What would you like to do?
Presuming your speaking about a personal Income Tax return - a 1040 - Gas expense (normally actually part of travel) on any basis (calculated by mileage or receipt), is NOT …nessesarilarly "claimable"...and isn't at all unless it is incurred as part of am otherwise deductible expense - (like medical or charity), or on the Schedule C where you are qualifying your unincorporated BUSINESS expenses. It is claimed then as part of the applicable category of expense it is incurred for. The form instructions are fairly clear on handling or identifying it (virtually all PC programs ask for the information to calculate the amount under the different methods and use the best one for you)...and what support you'll need. Remember if you use the cents per mile basis, the amount changes regularly, even mid year.
Record the date, destination, address, purpose, and total miles. Be detailed when documenting the purpose. I keep everything in a spreadsheet.
not if you are going directly from your house to your job location. If you have to drive to a shop or office and then to a job location in your vehicle, then the m…ileage from the shop or office to your job location is deductible.
In "normal" degree pursuit programs, no
The general rule is: 45%, but there is much more. The U.S. Federal tax rates for gifts are on the same tax rate schedule as the estate tax. If the gift is a "present int…erest" gift (they can use it or benefit from it today) then each person giving the gift has, in 2009, a $13,000 exclusion from tax. Above that each person has a $1,000,000 lifetime exemption from gift tax but is required to file a gift tax return to keep track of that lifetime exemption. Gifts above that are currently being taxed at 45%. So if you put $1,500,000 in a trust for your friends and relatives (not your spouse) and they have no rights to the trust for awhile and you have never gifted over the annual exclusion before, the first $1,000,000 is not taxed and the $500,000 is taxed at 45%. The person giving the gift pays the tax. As with all tax law there are other circumstances that can make the general rule different than stated above. For instance, you can force the recipient to pay the tax.
Yes as a part of your unreimbursed medical expense when you are using the schedule A itemized deductions of the 1040 tax form. Unreimbursed medical expenses are deductible usi…ng the schedule A itemized deductions of the 1040 tax form subject to the 7.5% of adjusted gross income limit. The amount over the limit is then added to all of your other itemized deductions on the schedule A. Go to the IRS gov website and use the search box for Publication 502 Medical and Dental Expenses Transportation You can include in medical expenses amounts paid for transportation primarily for and essential to, medical care. Car expenses You can include out-of-pocket expenses, such as the cost of gas and oil, when you use a car for medical reasons. You cannot include depreciation, insurance, general repair, or maintenance expenses. If you do not want to use your actual expenses, for 2009 you can use the standard medical mileage rate of 24 cents a mile. You can also include parking fees and tolls. You can add these fees and tolls to your medical expenses whether you use actual expenses or use the standard mileage rate. Example
no, once you claim someone you cannot be claimed yourself
Again, like all things tax, the answer is frequently situational and depends on many things. Any education for work related reasons, and that includes an entir…e degree program, may be tax deductible under many circumstances. The main one being that it does not qualify you for a NEW occupation. If your situation allows your college program to be tax deductible (there are limits of about $5100 a year, as well as other considerations), your costs of travel for that education (as any business expense would be) are deducible under the standard business expense guidelines. Standard mileage rate. Generally, if you claim a business deduction for work-related education and you drive your car to and from school, the amount you can deduct for miles driven during 2009 is 55 cents per mile. This is down from 58Ã�Â½ cents per mile at the end of 2008. For more information, see Transportation Expenses under What Expenses Can Be Deducted. Limit on itemized deductions. If your adjusted gross income for 2009 is more than $166,800 ($83,400 if you are married filing separately), your itemized deductions may be limited. See Employees under Deducting Business Expenses, and the instructions for Schedule A (Form 1040), line 29, or Schedule A (Form 1040NR), line 17. Introduction This chapter discusses work-related education expenses that you may be able to deduct as business expenses. To claim such a deduction, you must: Be working, Itemize your deductions on Schedule A (Form 1040 or 1040NR) if you are an employee, File Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040) if you are self-employed, and Have expenses for education that meet the requirements discussed under Qualifying Work-Related Education (beginning on this page). What is the tax benefit of taking a business deduction for work-related education. If you are an employee and can itemize your deductions, you may be able to claim a deduction for the expenses you pay for your work-related education. Your deduction will be the amount by which your qualifying work-related education expenses plus other job and certain miscellaneous expenses is greater than 2% of your adjusted gross income. An itemized deduction reduces the amount of your income subject to tax. If you are self-employed, you deduct your expenses for qualifying work-related education directly from your self-employment income. This reduces the amount of your income subject to both income tax and self-employment tax. Your work-related education expenses may also qualify you for other tax benefits, such as the tuition and fees deduction and the American opportunity, Hope, and lifetime learning credits. You may qualify for these other benefits even if you do not meet the requirements listed above. Also, keep in mind that your work-related education expenses may qualify you to claim more than one tax benefit. Generally, you may claim any number of benefits as long as you use different expenses to figure each one. Qualifying Work-Related Education You can deduct the costs of qualifying work-related education as business expenses. This is education that meets at least one of the following two tests. The education is required by your employer or the law to keep your present salary, status, or job. The required education must serve a bona fide business purpose of your employer. The education maintains or improves skills needed in your present work. However, even if the education meets one or both of the above tests, it is not qualifying work-related education if it: Is needed to meet the minimum educational requirements of your present trade or business, or Is part of a program of study that will qualify you for a new trade or business. You can deduct the costs of qualifying work-related education as a business expense even if the education could lead to a degree. Use Figure 13-1 (see next page) as a quick check to see if your education qualifies. Education Required by Employer or by Law Once you have met the minimum educational requirements for your job, your employer or the law may require you to get more education. This additional education is qualifying work-related education if all three of the following requirements are met. It is required for you to keep your present salary, status, or job, The requirement serves a business purpose of your employer, and The education is not part of a program that will qualify you for a new trade or business. When you get more education than your employer or the law requires, the additional education can be qualifying work-related education only if it maintains or improves skills required in your present work. See Education To Maintain or Improve Skills , later.Example. You are a teacher who has satisfied the minimum requirements for teaching. Your employer requires you to take an additional college course each year to keep your teaching job. If the courses will not qualify you for a new trade or business, they are qualifying work-related education even if you eventually receive a master's degree and an increase in salary because of this extra education. This image is too large to be displayed in the current screen. Please click the link to view the image.Figure 13-1 Education To Maintain or Improve Skills If your education is not required by your employer or the law, it can be qualifying work-related education only if it maintains or improves skills needed in your present work. This could include refresher courses, courses on current developments, and academic or vocational courses.Example. You repair televisions, radios, and stereo systems for XYZ Store. To keep up with the latest changes, you take special courses in radio and stereo service. These courses maintain and improve skills required in your work.Maintaining skills vs. qualifying for new job. Education to maintain or improve skills needed in your present work is not qualifying education if it will also qualify you for a new trade or business. Education during temporary absence. If you stop working for a year or less in order to get education to maintain or improve skills needed in your present work and then return to the same general type of work, your absence is considered temporary. Education that you get during a temporary absence is qualifying work-related education if it maintains or improves skills needed in your present work. Example. You quit your biology research job to become a full-time biology graduate student for 1 year. If you return to work in biology research after completing the courses, the education is related to your present work even if you do not go back to work with the same employer.Education during indefinite absence. If you stop work for more than a year, your absence from your job is considered indefinite. Education during an indefinite absence, even if it maintains or improves skills needed in the work from which you are absent, is considered to qualify you for a new trade or business. Therefore, it is not qualifying work-related education. Education To Meet Minimum Requirements Education you need to meet the minimum educational requirements for your present trade or business is not qualifying work-related education. The minimum educational requirements are determined by: Laws and regulations, Standards of your profession, trade, or business, and Your employer. Once you have met the minimum educational requirements that were in effect when you were hired, you do not have to meet any new minimum educational requirements. This means that if the minimum requirements change after you were hired, any education you need to meet the new requirements can be qualifying education. See this publication, link provided, for more info. http://www.irs.gov/publications/p970/ch13.html
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing …just that.
One or the other of us is very confused. There is no "tax refund for mileage" (at least in the US; I can't imagine there would be anywhere else, either). You can, if you… itemize deductions on your taxes, include a mileage deduction for miles driven for business purposes (you can only count mileage in excess of that you normally drive to get to work each day, so if your office is 20 miles away, and you drove to a client's office 30 miles from your house instead, you'd only get to deduct the extra 20 miles - ten each way - you drove to get to and from the client's office instead of your own). Also, if your company has already reimbursed you for the mileage, you don't get to "double dip" and take the deduction as well (though you also don't have to count the reimbursement as income, as long as it wasn't in excess of the IRS-specified amount per mile). Since it's not actually a refund (though it can impact your refund amount), nobody "reimburses" it... it's effectively included along with all other credits towards taxes paid.
I guess it depends;for instance, the traditional IRA is a retirement savings plan where contributions may be tax deductible and the values can grow tax deferred until withdraw…al at retirement.However, for 2010, the IRA contribution limit for any wage earner is $5,000 or the individual's taxable wages, whichever is less. A wage earner over the age of 50 can contribute an additional $1,000 into an IRA. In the case of R-IRA, Roth IRA contributions are not tax deductible by definition. The tax benefit from a Roth IRA is taken at retirement when distributions are tax-free.
William dale carter
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're al…lowed to claim either state and local income taxes or state and local sales taxes, but not both. If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator. For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
Depends on the tax rules that apply to the country you are claiming in.
Yes, it is absolutely possible & fairly convenient. If you drive your car or other vehicle for business purposes, you can take a mileage deduction of 57.5 cents for ev…ery mile you drive for work. Check out the IRS official website: irs.gov/Tax-Professionals/Standard-Mileage-Rates If you own an iPhone milebuddy app can greatly simplify your daily mileage tracks. itunes.apple.com/us/app/milebuddy-mileage-tracker/id567680604?mt=8
You'll never find any such load, because it's not determined on astate-by-state basis.
In US Army
For your UTAs, yes. For your Annual Training, no, as it is reimbursed to you.