I'm a normal guy with normal (not business) expenses, so I've heard that some of the things I can deduct are textbooks and dry cleaning, but what else???
2007-01-30 09:33:39 · 5 answers · asked by Desert Crawler 5 in Business & Finance ➔ Taxes ➔ United States
The link below is the instruction for Schedule A for the 1040. That is the form for itemized deductions. If it doesn't fit that form, you can't deduct it.
2007-01-30 12:05:04 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Textbooks and dry cleaning? Only under very specific circumstances, not usually.
Dry cleaning - if you're travelling on business and have to have dry cleaning done, it MIGHT qualify as deductible if your employer doesn't reimburse you and if you itemize your deductions.
Textbooks are eligible expenses for an education credit only if you are required to purchase them from the school as a condition of enrolling in the class - basically only if they're included as part of the tuition and fees for the course. Buying them at the school bookstore doesn't count - you can't use those expenses toward an education credit.
If you paid any interest on student loans, you can claim that. And you get a "standard deduction" which means you get to deduct that amount ($5150 if you're single) from your income without any itemized listing.
There's probably not a lot more a "normal guy with normal expenses" will be able to deduct. If you buy a house, you might have enough deductions to itemize instead of taking the standard deduction.
2007-01-30 12:46:21 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Get a copy of the 1040 Instructions from your local library, and see the instructions for Schedule A.
For more info download or order Pub 526 from the IRS.
2007-01-30 09:47:47 · answer #3 · answered by r_kav 4 · 0⤊ 0⤋
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2007-01-30 09:42:16 · answer #4 · answered by JusMe 5 · 0⤊ 0⤋
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2007-01-30 09:49:11 · answer #5 · answered by missangelone1 3 · 0⤊ 0⤋