April 29th, 2010
I just realized that my itemized deduction is getting smaller due to the interest part of my mortgage is shrinking, which resulted in a big jump of my tax after I sold some stock and got some capital gain. I wonder if it is wise to pay more interest part of my mortgage, so that next year I can use for tax deduction? What happens if I pay more interest instead of principle? I know paying more principle can shorten the length of mortgage, is it also true for the pricinple part?
Thanks
April 25th, 2010
As an insurance CSR, every year several insureds ask me for their expenses on home insurance and auto insurance policies. Yes, not commercial auto or commercial property, but personal-sounding expenses. Is there an itemized deduction for this stuff that I’m just not thinking of, or is there probably a vehicle being used for business, and a home office or investment property concerned?
February 22nd, 2010
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?
February 21st, 2010
I am unsure how to calculate this question.
Jack is single and his stndrd deduction is 50. IF he is in the 25% margnal tax bracket, how much tax would he save by using his itemized deduction of ,600?