English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

For example, What are the amounts I can deduct for Dental, job search travel expenses, food, phone, fax, internet, charitable donations, etc...

2007-02-19 19:31:58 · 3 answers · asked by sprintster 1 in Business & Finance Taxes United States

3 answers

There are no maximum amounts for most of them.

Charitable donations are limited to 50% of AGI. Any charitable donation that exceeds this can be carried over to future years.

Medical deductions must exceed 7.5% of AGI.

Casualty losses must exceed 10% of AGI + $100 for personal losses or 2% of AGI for business losses.

Meals are limited to 50% of amount spent for entertainment expenses.

Itemized deductions can also be limited if your income exceeds certain levels. Most taxpayers don't need to worry about that but if you're in to 6-figure territory you need to be aware.

Phone, fax & internet are only deductible to the extent that they are business expenses. If they're employee business expenses there's a 2% AGI limitation. If they're direct business expenses (Schedule C) there's no limit.

2007-02-20 01:13:09 · answer #1 · answered by Bostonian In MO 7 · 1 1

how much did you pay? That's the max you can deduct.

However, due to limitations on employee business expenses and medical, you won't get credit for the whole amount.

2007-02-20 07:01:31 · answer #2 · answered by Dizney 5 · 0 0

Medical expenses must exceed 7.5% of your adjusted gross income
Misc Expenses must exceen 2% of your AGI

Itemized deductions can be limited over all if you income exceeds
$150,500 if you are Single, Married filing Joint or Head of House hold ($75,250 if married filing separately) Certain deductions can be reduced by 3%

Schedule A instructions
http://www.irs.gov/instructions/i1040sa/index.html

2007-02-20 07:31:34 · answer #3 · answered by Rob 7 · 1 1

fedest.com, questions and answers