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What is list of expenses that can be itemized on your income taxes?
Wiki User
∙ 12y ago
1. Accounting fees for tax preparation services and IRS audits
2. Alcoholism and drug abuse treatment
3. Amortization of premium on taxable bonds
4. Appraisal fees for charitable donations or casualty losses
5. Appreciation on property donated to a charity
6. Casualty or theft losses
7. Cellular telephones - more on this here.
8. Cleaning and laundering services when traveling
9. Commissions and closing costs on sale of property
10. Contact lenses, eyeglasses, and hearing devices
11. Contraceptives, if bought with a prescription
12. Costs associated with looking for a new job in your present occupation, including fees for résumé preparation and employment of outplacement angencies
13. Depreciation of home computers
14. Dues to labor unions
15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills
16. Employee contributions to a state disability fund
17. Employee's moving expenses
18. Federal state tax on income with respect to a decedent
19. Fees for a safe-deposit box to hold investments (e. g., stock certificate)
20. Fees paid for childbirth preparation classes if instruction relates to obstetrical care
21. 50% of self-employment tax
22. Foreign taxes paid
23. Foster child care expenditures
24. Gambling losses to the extent of gambling winnings
25. Hospital services fees (laboratory work, therapy, nursing services, and surgery)
26. Impairment-related work expenses for a disabled individual
27. Improvements to your home
28. Investment advisory fees
29. IRA trustee's administrative fees billed separately
30. Lead paint removal
31. Legal fees incurredin connection with obtaining or collecting alimony
32. Long-term care insurance premiums
33. Margin account interest expense
34. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home
35. Mortgage prepayment penalties and late fees
36. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
37. Health insurance premiums is self-employed
38. Penalty on early withdrawal on savings
39. Personal liability insurance for wrongful acts as an employee
40. Points on a home mortgage and certain refinancings
41. Protective clothing required at work
42. real estate taxes associated with the purchase or sale of property
43. Seller-paid points on th epurchase of a home
44. Special equipment for the disabled
45. Special schools and separately stated fees for medical care included in tuition
46. State personal property taxes on cars and boats
47. Subscriptions to professional journals
48. Theft or embezzlement losses
49. Trade or business tools with life of 1 year or less
50. Worthless stock or securities
Wiki User
∙ 12y ago
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What tax form do you need for medical write offs?
Schedule A is Itemized Deductions. It's the form you use for, hopefully, writing off medical and dental expenses. The first section on Schedule A is 'Medical and Dental Expenses'. The instructions for Schedule A, as well as IRS Publication 502 (Medical and Dental Expenses), list which expenses can be included on Schedule A and which can't. Also, you only can deduct the part of your medical and dental expenses that exceeds 7.5 percent of the amount on line 38 (adjusted gross income, AGI) of Form 1040.
How do you claim a deduction for tools on tax returns?
If you're self-employed, then you would list tools in the Expenses section of Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). If you're an employee, then the amount would be included on line 21 Unreimbursed employee expenses in the Job Expenses and Certain Miscellaneous Deductions Section of Schedule A (Itemized Deductions). The amount of expenses entered in the Job Expenses Section of Schedule A is totalled. Then only the amount of that total that exceeds 2 percent of your adjusted gross income (AGI) on line 38 of Form 1040 is deductible.
What is bugeting?
Budgeting is finding out if you make enough money to live on. You can create a budget by making a list of expected expenses. Then write down how much you spend on each expense a month. Subtract the total of expenses from your income.
Why miscellaneous expenses treated on asset side?
Expenses are listed on the "Asset" side because the expenses effect Revenue (or income). Because Income is an Owners Equity account and is increased with a credit, expenses must be listed in the debit column. Also remember the accounting equation; Assets = Liabilities + Owners Equity (Stockholders Equity) The short answer, you want to deduct all your expenses from your equity (revenue account), the only way you can do that is to list expenses on the asset side, if you listed them in liabilities you would have to "Add" the to your revenue (equity account) and you would not get an accurate Revenue amount. When you pay an expense you credit the amount of cash at the same time you debit the expense. When closing out your accounts you can then list expenses on the income statement and it will decrease revenue because Assets - Owners Equity = Liabilities. This is true with all expenses, not just Miscellaneous. Basically, it keeps the accounting equation in balance.
What should you claim on your taxes?
If you are referring to income, pretty much any income that you receive is taxable, the list is extensive but it includes: wages, salary, tips, interest, dividends, rental income, retirement plans, pensions, annuities, social security, royalties, unemployment, bribes (yes bribes), alimony, jury duty, prizes and awards, Pulitzer prize, Nobel prize, stolen property (yes, if you steal property you must reported as income) and even bartering... yes, I know. Now, when it comes to deductions there are all kinds of deductions that can be claimed, they include: medical and dental expenses, property taxes, mortgage interest and charitable donations, home computer, hobby expenses, legal fees, rental cost for deposit boxes, gambling losses and travel expenses. It is always a good idea to get some references from friends and family for a good CPA or Tax Preparer that will get into the details of your income and expenses and help you maximize your deductions while minimizing the taxable income. Hope this helps. Roger Hadad, Effectur Inc, www.irs101.blogspot.com
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.
How is a budget is made?
Figure out your income,List your expenses,Categorize your expenses,Determine if expenses are below income, and Reduce expenses in flexible categoris if nessecary.
How is a budget made in steps?
Figure out your income,List your expenses,Categorize your expenses,Determine if expenses are below income, and Reduce expenses in flexible categoris if nessecary.
What is the purpose of IRS schedule A?
Schedule A of the 1040 individual tax return is where a taxpayer will list itemized expenses if they wish to itemize. The 1040 tax return allows taxpayers the option of taking a standard deduction or to use the amount listed on their Schedule A (Itemized Expenses). Less and less people use Schedule A as the standard deduction is increased every year. With low mortgage rates most people no longer have enough itemized expenses to exceed the standard deduction. Since you can use either the standard deduction or the itemized expenses, you want to take the one that allows you to reduce your taxable income the most. This has left more and more people better off to take the standard deduction.
List and describe four sources of state government revenue?
US State sources of income can be the following four types: 1. State income taxes; 2. Income from sales taxes; 3. Income from real estate taxes; and 4. Inheritance taxes.
What tax form are needed for home business expenses?
The tax form that you need is schedule C. This is where you will list all your expenses for your business including the expenses that are shared with your personal taxes.
What tax form do you need for medical write offs?
Schedule A is Itemized Deductions. It's the form you use for, hopefully, writing off medical and dental expenses. The first section on Schedule A is 'Medical and Dental Expenses'. The instructions for Schedule A, as well as IRS Publication 502 (Medical and Dental Expenses), list which expenses can be included on Schedule A and which can't. Also, you only can deduct the part of your medical and dental expenses that exceeds 7.5 percent of the amount on line 38 (adjusted gross income, AGI) of Form 1040.
How do you claim a deduction for tools on tax returns?
If you're self-employed, then you would list tools in the Expenses section of Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). If you're an employee, then the amount would be included on line 21 Unreimbursed employee expenses in the Job Expenses and Certain Miscellaneous Deductions Section of Schedule A (Itemized Deductions). The amount of expenses entered in the Job Expenses Section of Schedule A is totalled. Then only the amount of that total that exceeds 2 percent of your adjusted gross income (AGI) on line 38 of Form 1040 is deductible.
A Select List of Tax Deductions?
OverviewIndividual taxpayers, as opposed to businesses, have two general lists of tax deductions available. The first group consists of deductions that can be taken without regard to meeting the standard deduction and are not listed on Schedule A. The second group consists of those that must be itemized on Schedule A. This second type will not be used if the total does not exceed the standard deduction.This is only a partial list of the tax deductions available. It represents some of the most commonly used deductions.Mortgage DeductionThis is an itemized deduction. The taxpayer can deduct mortgage interest, points, and mortgage interest premiums. Some limits may apply to the allowable deduction based on the purchase price of the property, and the expenses must be related to the taxpayer's primary or secondary residence.IRA ContributionThis is not an itemized deduction. As much as $6,000 is available per person (taxpayer and spouse) when filing jointly, but the IRS applies several tests based on income and circumstance that can reduce the deductible amount.Charitable ContributionsThis is an itemized deduction. Contributions must have been made to an IRS-qualified organization. Donations of cash, property, and out-of-pocket expenses are potentially eligible and must be documented. Limits apply based on adjusted gross income, but donations not deductible in one year can be carried over to the next.Educational ExpensesThis is not an itemized deduction. Qualified student loan interest, tuition, and fees can be deducted, although limits might apply based on the modified adjusted gross income. These deductions should not be confused with education credits. Each program has its own rules, and the taxpayer should calculate his tax liability under both methods to determine which gives the better result.Medical ExpensesThis is an itemized deduction. Allowable medical and dental expenses are described in IRS Publication 502. Only those expenses that exceed 7.5 percent of the taxpayer's adjusted gross income can be deducted. The taxpayer may deduct the expenses paid for herself, her spouse, dependents claimed on her return, a child not claimed on her return, and certain other non-dependents.State and Local TaxesThis is an itemized deduction. State and local income, sales, personal property, and real estate taxes can all be deducted on the federal tax return.
Put the steps in the correct order to show how to put together a personal budget Add up all of your sources of income Figure out how much money you're spending Categorize your expenses to?
*total your income *figure out how much money you are spending. *categorize your expenses to show where your money goes. *determine if your expenses are above or below your income. *reduce expenses in flexible categories to save or increase savings
What is list price?
A price list is a list of itemized prices, generally of goods being sold.
What is a price list?
A price list is a list of itemized prices, generally of goods being sold.
