tax deductions?

Question

Does anyone know of where to find a list of all the tax deductions available? Or if one even does exist.. Ive heard of all sorts a things one can claim on there w2s to increase there income tax check...


Thanks

Answer 1

The IRS has a web site www.irs.gov where you can look up darn near anything tax related. Schedule A is where you put all of your deductions which lower your taxable income and thereby lower your tax liability and increase your refund. Instructions for Schedule A listing what all goes on it can be found here:

http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

There are other things that lower your tax liability / increase your refund. They are credits and adjustments. There is an awful lot to discuss in one answer, so I suggest either searching throughout the IRS web site, take a tax class (usually for $150 or less), or see a tax professional.

Answer 2

You don't claim anything on your W2. You would claim things on your 1040 Schedule A.

Check www.irs.gov and look for Publication #17. It is very comprehensive, but it will give you information about deductions and might refer you to other publications with even more details.

Answer 3

Consider donating to charity for a tax deduction. Check out http://www.charityboats.org/boat-taxdeduction.html. They accept more than just boats at their organization. It was very simple, and they pick up your donation for free. Besides the good deed of donating to charity, you also benefit from the tax deduction.

Answer 4

You should pick up a copy of the Master Tax Guide published by CCH. It is very handy when doing tax returns.

Answer 5

www.jacksonhewitt.com has a list of the 50 most overlooked deductions.