what are some of the things a single person with no dependents and paying no rent list on there tax refund? i am paying for a new car can i list that on my taxes? what about my crazy insurance payment can i list that (living in California)??? and what are some other good things i can list????
2007-01-11 16:57:41 · 7 answers · asked by 06tiburon 1 in Business & Finance ➔ Taxes ➔ United States
the only thing you can use your car on tax wise is the property tax on it (usually your license tag renewal) insurance nope. how are you not paying rent unless you have a mortgage? The mortgage IS eligible (at least the interest on it)
2007-01-11 17:11:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't see a tax prep person until you try to do it on your own, for free, at the IRS website after the 16th.
There isn't much you can deduct so it's probably not worth it. There are 2 ways to do it. To use the "standard deduction" and to "itemize". Standard deduction is a flat amount that you take off and they just assume that you had certain things throught the year that you would be able to deduct. Like sales tax! If you itemize then you go down one by one adding up deductions... sales tax, charitable contributions, etc. If it is MORE than the Standard deduction then you can itemize otherwise it's better jut to take the Standard. Meaning the other deuctions (charity, sales tax, etc) are basically "assumed" for you!
Wait until January 16th and do the Free File on the IRS website. They will send you to another website to file. You get to choose and my favorite is TurboTax. It will walk you step by step through your taxes and ASK you things that you might be able to deduct. Did you buy a car? Do you have income from working on a railroad? all sorts of things! Then it figures your taxes and gives you the option to e-file. If you use direct deposit you can get your refund in 2 weeks or less. For free.
2007-01-11 17:21:07 · answer #2 · answered by eccentricmommy 3 · 0⤊ 0⤋
It really doesn't make sense to itemize your deductions unless they would total more than the standard deduction which is $5150 this year. Unfortunately Auto payments and insurance payments are not deductible, so unless you had major medical bills that you had to pay out of pocket for or something like that then it would make the most sense for you to take the standard deduction. Usually people dont itemize their deductions until they purchase a home and they can use the interest and taxes as deductions.
2007-01-11 17:10:09 · answer #3 · answered by Puddles 1 · 0⤊ 0⤋
You cannot list your car or your insurance....none of those count. Your best bet is to go to a tax specialist...but from what I understand...you fall into a bracket that doesn't see a lot of credit.
Sometimes you can count medical cost, prescription fees, clothes for work (uniform or policy). Usually you have to have spent a certain amount of money in each of those criteria to qualify for credit.
2007-01-11 17:11:08 · answer #4 · answered by yidlmama 5 · 1⤊ 0⤋
No dependents? Single? Not much you can claim, unless you pay for things related to work (401k, work uniforms-but not clothes that you wear to work and around town), school fees, health care (insurance premiums, eye glasses, contacts, etc), or if you own a business, that kind of stuff.
2007-01-11 17:15:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your car and insurance payments are not deductible.
It's too late to drum up deductions, except you could open a traditional IRA and contribute to it by April 17 and get a deduction.
2007-01-11 18:13:44 · answer #6 · answered by ninasgramma 7 · 0⤊ 0⤋
I think you can claim the amount you payed in taxes for it if it is over a certain amount. Ask someone who does income taxes.
2007-01-11 18:12:30 · answer #7 · answered by flowwer_1371 5 · 0⤊ 0⤋