Common tax deductions male early 20s?

Question

This will be my first year filing as an independent. I'm sure my parents will help me get through it somewhat. Are there any websites out there that list forms I should be gathering and deductions I could be making?

Just some background. I graduated college in May and I've been taking one class towards my masters online in both the summer and fall. Can I deduct any of my college expenses from this year? If so how much? Since my grad school is online could a percentage of my Comcast bill be deducted?

Just trying to figure all of this out for the first time

Thanks in advance

No children I do pay my own health insurance premiums because I am working a contract-to-hire position. Can I deduct my health insurance premiums?

Answer 1

children?

Answer 2

In stating you ar a contractor, you raise a red flag that shows up a couple times a day at least. I have a canned explanation to apparently clueless independent contractors:

Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. The basic issue is the amount of control the employer has over the worker. If you are required to show up for work--personally--at a particular time, punch the clock, use the employer’s equipment and are paid an hourly rate, or another set rate based on time served, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired. When you file your income tax return, you can attach Form 8919 Uncollected Social Security and Medicare Tax on Wages and only pay the employer's half of social security. You will still have to cough up all the income tax. IRS and the states are stepping up enforcement in this abuse area.

Answer 3

It's very unlikely that you'd have enough itemized deductions to itemize, so you'll take the standard deduction.

If you have student loans and have started paying them back, you can deduct some or all of the interest you paid. Your lender will send you a form showing the interest paid.

You can take a Lifetime Learning education credit for your tuition and fees paid this year, whether undergrad or grad school. And no, you can't deduct part of your Comcast bill.

Note that if you are under age 24 and didn't provide over half of your own support, your parents can still claim you as a dependent for this year if you were a full-time student for some part of 5 months of the year. If they can claim you, whether they do or not, you aren't allowed to claim yourself - and they would get the education credit, not you.

Answer 4

something you utilize on your artwork can frequently be deducted. in case you utilize your automobile on your artwork, which would be deducted. a working laptop or laptop, printer and components could be deducted if utilized on your artwork. loan pastime, factors, and so on., could be deducted besides as area of your homestead price in case you have an place of work at homestead. student loan pastime in deductible in case you return and forth on your artwork, you could deduct return and forth expenditures. A share of medical and prescription price could properly be deducted. in case you look on the tax type and study interior the direction of the tax training, you should arise with countless issues you could deduct. you could deduct any charitable giving, which contain clothing. make certain which you do save all receipts.