2006-12-23 10:21:26 · 4 answers · asked by Maurizio 1 in Business & Finance ➔ Taxes ➔ United States
Sure--if your income and expenses falls into certain categories--you can deduct for family members, job hunting, moving, mortgages, gambling--many ways. You need to consult the IRS website, get a tax computer program, things like that to see what you're entitled to deduct.
2006-12-23 10:25:54 · answer #1 · answered by Yogi Bruce 5 · 0⤊ 0⤋
Yes, but you're more limited than if you own a business. For example, a business owner can deduct mileage for driving to see clients. If you're an employee, driving to work is considered a personal expense and you can't deduct it.
Individuals may itemize deductions - that's 1040 Schedule A. The form and instructions can be downloaded from irs.gov so you can get an idea of what you can deduct. Taxpayers are allowed to take a "standard deduction" which is an amount you can take off your income before calculating your taxes without having any receipts or proof - businesses don't have anything like that.
There are also something called adjustments to income that you can take off - examples are interest you've paid that year on student loans, or teachers can deduct up to $250 for out-of-pocket expenses buying items for their classrooms.
2006-12-23 18:34:06 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If your talking about deductions for a business and you do not really have one, then I would not recommend that you do it. IRS will not look at it very kindly, I guarantee.
2006-12-23 19:51:46 · answer #3 · answered by m c 5 · 0⤊ 0⤋
the gov. does !
2006-12-23 18:23:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋