taxes...does neone want to help me??

Question

Ok so im confused! can anybody without any smartass remarks let me know what reciept im suppoe to save so that i can itemize at the end of the year.thanks really appreciate it.

Answer 1

www.irs.gov

Answer 2

Receipts for any item that might be deductible. Download schedule A and instructions from irs.gov to see what those might be. If you have mortgage interest and your real estate taxes are paid out of an escrow account, your lender will send you a form at the end of the year showing those amounts so you don't have to worry about those. Save receipts for any charitable deductions. There are other items you'll see on schedule A that might also be deductible.

Answer 3

Well really nothing if your anticipated receipts do not exceed your standard deductible.

* $5,150 for single filers or married couples filing separately (up from $5,000 in 2005).
* $7,550 for head of household filers (up from $7,300 in 2005).
* $10,300 for married couples filing jointly (up from $10,000 in 2005).

in other words, if you are single, $5,150.00 is your standard exemption. If you plan to itemize, you must have receipts that exceed the $5,150.00 that is your standard deduction.

Itemizing ground rules:
When you do itemize, there are a few things to keep in mind.

First, not every dollar you spend can be subtracted from your income. In the medical category, only expenses that exceed 7.5 percent of your adjusted gross income can be deducted. If you didn't spend that much, then none of your costs are deductible.

You have to reach a 2-percent-of-income threshold before you can use miscellaneous deductions, such as unreimbursed job expenses and investment and tax-preparation costs. There also are restrictions on how much in casualty losses you can deduct, as well as limits on the deductibility of very large charitable contribution amounts.

Second, your overall itemized deduction amount for 2006 might be reduced if you make more than $150,500. That amount applies to both single and married joint filers. The earnings limit is $75,250 each for a husband and wife who decide to file separately.

Filing status affects figures
Third, filing status sometimes affects your deduction method and amount. Married couples who file separately, for example, must work together when it comes to deciding which deduction route to take. Even though each partner will fill out a separate return, if one spouse decides to itemize, the other must do so, too. Similarly, if someone claims you as an exemption on his tax return, the amount of the standard deduction you can take on your own return may be limited.

Finally, your deduction decision isn't a lifelong commitment. As long as you meet the other guidelines discussed above, you can claim the standard deduction one year and itemize the next. Again, use the deduction method that gives you the lowest tax bill.

For more details on itemized deductions, see the instructions for Schedule A, Itemized Deductions. Standard deductions are discussed in IRS Publication 501, Exemptions, Standard Deduction, and Filing Information and can be found at http://www.irs.gov

Answer 4

In order to itemize, you will need:
W-2 - for state taxes withheld
1098 - Mortgage interest and real estate taxes
Personal Property taxes (if applicable) receipts
Proof of charitable contributions (cancelled checks or letters from the organization)
Medical receipts
These are the primary deductions. For 2006, if you are married filing with your spouse, these should be greater than 10,300, single or filing separtely from spouse $5,150.

Answer 5

I save every receipt. I write on it what is was and what it was for. I can't give you a better answer because there are so many variables in taxes. For instance, if it is required for your work, like a uniform, it is tax deductable, and dry cleaning can be deducted if it is for work clothes. homeowners can deduct home improvement and repair costs, taking clients out to eat is deductable, travel expenses for your work can be written off too. My suggestion is save the receipts like I do, then go to a tax accountant to have taxes done. Then, using their guidelines, do your own taxes the next year.

Answer 6

Are these business receipts or personal receipts? You can deduct all business-related expenses. So, save all business-related receipts. For example, if you use the Internet for business (email, website, research), you can deduct that.

Answer 7

no smartass remarks sre i can't help