what can a young married couple who rents, does not own a business no kids do to have tax deductions?

Answer 1

There are certain itemized deductions that may apply. Medical expenses and health and long-term care insurance premiums that are paid after-tax are deductible, subject to a limit of 7.5% of the adjusted gross income. Dental and vision care expenses are included in this deduction, as well as prescription medications and copays and a small allowance for medical mileage.

Sales tax or state income tax payments are deductible.

Unreimbursed employee business expenses are deductible, but there are some limits on this expense.

Charitable contributions are deductible, as are income tax preparation fees.

Casualties and thefts are also itemized deductions.

Some married couples claim one or both parents as dependents. There are special rules for dependent parents. A person has to have paid out over 1/2 of the parent's support in order to be able to claim them. There is such a thing as a multiple-support agreement, where siblings share the support of a parent, and each sibling then gets a turn at claiming the parent as a dependent on their own tax return. There are some rules and limitatios that need to be addressed when using this kind of agreement.

Answer 2

A lot of things you need to do to get a tax deduction are very expensive and you will lose your standard deductions. You need to decide if those expenses are worth the deduction. Someone above me suggested investing in 401k, etc. That will lower your taxable income on the paycheck side, not on the tax form side, but it's a good way to go. I would invest also in Roth IRA. You have no tax liability on the end result, only on the money you put in.

With living, loving, learning and working, you will eventually find yourself in the position of having tax deductions.

Answer 3

Give a lot to charity, I suppose. However, anything you spend to get a tax deduction will wind up costing you more in the end since you only get a limited benefit from the deduction. At best it would be 35% and for most taxpayers it will be between 15% and 28%.

Kids aren't "deductions" so having kids won't get you any deductions in and of itself.

Answer 4

Purchase a traditional IRA or participate in your company's 401(k) or 403(b).

If you have medical expenses, you may be able to deduct those, but they have to be pretty significant!

Donate some stuff to Goodwill or a charity and you can take a deduction.

Donate cash to a 501c3 charity - a cause you fiercely believe in!

Own a hybrid vehicle that qualifies for tax credits or deductions.

Answer 5

Put as much as allowed into a tax-deferred retirement - that will give you less taxable income. But you might find that putting money into a Roth is a better deal for you in the long run, even though you can't deduct your contribution now.

Answer 6

Not a lot for this year, but for next:
Donate money to a charity (colleges count)
Invest in real estate (get a manager)
Start an IRA
Make a bad business loan (...if you want I can help you with that one ; P )

Answer 7

you get single tax deduction, students loan interest, personal property tax, hope college deduction, donations, medical expenses, expenses for moving if job related, etc. get turbo tax.

Answer 8

They can suffer from horrible diseases that create high medical bills and have costly medications.