What can i write off for my taxes

what can i write off for my taxes

Hello. It depends, as every taxpayer's situation is different. First, you need to able to itemize your deductions. If you are single, you need to. show more Hello. It depends, as every taxpayer's situation is different. First, you need to able to itemize your deductions. If you are single, you need to have more than 5350 in expenses. If you are married, you need to have more than 10,700 in expenses. If you do not, take the standard deduction.

You should keep ALL of your receipts and keep a diary of your expenses in the event of an Internal Revenue Service audit. The more documented and organized your records are, the better it looks.

Deductible educational expenses include amounts spent for tuition, books, supplies, laboratory fees, and similar items. They also include the cost of correspondence courses, as well as formal training and research you do as part of an educational program. Transportation and travel expenses to attend qualified educational activities may also be deductible.

The cost of a personal computer is generally a personal expense that is not deductible. However, if the

school includes the cost of school-supplied computers as part of the cost of tuition or as a fee required for attendance or enrollment, and bill students for computer software that students cannot obtain elsewhere, your expenses may qualify as an expense towards either the Lifetime Learning Credit or Hope Credit.

If you are eligible to deduct educational expenses and are also eligible for the lifetime learning credit, then it is possible to claim both, as long as you do NOT use the SAME educational expenses to claim both benefits. Your may want to allocate some of your expenses to the deduction and others to the credit. This is sometimes desirable because a qualifying expense for one benefit may not be a qualifying expense for the other tax benefit. For example, the cost of course related books ordinarily qualifies for the deduction, but not for the lifetime learning credit.

If it is educational expenses to keep your job, you have a better chance of being able to deduct a number of expenses, including the interest on a student loan obtained previously.

Source(s): www.1040.com/consultant

Source: au.answers.yahoo.com

Category: Taxes

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