Single deductions for 2007?

Question

I am filing single for the first time this year and I heard there are deductions I can add.

Can anyone give me a list or link to the deductions I could get?
I know about medical is there anything else?

Thanks!!

sorry I should make this clear.. this is my first year I'm not a dependent.

So I am filing by myself this year so I'm pretty clueless.

Answer 1

Medical and other deductions like state and local taxes, mortgage interest and real estate taxes, and charitable contributions can only be deducted if you itemize. And you can only deduct the part of your medical expenses that's over 7.5% of your income. You get a standard deduction of $5350 - if your total itemized deductions are more than that, you take your list instead of the standard, you don't yet both.

If you pay interest on college loans you might get some of that off even without itemizing, or if you are going to college you can probably get an education credit.

There are other items too but those are the common ones - look at form 1040 and 1040 schedule A for more info (download at IRS.GOV).

Answer 2

As a single person your standard deduction will be $5,350 and your personal exemption will be $3,400 for tax year 2007.
Medical expenses will not be in play unless you itemize your deductions. If this is your first year filing tax returns that is not likely. The following link will provide you with an IRS Publication 17. You can order one of these on-line from the IRS however the 2007 issues are not yet available.

Answer 3

Here are some of the most common Itemized Deductions:

Medical Expenses (in excess of 7.5% of income)
State Taxes (Property and Income or Sales)
Mortgage Interest
Charitable Contributions
Unreimbursed Work Expenses (in excess of 2% of income)

You would get the higher of your intemized deductions or your standard deduction ($5350). For most people, home mortgage interest is the biggest itemized deduction so , unless you own a home, you probably won't have enough to itemize.

There are a few deductions that almost anybody can take whether they itemize or not. These are on the bottom of page 1 of the 1040. The most common one is student loan interest.

Answer 4

IRS allows an exemption
(if your no one else claims you as a dependent) plus they allow a standard deduction for certain expenses such as medical expenses (over 7.5% of your income) and charitable contributions, state taxes, and mortgage interest and employee expenses.
you should only itemize if your expenses are higher than the standard deduction.
A more complete list of deductibles can be found in the link below.

Answer 5

irs.gov.

first of all as a single person, (2006) you have a standard deduction of 5000. you can only deduct example medical if you can exceed the $5000.oo standard. most of the only people that could are the ones paying real state interest on their homes, or people that have more than 5000 on charity or people that paid more than 5000 on medical bills in one single year....otherwise you will have to stick with the standard deduction. (if you have a child that is another story you will be able to get a credit of 1000 per child)

Answer 6

Filing single does not change the type of deductions you can claim. It means you will be taxed at a different rate.

Answer 7

You can either take standard deduction of $5,350 or instead itemize your deductions. Majority of tax payers go for standard deduction.