Thinking I may have to pay this year. Does anyone have any easy write offs that most people overlook? Please help, I have my appointment tomorrow.:shrug:
Tax write offs
- Thread starter NIEM36
- Start date
Doctor Bills, Pharmacy Bills and donations like clothes etc to dav, is the ones that top the list for me. Excise tax paid on license plates is also deductible if ur state charges that.
These are only deductible to the point that you have gambling winnings, so really it doesn't do you any good. Now if you had a big pay-day at the casino or track and it was reported, than yes you could claim your gambling losses.
Boys,
I am both, wondering how that makes a dif?
C-guy,
What amount do you feel is reasonable for a "box of clothes" given to Goodwill?........
Franky
I'm an insurance agent so I get 1099 from everyone I do business with and am able to write off alot of things. My wife works for a large corp. and is a w2 she can hardly write anything off. I don't know if that makes any sence or not????
good will generally gives you blank ticket here--however would not abuse--plus this year days of getting good credit for worn out auto's coming to and end--
Some standards with little questions is donations to church--if in line You have standard dedeuction for out of town meals if you travel overnight on job.
If you travel over seas can write off part of expense if looking into job or investments--but better be well documented.
Your accontant should have checklist of overlooked deductions--have him send you one.
Any home office write off better be iron clad--as a # 1 red flag--I do some business at office at home and don't write any off--"fear" of audit- also don't write of any business meals but keep them in seperate envelope as extra's incase of audit.
Best to be straight forward as possible as IRS are no fools.
Example I know a cash busniness (coin laundry) owner thought no way IRS could prove how much he took in--wrong They gauged his water consumpsion for year and have formula to determine approximate income.
Probably best to look for afew write offs is in your closet--old computer monitors-printers (working or not)
ect.
Some standards with little questions is donations to church--if in line You have standard dedeuction for out of town meals if you travel overnight on job.
If you travel over seas can write off part of expense if looking into job or investments--but better be well documented.
Your accontant should have checklist of overlooked deductions--have him send you one.
Any home office write off better be iron clad--as a # 1 red flag--I do some business at office at home and don't write any off--"fear" of audit- also don't write of any business meals but keep them in seperate envelope as extra's incase of audit.
Best to be straight forward as possible as IRS are no fools.
Example I know a cash busniness (coin laundry) owner thought no way IRS could prove how much he took in--wrong They gauged his water consumpsion for year and have formula to determine approximate income.
Probably best to look for afew write offs is in your closet--old computer monitors-printers (working or not)
ect.
Was wondering the same thing - not that it's my business, but was a hot topic here.
I've been seperated from my wife for 18 months. I'm in the middle of a divorce. Rebecca was my play friend, she moved to San Fran couple months ago to live with her sister and attend culinary school.
My Cell phone is cause i can be called 24/7 by my employees. Any mileage I incur for the business, even though they pay me 33 cents a mile if I have to travel the woman that does my taxes still uses this as a dedecution.
on Goodwill, http://www.goodwill.org/page/guest/about/howweoperate/donations/claimingtaxdeductions
there's a link to a valuation guide above. Also, in my turbo tax program, it had a built in feature where u could calculate value of doanted items. It was way more exhaustive than the one I posted too, and the values were higher. I'm sure the other programs have similar. It just requires being way more specific on your Goodwill form when dropping off so u can remember at a later date when doing taxes.
there's a link to a valuation guide above. Also, in my turbo tax program, it had a built in feature where u could calculate value of doanted items. It was way more exhaustive than the one I posted too, and the values were higher. I'm sure the other programs have similar. It just requires being way more specific on your Goodwill form when dropping off so u can remember at a later date when doing taxes.
Contribute to an IRA for you and your wife. The best thing if you have a tax liability if you don't have any more deductions.
And this can be done in 2008 (before April 15th)to get the deduction on your 2007 return.
