Hello,
I am helping my daughter working on her CT tax file.
Under CT state tax section, income, here is income that CT handles differently, miscellaneous, there are
i.r.c section 179;
i.r.c.section 457A deferred compensation;
i.r.c section 168(K) bonus depreciation
I do not understand what are these for? Then I did some research online and find out:
i.r.c section 179; is for business
i.r.c.section 457A deferred compensation; is for employee who work for a tax-exempt organization
i.r.c section 168(K) bonus depreciation is for business.
My daughter only get W2 from a normal company, so I think all these are not her case.
I am not tax person, I am not sure whether my understanding is correct.
Please help me know
Thanks
