I’m trying to figure out if I should take the standard deduction or do line-item. I am a 1099 independent contractor and have mileage, medical, home office supplies (but no home office) and charitable donations I can deduct. I did not contribute to any retirement plans. I am trying to determine if my line-item deductions amount to more than the standard deduction. Thank you.
Obama’s tax plan greatly reduces tax deductions for charitable donations. Instead Congress will be appropriating funds to the charities of their choice.
I was just reading another question on here and I think it’s funny that most people thought he was making this up. Why do people find it so hard to believe?
http://freedomofbleep.com/2009/03/liberals-strike-down-charity/
http://washingtontimes.com/news/2009/feb/27/charity-tax-challenged-by-political-friends/?page=2&comment_page=3
I’m 20 years old, full-time student. My parents claimed me as a dependent on their tax return. Am I still eligible for tax deductions, such as a loss on savings, charitable donations, etc.?
I recently bought a house, so I now itemize my tax returns. My finances are very simple. Can I write off student loan interest? medical expenses not covered by insurance? I do charitable donations, but am trying to get more creative. What about work clothes (suits)? Laptop (if I use it for work from time to time)?
I get the basic gist that you don’t have to pay taxes on whatever amount you deduct. But I don’t understand how you claim deductions and what is claimable. Are tuition and student loans able to be deducted? What is a standard deduction vs an itemized deduction? Why do most people have a standard deduction and at what point would you do an itemized deduction?
What are the general tax brackets and how do they play into it?
Thanks
I am a married student and I have a bunch of student loans. My husband is the primary income earner of our household since I’m in school. We rent a house. I’m probably going to give my car to charity and sometimes we make other charitable donations.
What sort of things could I/ we claim as a deduction?
I forgot to add many of my charitable donations to my tax deductions last year. Am I allowed to file them as donations if I did not claim them as such last year?
Also, what can be considered a charitable donation? What about costs associated with doing it? Like transportations?