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What can you itemize on your taxes?

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βˆ™ 2006-09-02 23:29:31

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Medical and dental expense greater than 7.5% of your adjusted gross income; Interest payments on your Home mortgage; property taxes for your home and car; charitiable giving; and certain unreimbursed business expenses. Generally if you do not have very large medical bills or own a home, then you probably are better off taking the standard deduction.

2006-09-02 23:29:31
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Related Questions

If I don't itemize can I still claim per diem I am a OTR driver?

Apparently not. We just got our taxes done and they said we had to itemize. GRRR... Hope that helps.

Is it possible to claim your property taxes if making below 10000.00?

Sure. If you itemize you can claim your full property taxes. And this is new for 2008: If you don't itemize, you can claim $500 of property taxes ($1000 if married filing jointly). See the instructions for line 40 of 2008 Form 1040.

Tell me the truth about interest payment deductions on filing taxes?

If you itemize, you can deduct mortgage interest and investment interest.

Should you file standard deduction or ez file to do your taxes?

You should only itemize if you have some deductions you can claim-are a homeowner for example.

Can you claim taxes of grocery receipts?

If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.

Can I use a 1040x form if I itemize deductions?

You can use a 1040 form if you itemize deducations. If you don't itemize you'll use the 1040EZ form.

How do you use itemize in a sentence?

The principal of LSU itemize the records of all the students.

How do you use the word itemize in a sentence?

The teacher keeps an itemize of our test scores.

Can state sales tax be deducted from your taxes?

According to the IRS, if you itemize deductions on your federal return you may deduct either state and local incometaxes or state and local sales taxes. You get to choose which to deduct, but you may not deduct both, and you can't deduct either unless you itemize deductions.Chances are pretty good that unless your state has low income tax rates and fairly high sales tax rates, you'll be better off deducting the income taxes instead, but you do have the option.

Can NYC tax withholding be claimed on my tax returns?

If you itemize on your federal income tax return, City and State income taxes paid are deductible on your return.

How do you write off charity donations on your taxes?

If you would like to write off charity donations on your taxes be sure you have all receipts and a flawless record of your donations. When you file your taxes itemize the deductions on the appropriate page. If you are unsure how to fill out a tax form get help from a tax professional.

What is hr online taxes?

Hr online is a site where you can file your taxes online, you can trust that your personal information will be safe, and you can learn how to itemize your deductions, without having complications from the IRS.

What is the verb of item?

to itemize.

I had to pay money to state and federal last year. Can that money be claimed on this years taxes?

how much is $60 add tax You can deduct the 2009 State Taxes you paid in 2010 on Schedule A (if you itemize). Federal tax payments are not deductible according to the IRS Website

Is used car sales tax deductible?

If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can't claim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount if it is larger than your State & Local income taxes that year.In most States with an income tax this is rather uncommon, unless you have made some fairly substantial sales taxable purchases and have both a low taxable income and enough expenses to itemize.

How many taxpayers itemize?


Where do you put property taxes on the tax form if you do not itemize deductions?

Property taxes can be itemized on the schedule A itemized deduction of the 1040, or if your standard deduction would be more than your itemized deduction, the amount can be used to increase your standard deduction amount on your federal income tax return.

What is the opposite of itemize?

There is no opposite of itemize (list, detail) except the choice not to itemize. - On US income tax returns the opposite of listing itemized deductions is taking a standard deduction.) - The opposite of listing itemized expenses is to list a total or estimated total.

Rental payment income and imputed tax?

When you are able to itemize your deductions using the schedule A of the 1040 tax form and you deduct the mortgage interest to help reduce your income taxes you have a type of imputed income that you have received.

What is the synonym of specify?

itemize, define, determine, particularize

What are 3 exclusion from income on your federal income tax?

State Income Taxes paid. Certian MUNI interest received. Contributions to an IRA. Many others exist and most require you would itemize deductions to have them apply.

Can you count your tax payment from a previous year's taxes on the current tax form?

If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.

Can you itemize your jobs tools on income taxes?

Yes, if they are tools of little value say a circular saw then you would simply deduct its full cost for the year you bought it. If it was a very expensive item with a useful life of many years, say a truck for instance. Then you would deprecate its value over several years of your taxes.

Are there any programs that offer tax deductions when you donate junk cars?

Yes, one of the most popular is 1800 Charity Cars. You can only claim on your taxes the actual price of the car and you must also itemize your tax return.

Are the tax preparation expenses deductible?

Yes. If you itemize your deductions.