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Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Can medical expenses be a taxable deduction?
The IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.10 (10 percent) to find that only expenses exceeding $4,500 can be deducted. This leaves you with a medical expense deduction of $975 (5,475 - 4,500).There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of your adjusted gross income. The threshold remains at 7.5% of AGI for those taxpayers until Dec. 31, 2016.Which medical expenses are deductible?The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.Ref: Google/TurboTax
Can you deduct commuting expenses on tax return?
Only if you work in two different locations. You can deduct the expenses of getting between the locations, but not the expenses of getting to and from home.
Can you deduct home office expenses?
This could be possible if you have any qualifying home office expenses to deduct. Click on the below related links
What can a registered nurse deduct on a tax return in AZ?
They can deduct their expenses for uniforms, transportation, cleaners, boats and coats. They can also deduct their expenses they did during travels seeing patients for help provided. They can also deduct small tools they bought for their services and they can deduct meals and entertainment for work related. They can deduct mileage travels during work.
Can I deduct medical expenses for 2017 on my tax return?
Yes, you can deduct medical expenses for 2017 on your tax return if they exceed 7.5 of your adjusted gross income.
Are COBRA premium payments for dental insurance an allowable medical expense deduction for tax purposes?
Yes. However, remember that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Check with a tax accountant for your specific situation.
If you have an apartment closer to work so you don't have a long commute can you deduct any or all of the expenses?
In the United States, commuting expenses (travel between the taxpayer's home and his workplace) are not deductible for income tax purposes. This is true whether the taxpayer uses the home as a first or a second residence. The rent, utilities, etc., expenses are all personal expenses, and nondeductible.
Do you have to itemize to get a deduction for hearing aids?
You have to itemize your medical expenses in order to get a deduction for hearing aids. Then you only get to deduct the amount of medical expenses that are above 7.5% of your adjusted gross income.
How is adjusted gross income figured for IRS form used for medical expenses?
You adjusted gross income is figured the same way no matter what. When filing Schedule A of your return you will deduct either 7.5% or 10% of your adjusted gross income from your medical expenses depending on your age. You also have to deduct anything paid by your insurance. This only leaves the amount you paid out of pocket for deductibles, copays, and your percentage you actually paid after your deductible.
Can I deduct mileage expenses if I am reimbursed for them?
No, you cannot deduct mileage expenses if you are already reimbursed for them.
Where should I deduct my computer expenses on Schedule C?
You should deduct your computer expenses on Schedule C under the "Other Expenses" section.
Can I deduct therapy expenses on my taxes?
Yes, you may be able to deduct therapy expenses on your taxes if they are considered necessary medical expenses and you itemize your deductions.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Can medical expenses be a taxable deduction?
The IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year. Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.10 (10 percent) to find that only expenses exceeding $4,500 can be deducted. This leaves you with a medical expense deduction of $975 (5,475 - 4,500).There is a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of your adjusted gross income. The threshold remains at 7.5% of AGI for those taxpayers until Dec. 31, 2016.Which medical expenses are deductible?The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.Ref: Google/TurboTax
What percentage of your adjusted gross income can you generally deduct for charitable donations?
You can generally deduct up to 60 of your adjusted gross income for charitable donations.
Can you deduct commuting expenses on tax return?
Only if you work in two different locations. You can deduct the expenses of getting between the locations, but not the expenses of getting to and from home.
