Comments on: Common Federal Income Tax Deductions

By: Jewel

Jewel — Fri, 13 Jan 2012 22:05:38 +0000

When I travel for business, I must pay a petsitter. My company does not cover these expenses as part of my travel. Can I itemize this necessary expense? May be a silly question, but it ends up being big bucks each year.

By: Doug Schmidt

Doug Schmidt — Sat, 17 Apr 2010 14:33:16 +0000

I have already filed my taxes this year (Thank you AARP) and found $279.00 in medical expense that I did not claim. What form do I use to file this, I did not go short form. I used an itemized tad deduction.
Thank you!

By: NovineGuy

NovineGuy — Mon, 15 Mar 2010 13:46:25 +0000

“100 years ago there were zero, zilch, nada, zippo taxes and everyone got along just fine in life”

Repeating that false claim again? There’s been taxes since before the US was a country. Sounds like you should have invested in an education.

By: linda wilson

linda wilson — Tue, 09 Mar 2010 20:18:54 +0000

can i deduct interest paid on my credit cards?

By: pasen01

pasen01 — Tue, 16 Feb 2010 23:23:12 +0000

Hi, how can I deduct “maintenance/upkeep” on annualized “pet expenses” as I claimed two dependents (both my cat and dog) this year.

If mid-year I obtained a fish / bowl, can I write off the bowl and sprinkle-food I buy?

o.O “woof woof”

By: Erica

Erica — Fri, 24 Apr 2009 22:47:23 +0000

I am paying to have my home hooked up to the city sewage. Is this tax deductible?

By: Lynn Dufort

Lynn Dufort — Sun, 19 Apr 2009 15:19:12 +0000

I am ordering a headstone for my wife and me. Is the total cost deductible ? Is there any tax break, the stones are very expesive ie. small marble is going to cost 5,300.00.
L Dufort

By: Ryan

Ryan — Mon, 13 Apr 2009 20:42:16 +0000

SKS – Everyone got along just fine? I’m not sure where you got your information from but I don’t believe things were “just fine”….

By: SKS

SKS — Sat, 14 Mar 2009 16:29:39 +0000

Does everyone realize how many taxes there are on every person throughout their careers? They include sales tax, income tax, state tax, local tax, excise tax, inheiritance tax, capital gains tax, gas tax, and literally dozens more!

Think about it……..100 years ago there were zero, zilch, nada, zippo taxes and everyone got along just fine in life.

By: Geneal

Geneal — Fri, 13 Mar 2009 17:42:11 +0000

I heard on TV I think it was on Good Morning America, a lady who gives financial advice. She said if you own your home you would be eligible for $1500 deduction. If you were a first time home buyer you could receive $7000 tax credit which had to be paid back over a period of 15 years at $500. My tax preparer does not know anything about the $1500 deduction allowed for home owners. Where could I find this info.

By: Cindy

Cindy — Wed, 25 Feb 2009 15:40:02 +0000

with obama giving out free grants, if a person qualifies for one to pay bills, is that amount granted, considered as income on your income taxes for that year?

By: TERI CAMPBELL

TERI CAMPBELL — Mon, 16 Feb 2009 16:09:37 +0000

I read in the paper Sunday that if you own your home. therefore, paid property taxes, but cannot itemize, that you can increase your standard deduction. Can you tell me more on this subject?

By: Gen

Gen — Sat, 07 Feb 2009 22:58:03 +0000

This was very helpful to me! I don’t usually itemize my deductions, because I’m young and single with no kids and not a homeowner. Even though I give a decent amount to charity, it never adds up to more than the standard deduction. I used to just use 1040EZ (or telefile before they did away with it).

This year I am in a fellowship instead of a regular job, so I have been paying for my own health insurance and contributing to my retirement out of pocket. I need to use the real 1040 this year!

Thanks for your article! I was able to add to adjustments – the IRA deduction and student loan interest deduction (which I could have been doing for years!). I also checked my medical expenses, but it doesn’t exceed the 7.5%.

Anyway, I am happy because I am able to add some adjustments without the hassle of itemizing, and I still get the standard deduction. Thanks again!

By: Llama Money

Llama Money — Thu, 31 Jan 2008 23:09:55 +0000

I might be able to deduct my sales tax this year ( finally! ). I think I paid enough mortgage interest to itemize deductions. Thanks for the reminder.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Tue, 29 Jan 2008 16:39:19 +0000

I don’t need deductions, I need CREDITS!

(good luck with that)

By: Curtis

Curtis — Tue, 29 Jan 2008 14:08:43 +0000

Your first list are actually not deductions, but adjustments. I posted last week about the three categories of tax write-offs. Adjustments come off from your Gross Income. Deductions from your Adjustested Gross Income if you are above the standard deduction. And Credits come off of the total tax due.

By: saladdin

saladdin — Tue, 29 Jan 2008 12:39:02 +0000

Freak,
If you did not pay more taxes then who would?
Someone has to. That is the reason for tax codes, to generate revenue.

saladdin

By: Saving Freak

Saving Freak — Tue, 29 Jan 2008 12:31:12 +0000

I greatly dislike the income restrictions that are put on these deductions and tax credits. It seems my wife and I edge ourselves out of most of them just for being successful. Why penalize those who do the most for our economy? This is the kind of tax code that brought us the 70’s.

By: Lisa Spinelli

Lisa Spinelli — Tue, 29 Jan 2008 12:11:22 +0000

You may not be aware thatif your adjusted gross income for 2007 was less than $54,000, you can use Free File at the IRS website to process and file your federal tax return at no charge.