Tax question.. I'm confused about tax writeoffs.?

Question

I'm a student doing his taxes for the first time... My main question is what exactly is a write-off? And what can I write off? Can I write off my computer? Do I need receipts? What I mainly don't get about write offs is, are my writeoffs a deduction of what I owe the government so I get more back from what I've paid them from my checks? Or, do I actually recieve money from the government for my expenses? Or are my two questions basically the same question? I'm confused. Any other helpful tips? Should I take my w-2's to a tax place? How much do they cost? Thanks for your help.

Answer 1

gather all of you W2's and go to the IRS website there are plenty of Free Filing options that you can choose from
http://www.irs.gov/efile/article/0,,id=118986,00.html
Just follow the instructions line by line inputting the information from your W2's. The program will walk you through the return
make sure to print a copy for you records

Answer 2

Write-off is not really a technical term, but is used when talking about deductions and credits - something that will lower your taxes. The IRS has specific lists of expenses that are eligible.

Deductions are amounts that are subtracted from your income before your taxes are calculated. Credits are amounts that are actually subtracted from your taxes. So a $100 credit might be worth the full $100 to you, but a $100 deduction might be worth around $15 if you are paying a tax rate of 15% on the highest dollar of your income.

No, you can't deduct your computer, unless it's being used just for a business that you own, not for personal use or school use.

If you are in college, you might be eligible for an education credit for a portion of your tuition and fees. If your parents can claim you as a dependent though, they're the ones who are eligible for the credit, not you.

If you just have a W-2 or two, without other income, you can probably figure it out yourself rather than pay someone to do your taxes. Download form 1040EZ and its instructions at irs.gov

Answer 3

a "write-off" is another way of saying "deduction." deductions include mortgage interest, real estate taxes, charitable contributions, etc. if you are a student then you more than likely do not have any "write-offs." you cannot write-off your computer unless you used it in a trade or business. if you used it for school/personal purposes, you do not get a deduction.

if you paid student loan interest, you can take a deduction for this. and you may be eligible to get an education credit or deduction if you paid tuition expenses.

you could file your taxes online using turbotax.com or taxactonline.com. it will help guide you as to how to input your W-2 info.

Answer 4

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Answer 5

You write off investment that is worthless. etc. I doubt you would have to worry about it. deduction is different. I suggest you buy HR Block's tax program and follow their steps. Just answer the questions and you are done.

Answer 6

You can not write off things unless you are self employed and or own a business legitamately. If so, yes you need to have all receipts to back up your write offs.