Where can I find free, up-to-date tax information that will help me optimize the amount of money I can save?

Question

I work for a community resource agency that assists people in the community with developmental disabilities, mental retardation, etc. They pay me mileage when I meet with clients but I'm curious to know whether I can claim some other aspect of this job's travel requirements. I already know about deducting food and entertainment expenses and getting %50 so I don't need any advise about that. I'm also good about the unreimbursed business expenses too like: computer, paper, stuff like that I seem to have a handle on. I purchased a washer and dryer this year - can I deduct that somehow? What about a new TV? What about car parts and the tools I used to replace them? Can you suggest a software that will help me do my taxes with itemized deductions? Thank you ahead of time for your response. Any and all help appreciated even if I said I already know about it!! You might know something that I don't. ~ Thanks ~

Answer 1

Take a look at Publication 17 and instruction for Schedule A. The documentation gives you a good list of what you can deduct, requirements, limitations etc. www.irs.gov is the best place to start.

While you are at the IRS site, you may also want to take a look at Energy Credit. If your new washer and dryer meets certain EPS standards, it might help reduces your tax liability.

Since you are reimbursed for mileage you can't deduct your use of car. No double dipping. Unless your actual auto expenses is higher than reimbursed amount, then reduce the total actual expense by the reimbursed amount and deduct the difference.

To find your actual expenses, you will have to keep track of your miles. If the car is used for both personal and business, you have to prorate your auto expenses to determine the business portion.

Best wishes.

Answer 2

relies upon on why the money became won - giving it away to a kin member would not replace its taxability. you will owe regardless of tax you will possibly have owed in case you had saved the money. If it wasn't a Roth, you will owe ordinary income tax on the completed withdrawn, plus a ten% penalty while you're under age fifty 9-a million/2. the human beings receiving the present heavily isn't taxed. you have gotten to record a latest tax return, however.

Answer 3

(Just for the record I am kinda sure about this...don't quote me on it.)

Ah, washer and dryer...no...TV...ah...no...car parts and such. Now here you have a choice. You can either deduct the mileage OR the parts and maintenance.

With that kind of itimized deductions you should really consult a tax professional.

You might try this for more info...

http://www.irs.gov/pub/irs-pdf/p463.pdf

Answer 4

Efile, an online free tax filing program available through irs.gov (which might also be helpful)