ChrisL 2 #1 May 18, 2006 A simple question that doesnt seem to have any kind of simple answer that I can find. I've never itemized before so forgive me if this sounds stupid, but I just dont know this. Besides my house taxes and interest, what else can I deduct legitimately given that I do not own or operate my own business?__ My mighty steed Quote Share this post Link to post Share on other sites
Broke 0 #2 May 18, 2006 Lots of stuff. Basically anything you buy for work. If you dry clean your uniforms, or other work clothes that can work. Any Charatable donations. If you work part time at you local DZ all the money you spend on jumps can be used as a Hobby deduction. Ask your tax prepairere about this one. If you buy a new car the sales tax on that.Divot your source for all things Hillbilly. Anvil Brother 84 SCR 14192 Quote Share this post Link to post Share on other sites
JohnnyD 0 #3 May 18, 2006 QuoteLots of stuff. Basically anything you buy for work. If you dry clean your uniforms, or other work clothes that can work. Not really, but there are possibilities in this area. QuoteAny Charatable donations. Yes. QuoteIf you work part time at you local DZ all the money you spend on jumps can be used as a Hobby deduction. NO. Quote Ask your tax prepairere about this one. If you buy a new car the sales tax on that. Possibly, but doubtful unless you live in a state that does not have a state income tax. Chris - Go to irs.gov and look at the schedule A for the form 1040. This will give you an idea of what may be out there for you and what the limitations are. edited to add this: http://www.irs.gov/taxtopics/tc500.html Quote Share this post Link to post Share on other sites
wmw999 2,600 #4 May 18, 2006 Charitable donations, both in-kind and money (but they get suspicious if your in-kind are really high). House taxes etc. medical expenses if they're high enough. professional expenses -- if you went to classes for your current job that cost you money, they are deductible. Not a whole college degree (that wouldn't be a requirement for your current job normally), but for instance if you got an MS certification of some type in your current job. You cannot be doing it to get a better job -- it has to fit your current job. tax preparation fees. Which for most of us means the cost of whatever program you use, or the copy of the book. Those off the top of my head. I'm no expert, but I've been itemizing since the early 1980's. Wendy W.There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown) Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #5 May 19, 2006 Quotemedical expenses if they're high enough. You can only deduct medical expenses to the extent they exceed 7% of AGI. Quote tax preparation fees. Tax preparation fees are in the miscellaneous category where you're only allowed to deduct the total which exceeds 2% of your adjusted gross income. Realistically, you're probably only looking at deducting other taxes with real-etate taxes and state income taxes being the big one for most people. Personal property tax based on value like that paid on your car is deductable, although the rest of your registration fees are not. Quote Share this post Link to post Share on other sites
kelpdiver 2 #6 May 19, 2006 Quote Besides my house taxes and interest, what else can I deduct legitimately given that I do not own or operate my own business? Charitable donations are the most common. As mentioned, if your state charges you a vehicle registration fee based on the car's value, that part is deductable. The fixed fees are not. If you do any 1099 contract work, you can deduct cost of medical insurance premiums. past that, there are a lot of potential deductions but they all seem to involve 2% or higher thresholds that I'm never going to reach. Quote Share this post Link to post Share on other sites
