Does anyone know what you are able to get deductions on? I hear it's from mileage to prescriptions to 401k to have a checking and savings account! Is this for real? I am single, no kids, not in school, don't own a home and have not donated to any charities this year. Is there any hope for me? Oh yeah - I did purchase a car - someone told me that's a deduction too! Are these people for real?
2007-01-19 11:10:11 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
the ones on here are not especiually the ones that wants to claim double head of households.....but if the car is used for business then yes a portion of it is deductable. Everything else start reading http://www.irs.gov
2007-01-19 11:14:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you're single, with no kids and don't own a house, chances are you're better off taking your "standard deduction". You can only deduct stuff if you "itemize" your taxes (basically do the complicated tax form, not the EZ). When you do that, you can deduct interest from your mortgage payments, property taxes, childcare expenses, donations, etc. There are also things like medical expenses, business expenses, etc. but the amount you spent has to be over a certain percentage of your income before you can deduct it. Once you've itemized all those things, you add it up. If it's more than your standard deduction, use it. If not, you just wasted a bunch of time. Generally speaking, if you don't own a house (so don't have deductible interest payments), you're better off taking the standard deduction.
2007-01-19 11:18:12 · answer #2 · answered by kittikatti69 4 · 1⤊ 0⤋
yep - if you drive your car for business, you can deduct mileage and wear and tear on your car. You can deduct paper and ink for the printer, your work clothes, medication and medical care after a certain level of cost, all kinds of things.
I myself get to take off al my supplies, business cards, office rent, transportation, event fees, outfits, even my tent.
Yes, you get to take your car this year - and probably for a few extra years.
talk to a tax professional and see what deductions you have available to you.
2007-01-19 11:22:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
go to the irs website search for publication 17....everything you need to know about a 1040 is there.
2007-01-19 11:34:08 · answer #4 · answered by D 2 · 0⤊ 0⤋