What can i put on my taxes

what can i put on my taxes

Answers

Best Answer: This is only useful if you itemize your deductions. Typically, homeowners itemize. If you own a home, you can 'write off' certain expenses, as those you list (lunch money isn't one of them though, sorry.) More common expenses include:

-Interest paid on home loans

yes/no.

Assuming your itemized, the appropriate form is on schedule A.

Medical deduction- You get to deduct medical expenses in excess of 7.5% of your adjusted gross income (AGI). This is usually not met unless you have significant medical issues.

Misc. expenses- limited to the excess of 2% of your AGI. Be careful what you put here as most expenses will not qualify. For example- A) commuting expenses to and from work is not a misc. deduction. But if you use your car for work (running company errands), you can deduct the miles x IRS mileage rate (somewhere around 58.5 cents/mi) less any reimbursements.

B) Uniforms- costs of uniforms are almost never

deductible. The only exception is if the uniform is not suited for normal wear. I usually consider that to mean if you walked into a mall with it, would you look out of place. A firefighter suit - deductible. Almost everything else- appropriate color clothing, scrubs, etc. - not deductible.

C) Meals- the cost of a business meal that includes a customer and a business purpose might be deductible (50% limit before the 2% limit), but you need to keep a log, just like a mileage log, showing the attendees and the business purpose.

Summary- Most taxpayers can not benefit from these deductions. A salesman working on commissions who covers his/her own expenses maybe, but most people should be careful with what they put on the 2% line. If the IRS sees something there that seems abusive- such as clothing, meals, mileage- they will send you a notice asking for a description of the activity and your receipts.

Jeff · 7 years ago

Source: answers.yahoo.com

Category: Taxes

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