What should you claim on your taxes?

Answer 1

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