Is there a webiste where I can find information about tax deductible items?

Question

I live in Wisconsin, work full time, go to school full time and I rent. I would like to know what items are tax deductible such as:

Car repairs, food, prescription contacts, medical copay, rent, etc.

Where can I find a website that lists all this items, contains all this information and with the samples of the income tax forms so that I can calculate things before taking it to a professional? Something like Income Tax for Dummies kind of website.

Thanks!!!

Thanks!!!

Answer 1

Your medical payments(including contacts and OTC meds) are deductible if they are over 7.5% of your gross income. However even if they are that much, you need to exceed the standard deduction for it to be worthwhile to deduct the expenses.

You education expenses are deductible. Probably the Hope or Lifetime Learning credit are the best bet. These are credits, so you tax is reduced directly even if you use the standard deduction.

If your income is low enough(under 52K), you can qualify for free file on the IRS website. You may have to pay for the state return, but the federal return should be free.

Answer 2

irs.gov. Download the instructions for 1040 Schedule A, since this is what you'd file if you itemize. It will show you what you can deduct.

Of the items you mention, only the medical ones would qualify as deductible, and then you can only deduct medical expenses that exceed 7.5% of your income - unless you had a terrible year medically, you probably wouldn't reach that.

You get a standard deduction where you don't have to list or prove anything. For a single person, this year that's $5150. Unless your itemized deductions total more than that, you come out ahead to just take the standard.

Answer 3

Go to IRS.GOV and request a copy of publication 17 entitled your federal income tax.

Answer 4

http://www.wwwebtax.com/deductions_z_other/@_deductions_directory.htm

Answer 5

http://www.irs.gov/

You can find anything you need here.

Answer 6

www.irs.gov

Answer 7

www.hattercpa.com