Northern Living Allowance is provided at an hourly rate to employees, to help offset higher costs that may be incurred living in the Northwest Territories. As an example, in 2020/21, the annual Northern Allowance for an employee working in Yellowknife is $3,700.
A form IT-2 is used by those owing New York income tax to summarize their W-2 forms. This document can be obtained from the website of the New York State Department of Taxation and Finance.
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