Tax time is here...tax deductibles?

Question

Tax time is here!! I am single no kids living with parents making about 30k what can i use as tax deductibles? I almost never get any money back and my friends are always getting like twice what i get back...and they are in my same livings status...i dont go to school either...can anyone give me any deductibles i can use to get more money back? Anyone please help!!!

Answer 1

Tom is probably wrong. People often think they can "deduct" a lot of their expenses. That is only true if you file your return with "itemized deductions". Since you live with your parents it's very unlikely that anything you can itemize (like mortgage interest, property taxes, income taxes to states,etc.) will add up to more than your Standard deduction. The Standard Deduction for a single tax payer is $5,150 for 2006. Maybe you are not having enough tax withheld from your paychecks. That is one of the biggest factors in determing your refund.

Answer 2

You don't want to get a big deduction. You should be happy that your not loaning the government free money for a year like your friends. Other deductions that you could have is lower your income by contributing to 401k at work. Or set up a Roth IRA at your young age. You can check with your HR and see what your w4 statement deduction is. Does your parents still try to claim you as a dependent? Is your friends living at home too? Do they make the same amount of money as you?

Answer 3

if you went to college. Always deduct school loan interest.
also giving to churches and charity is always considered an deductable. Claiming an certian amount of medical expenses not covered by your insurance is helpful also. And last but not least, contributions to IRA or 401k.. there is also an new deduction this year for past long distance calling.

Answer 4

Chritable donations are deductible, as are clothing purchases for you job. Check with a tax consultant for more.