0
I make monthly payments for taxes I owe. Can I write my payments off as a deduction?
Wiki User
∙ 15y ago
Yes there are sevral employers who will do this. Unfortunately, you probably have to call up places and ask or check on their web sites for exactly what they offer in the way of training support.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What can you write off your taxes for an investment property?
I assume you mean property taxes. Yes, you can claim an itemized deduction on Schedule A.
Can you write off credit card wage garnishment payments on your taxes?
You cannot write off credit card wage garnishment payments on your taxes. It is best not to get into a situation where your wages are being garnished.
Can you write off the interest of a home loan if you are the primary owner but not the primary resident?
If you make the interest payments, you can normally write them off on taxes.
What is considered a charitable deduction?
A charitable deduction is when a donation (whether financial or if certain products are donated that have a certain monetary value) to a charity has been placed and when taxes need to be filed in April, one can write certain expenses off and have a relief in applying for taxes, meaning they may pay less in taxes or receive some compensation for this act of kindness.
If you make extra mortgage payments in a given year can you then write off the additional interest against that year's taxes?
No. The extra mortgage payments, over and above your normal monthly payment, are generally directly applied to Principal only. It is entirely allowable to make your January payment in late Dec.....and as tax essentially uses the cash basis, if this 13th payment is received by the Lender in year "X", you may get a 13th interest deduction on your 1099 Mortgage statement. While most mortgages allow prepayment without penalty, that prepayment is entirely principal, basically by definition.
Consider Medical Expenses?
When you are filing free taxes, be sure to consider every possible deduction for which you qualify. Deductions are what allow people to avoid having to pay heavy taxes. One deduction that people frequently miss out on is a medical expense deduction. If your medical expenses total more than 7.5% of your total adjusted gross income, then you will be able to qualify for a deduction on medical expenses. You will be able to write off any expenses associated with your medical care, such as traveling to and from doctor's appointments and the purchase of any medical equipment for your treatments.
What are the pros and cons to pay off debt of a house?
The pros of paying off debt on your house is that it will be paid for and you will not have to worry about the monthly payments and you can use that money to pay for other things. The cons of paying off your home debt is that you can't write that amount off on your taxes. If you are paying interest a lot of that is tax deductible come tax season.
How do you book the write off of un-amortized loan fees?
The unamortized portion of loan fees should be taken as a business deduction. For tax purposes, this is an ordinary deduction. Do not report the write off of loan fees on Form 4797.
Can you write off a home equity line-of-credit like you would a first or second mortgage on your tax returns?
You may write off up to 100,000 dollars. Also, the interest expenses you pay on a home equity loan may be deductible no matter what you use the money for. The deduction can save you money on your taxes on your return as long as you itemize your deductions on Schedule A of Form 1040. If you claim your standard deduction, then you can never deduct the interest expenses that you paid on your home equity loan.
Can I write off a junk car donation on my taxes?
You can write off almost any donation on your taxes. Junk car donation is also something that you can write off.
How much of a tax write off can I expect for donating a junk car?
By law, your deduction is limited to the amount the charity sells the car for, so for a junk car, you're not going to get much of a deduction.
Can losing lottery tickets be a tax write-off?
Unfortunately, losing lottery tickets are not tax-deductible. Only winning tickets with attached proof of winnings can be claimed as a deduction on your taxes. It's essential to keep accurate records of your wins and losses for tax purposes.
