How much in total deductions?
2007-11-13 12:25:25 · 3 answers · asked by j r 1 in Business & Finance ➔ Taxes ➔ United States
You have two choices: You can itemize your deductions or you can take the standard deduction. Which is the better choice cannot be said until you make the calculation. itemizing includes your medial expenses 9including health insurance), subject to a limitation, property taxes, state income taxes, interest on mortgages, (but not on car or credit card loans), charitable donations, and others.
A good approach is to lump two years deductions into a single year and itemize, then next year take the standard deduction. You can pay property taxes in January for last year and in December for the current year, make charitable donations every other year. The following year the standard deduction is more than itemizing.
2007-11-13 12:37:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You get your personal exemption of $3400 for 2007, and can either take a standard deduction of $5350 or you can itemize if your allowable deductions are more than that.
If you are a college student you can probably take an education credit, and if you are paying back student loans, you can probably take an adjustment for some or all of your interest.
2007-11-13 21:30:56 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you are living on your own claim "1". If anything best for you to do is claim "0", that will make sure you get back money at the end of the year.
2007-11-13 21:03:24 · answer #3 · answered by ajponu 4 · 0⤊ 0⤋