Salaried Exempt Vs. Salaried Nonexempt. Although several criteria separate salaried exempt workers from salaried nonexempt workers, the one key difference between salaried exempt status and salaried nonexempt status is overtime pay. Exempt employees don't receive overtime pay; nonexempt employees do. The classification criteria for exempt and nonexempt workers are part of the Fair Labor Standards Act, or the FLSA, which is the federal law that governs minimum wage, overtime pay and working hours.
Investment Interest and Tax Deductions. One exception to the general rule that interest is tax deductible is investment interest. Investment interest payments are paid on indebtedness properly allocable to property held for investment, such as stocks held on margin, loans to others, etc.
However, you can't deduct interest when the property you buy produces nontaxable income, such as tax-exempt bonds. In any year, you cannot deduct more in investment interest than you earned in investment income. However, you can carry forward your disallowed investment interest to the next year.he interest on that loan is investment interest. (It wouldn't be deductible as mortgage interest because you didn't use the money to buy, build or improve your home.) If you use only part of the borrowed money for investments, you can deduct only a proportional amount of the interest you pay.