Please do not tell me to use the same ones as last year!
2007-02-13 10:09:34 · 5 answers · asked by bmeagroup 1 in Business & Finance ➔ Taxes ➔ United States
Medical expenses that exceed 7.5% of your adjusted gross income Pub 502
State and Local Income taxes or State and Local sales tax
Real Estate Taxes,Property tax Pub 936
Mortgage Interest Pub 936
Loan Origination Fees Pub 936
Charitable Deductions Pub 526
Misc deductions Pub 529
http://www.irs.gov/publications/p502/ind...
http://www.irs.gov/pub/irs-pdf/p600.pdf...
http://www.irs.gov/publications/p936/ind...
http://www.irs.gov/publications/p526/ind...
http://www.irs.gov/publications/p529/ind...
2007-02-13 10:43:27 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You can only deduct eligible expenses that you actually paid, and dependents that you actually have and are entitled to claim.
Read the instructions for 1040 schedule A to see what items can be taken as itemized deductions. And read the instructions for 1040 to see what adjustments can be taken, and what credits might be available to you. You can download these at irs.gov
If you didn't pay any of these items, and don't have legitimate dependents, then there isn't much you can do.
This year, one time only, don't forget the telephone excise tax credit. It's not much, but it's something that you can get if you had a phone in your name with long distance service in the last 3 years.
2007-02-13 18:16:41 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
This answer does not really help you out for last year but will help a TON for next year and this year. People under estimate starting a home based business or even network marketing. The write offs are killer. Things like Home office, your car, computer, advertising, entertaining, etc. There are a ton of them.
Also, you can start a home based business for less than $200. Check the source below (link below) to the one I started. It costs me $35 to start and about $1,200 per year to maintain it. However, the tax deductions and income make it totally worth it.
It's worth taking a look.
2007-02-13 18:18:52 · answer #3 · answered by rickybrandon 1 · 0⤊ 4⤋
Without knowing ANYTHING about how you make a living or how you spend money, we have no idea what deductions YOU can use.
2007-02-13 19:26:27 · answer #4 · answered by STEVEN F 7 · 0⤊ 1⤋
fuel, babysitting house repairs
2007-02-13 18:17:53 · answer #5 · answered by jody n 7 · 0⤊ 6⤋