I know you can claim on your taxes:your doctor's co-payment, gas, school, books, and I've even heard you can claim anything that has been bought for your pet such as food, or vet expenses. But can you claim in your taxes a repair that was done to your car. My car is leased and it has a few dents that need to be fixed. I was thinking of putting in on my credit card since I dont have the money and keeping the receipt. And then when I do my taxes claim it and get the money back to pay my credit card. Can that be done?
2006-09-06 01:21:57 · 7 answers · asked by ME 3 in Business & Finance ➔ Taxes ➔ United States
You can deduct that repair only if the car is used almost exclusively for business purposes (commuting to and from work doesn't count). If you are not self-employed, such a deduction is limited to the extent that it exceeds 2% of your adjusted gross income. You are required to prove that the car is used for business if you get audited.
BTW, many of the deductions you mention at the first of your question are bogus, also.
2006-09-06 01:27:11 · answer #1 · answered by Jamestheflame 4 · 4⤊ 0⤋
No, you can't claim personal expenses such as fixing your car. And wherever you saw that you could claim vet expenses or pet food (or human food for that matter either), that's not correct.
Medical expenses can be claimed if you itemize, but only med espenses that are over 7.5% of your income.
School tuition - not all of it, but there are some credits available. And books - only if they're textbooks for the college classes you're taking, plus must meet a few other conditions.
2006-09-07 02:22:26 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
Deductible amounts are deductible from your income, not your taxes (such as tax credits are). In other words, if you deduct $100 from your income, your tax is not $100 less. You are just taxed on an income amount that is $100 less. The amount of tax savings will depend on your tax bracket. For example, if you are in a 30% bracket, you would save 30% of your $100 income deduction, or $30.
What is commonly referred to as a tax deduction is really an amount deducted from your income, not your taxes. Of course, it reduces your tax, but not by the full amount of your deduction. What is commonly referred to as a tax credit is really a credit right off your tax amount. If you get a $100 tax credit, your tax is $100 less.
I don't know why deductions on your income are referred to as tax deductions. It's very misleading.
2006-09-06 08:45:10 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I don't know what kind of business you have. First you have to itemize your deduction to deduct anything. If your standard deduction is larger than your itemized deduction (it happens) you are better off doing standard deduction. Your medical expense and educational expense (only if it's required to keep your job and not reimbursed by your employer) has 2% limit, which means it has to exceed 2% of your adjusted gross income (I believe). I can tell you unless you spend thousands, it will never reach that point. I have not heard of pet care deduction unless you're in business of pet care. As for car, again, unless you use your car for your business, you can't really deduct any expense of it.
2006-09-06 08:32:35 · answer #4 · answered by spot 5 · 2⤊ 1⤋
You can not deduct for your pet unless it is a service animal. You can deduct car expenses if it use for work ie delivery driver
2006-09-06 08:30:56 · answer #5 · answered by Doctor C. 3 · 1⤊ 0⤋
No but u can if you get business license and claim the car for business use you dont really need a business but you can write off gas and car repairs and food too.
2006-09-06 08:24:35 · answer #6 · answered by Anonymous · 1⤊ 5⤋
if you itemize it has to exceed standard deductions.........
2006-09-06 08:27:45 · answer #7 · answered by Anonymous · 1⤊ 2⤋