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Pennies Earned: Find Every Tax Deduction And Save Yourself Some MoneyMoney’s tight. Make sure you are getting all your deductions whether you itemize or not. A Tax Fact from The Tax Institute at H&R Block Are you getting all your deductions? If you’re not careful, you could end up paying more tax than necessary. Often, it’s a simple thing like claiming the standard deduction when you could itemize to get a bigger break. H&R Block’s suite of online tips and tools can save you money, time, and costly mistakes and omissions.
Deductions like the following come off the top, and lower not only your taxable income but also your adjusted gross income:
And when you itemize you get even more breaks:
Make sure you haven't missed any credits or deductions that could save you money.
Views: 41584 | Comments: 17
My husband bought into a franchise in 2007, he paid $40,000. He was paid as an employee of the company. My husband discontinued working with the company in May of 2008. The company agreed to repay us $20,000 of the franchise fee. Can we deduct the other $20,000 as a business expense? Also we used a home-equity loan to pay the fee, can we deduct the interest we are paying on the loan?  littleone , 28 Mar 2009 17:41:19 GMT atoth@crmre.com: Legal fees that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C. However, you usually cannot deduct legal fees you pay to acquire business assets. If the legal fees include payments for work of a personal nature, you can take a business deduction only for the part of the fee related to your business. The personal part of legal fees for producing or collecting taxable income, doing or keeping your job, or for tax advice may be deductible on Schedule A if you itemized deductions. Jason, H&R Block Jason , 16 Mar 2009 21:53:04 GMT Dorothy: Your mother can deduct on Schedule A only the amount of your medical and dental expenses that is more than 7.5% or your adjusted gross income. She can include in medical expenses the cost of medical care in a nursing home, home for the aged, or similar institution, for herself, her spouse, or her dependents. This includes the cost of meals and lodging in the home if a principal reason for being there is to get medical care. Do not include the cost of meals and lodging if the reason for being in the home is personal. She can, however, include in medical expenses the part of the cost that is for medical or nursing care. Jason, H&R Block Jason , 16 Mar 2009 21:52:36 GMT QuakerOats: You can include qualified medical and dental expenses you paid on Schedule A for anyone who was one of the following either when the services were provided or when you paid for them. (1) Yourself and your spouse. (2) All dependents you claim on your return. (3) Your child whom you do not claim as a dependent because of the rules for children of divorced or separated parents. (4) Any person you could have claimed as a dependent on your return except that person received $3,500 or more of gross income or filed a join return. (5) Any person you could have clamed as a dependent except that you, or your spouse if filing jointly, can be clamed as a dependent on someone elses 2008 return. For purposes of the tuition and fees deduction, the expenses for course-related books are qualified education expenses only if they must be paid to the institution as a condition of enrollment or attendance. In general, to claim the tuition and fees deduction for qualified education expenses for a dependent, you must claim an exemption for the student as a dependent. Generally, you can claim an education credit Hope or Lifetime Learning Credits if the eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption of your tax return. Jason, H&R Block Jason , 16 Mar 2009 20:51:28 GMT Can I claim my lawyer fees of 15,000.00 and i only make 29,000.00 year. If your a single mother and received full custody of your child to prevented from harms way. atoth@crmre.com , 12 Mar 2009 16:30:49 GMT My mother is in an assited living facitlity. Can she deduct the cost from her income or receive a credit? She is a widow filing single and she is over 80 years old. Dorothy , 12 Mar 2009 11:09:04 GMT I need help with the following concerns.
Can I claim / itemize the following:
myself as a dependent?
medical supplies purchased for mother? HOWEVER, I AM NOT CLAIMING MOTHER AS A DEPENDENT.
School books purchased for daughter (over 30 yrs. old)? HOWEVER, I AM NOT CLAIMING DAUGHTER AS A DEPENDENT. School tuition for grandchild? HOWEVER, I AM NOT CLAIMING AS A DEPENDENT. Thank you.
QuakerOats , 11 Mar 2009 22:38:53 GMT oldestdaughter ---
Unfortunately, since your parents are not your dependents you would not be able to deduct their medical expenses. -Stephanie, H&R Block TaxPro StephanieV , 11 Mar 2009 21:09:59 GMT My parents are not my dependents, but I pay all their medical bills. Since I itemize, can I deduct their medical expenses along with my own? oldestdaughter , 10 Mar 2009 15:15:35 GMT pat.m ---
Anyone can file with itemized deductions on their tax return. You would need to decide if it would be more beneficial for you to file with the standard deductions or itemized. Yes, your last pay stub can be proof of the amount paid for health and dental insurance as long as the amounts are on the pay stub. As for proof of payments made to doctors and hospitals you would need to retain a copy of the receipts for your records. If you no longer have your receipts you may be able to request a copy of them from your doctors office and hospital. The charge for completing your taxes varies from person to person depending on what your taxes include. It would be difficult to give you an estimate. You can, however, have your taxes completed and if you dont like the price, you are not obligated to file them with H&R Block. -Stephanie, H&R Block TaxPro StephanieV , 9 Mar 2009 16:42:22 GMT conniefinck ---
In order to benefit from the new stimulus package you would need to have earned income in 2009, qualify for unemployment, or receive social security income. -Stephanie, H&R Block TaxPro StephanieV , 9 Mar 2009 16:28:28 GMT I AM THINKING OF FILING AN ITEMIZED TAX RETURN THIS YEAR.
WHAT ARE THE REQUIREMENTS FOR FILE AN ITEMIZED TAX RETURN?
CAN YOU SAY WHAT THE AVERAGE CHARGE IS FOR FILING AN ITEMIZED TAX RETURN?
CAN YOUR LAST PAY STUB OF 2008 BE USED AS PROOF OF THE AMOUNT PAID FOR HEALTH AND DENTAL INSURANCE?
CAN PROOF OF PAYMENTS TO DR'S AND HOSPIALS, BE COPIES OF CHECK FROM MY BANKING STATEMENTS?
pat.m , 28 Feb 2009 19:51:50 GMT I have a friend who is on workmans comp. Will they qualify for some of the stimulus package? Could you reply an answer. Thank you Connie conniefinck , 20 Feb 2009 18:21:07 GMT Thanks for these tips on credits and deductions and the items that are new in 2008. I have used HR block online program for years now and feel very confident that your programs provide me with accuracy and ease of use. Thanks again !!! poof , 16 Feb 2009 20:23:53 GMT jondaley - I provided your email to our customer resolution team to reach out directly to you. Also, if you are using our Premium product, please note that you get a complementary "Ask a Tax Professional (ATA) session whereby you can reach out and speak directly to an H&R Block tax professional. You can do this from inside the tax preparation product.
David James
H&R Block TaxCut David James , 16 Feb 2009 16:52:20 GMT I don't know if this is the right place to submit a question - I couldn't find another place to do it.
My question is that due to having a $0 on line 56, and getting a new baby in 2008, my line 70 is reduced from $300 to $28. Is there anyway to increase line 70? It seems to me that line 70 should include line 66 in its calculations, like the original stimulus payment did.
I guess my main question is there anyway to move deductions (charitable, business, HRA, medical, etc) from 2008 to 2009 in order to take advantage of the "missing" $272 on line 70? jondaley , 14 Feb 2009 18:59:14 GMT Very useful! Reminders of a few things and Great note about Local Property taxes! Mongol , 13 Feb 2009 19:54:00 GMT
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11 Feb 2009 16:27:32 GMT
Tags: earned income tax credit,tax deduction list
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