I need help with writing things off this coming tax season.?

Question

Here is the situation, I usually do my own taxes, which turn out just fine, but I need help in finding tax breaks that apply to me. I am a roommate, I know about the Hope Credit, but I'm really interested in finding a way to use my textbooks as a tax write-off. Can you guys please help with suggestions on potential things I may use to help get more money back this tax season? Thanks.

Answer 1

Turbo Tax or you can go to the IRS offices in your city and they are required by law to dispense help. My friend worked for the IRS before and she told me that she recommends people try this as opposed to paying someone like H & R block to do your taxes. Additionally, there are only certain tax breaks that apply to certain individuals. For example, I donated about 2K worth of items but I cannot dedut or itemize these because it is not within the limits. I work in taxes (nations 12th reputable firm) and so these types of questions are dependant upon how much you make, what you do sp beware of those small guys preparing your returns because we in the past have seen how some small places such as H & R Block has screwed some of our clients or either we amended their returns because of the forgotten credits. But because I do not know your situation....my best suggestion is just getting Turbo Tax or something of the like.

Answer 2

Teehee is right. There are basically four education reliefs: Hope Credit, Lifetime Learning Credit, Tuition and Fees deduction and an itemized deduction subject to the 2% floor if it can be justified as an employment or business expense. You can only choose one deduction or credit. Usually, the Hope or LLC is the best choice. In fact, if you are thinking about utilizing the Hope Credit, that suggests that you are no more than a Junior in college right now and no more than a sophomore at the start of the year. It is highly unlikely that a claim for job-related expenses would work. That deduction cannot be taken for expenses which merely establish a qualification. It is intended more for continuing professional education.

It sucks having to fork out a small fortune in books. Unfortunately, there is little you can do most of the time.

Answer 3

"I have heard" would nicely be authentic, yet those persons will flunk massive time at the same time as audited. not basically will they pay decrease back their extra refund, they're going to owe a 20% accuracy penalty besides. Of the products you factor out: cellular telephone, no. cell phones at the on the spot are bundled amenities and the organization use does not upload to the fee so there is not some thing to deduct. you'll under no circumstances be able to cajole an auditor that you does not have otherwise owned the cellular telephone. residing house telephone. on condition that they have got 2 lines and the 2d line is the single that's deductible. Haircuts. personal rate. hasn't ever been deductible. similar for garments. in case you may positioned on it to church, college, the mall, and so on, that's not deductible. similar for splendor amenities. gas mileage. Commuting is under no circumstances deductible. once you get to the area your customer is at, the mileage operating errands is deductible. if you're a W-2 worker, that's extremely valueless on your tax go back. you'll choose an in intensity mileage log showing at the same time as, the position, for whom, how a procedures, and so on.

Answer 4

Unless your education qualifies as a business expense, you can't deduct books on your taxes. You can only deduct qualifying tuition and fees. See IRS publication 970 for all that.

As for finding anything else to write off, get some tax software and work through it.

Answer 5

okay, here are my tips. You can probably go to the campus bookstore and get a receipt for the money you have spent on books, supplies, etc. Do you have any other equipment, supplies, etc that you have used for school? Do you have a computer, internet, etc. that you have used for school use. Also, you can claim a certain amount you have donated to charities (I believe you can claim up to 500.00 w/o receipts). Also, do you have any medical expenses that you have? Maybe see a tax professional for the best advice. You can actually get a lot of good advice just by calling tax services and you do not get charged. Good luck.

Answer 6

Get turbotax software. Tax write offs are so individualized, no one can tell you what you can or can not do, we don't even have the tax laws for this year yet, and the major key for us is we don't know you.