Tax write offs?

Question

What are some of the tax write offs I should know about? I'm a stay at home mother of one 5 month old.

Answer 1

Any books you bought that further your financial education or education in pretty much any subject (almost all non-fiction books)...margin interest debt if you own any investments...your child is a pretty good deduction...any educational classes you took may qualifty as deductions....

Answer 2

under section 280A(a), there's a typical disallowance for permitting the deduction of a factor of the expenses linked including your living. in spite of the incontrovertible fact that, under 280A(c)(a million), this rule is excepted if the factor of the place of living being deducted is used completely: (a million) because of the fact the taxpayer's significant place of work enterprise; (2) As a place of work enterprise utilized by skill of sufferers, purchasers, or shoppers whilst traveling the taxpayer in the conventional direction of business enterprise; or (3) Is a separate shape no longer linked to the living it quite is used in connection with the commerce or business enterprise whilst making a decision approximately despite if or no longer the use qualifies for a deduction, the tax courtroom will evaluate right here components under Popov (a extra advantageous case in the section): (a million) The relative value of the activities accomplished at homestead and someplace else; and (2) the quantity of time spent working at homestead and someplace else additionally, a house workplace qualifies as a significant place of work enterprise despite if it incredibly is used to habit administrative or administration activities of the taxpayer’s commerce or business enterprise and there is no different fastened area the place such administrative or administration activities may be accomplished ***word*** besides the reality that it incredibly is the legal standard, be conscious that this may be a crimson FLAG for the IRS. you're incredibly begging for an audit in case you declare this deduction and don't even have your person business enterprise.

Answer 3

See this link.

http://finance.yahoo.com/taxes/deductions