What is everything i can claim on my taxes?

Answer 1

The list of items that can be claimed on your taxes as deductions is quite extensive absolutely situational, requires documentation and has many limits and thresholds. It may include (but is not limited to): computer and office equipment (if it is used for a business undertaken for profit), whereas hobby expenses are never deductible (and if your business is considered a hobby - then even it's expenses aren't deductible). Some legal fees and invesment expenses, the rental cost for deposit boxes, gambling losses are allowed against gambling winnings, and some travel expenses for qualified business purposes or charity. The most common are medical and dental expenses (which have a threshold you must reach and commonly aren't avail to many), property taxes, mortgage interest on a primary residence and charitable donations within limits to qualified charities only. You are allowed a "standard" deduction which is the better choice if you're qualified and documented "itemized" (meaning specific) deductions add up to less than the automatic amount....which is very common. It is always a good idea to consult with an accountant or a tax consultant to determine the best way to file in order to maximize deductions. However, the common PC and on line programs available for $20-$30, (and even on line for free), will lead you through a question and answer routine that explains itself and what is needed and does an excellent job of making a beneficial return. The first time or two it may take you several hours or more...but as you learn what is asked for and needed, you get better at knowing what to keep and look for through the year...and what things actually mean to YOUR tax situation.