The IRS Deductions Blog

Archive for the ‘Itemized Deductions’ Category

Items on Amazon Right Now for Itemized Deduction Limitation 2010:

Senate Session 2011-07-07 (14:47:38-15:59:11)

Question: Why do we want to punish people that are making over $250k, don’t they bear the brunt of all taxes anyways?

A person making over $250k pays way more in taxes because according to the tax code their itemized and other deductions gets phased out at a certain income level. Most people say that rich people like Warren Buffet pay less taxes on a percentage basis. I guess they don’t realize that in the tax code rich people can offset their taxes by putting money into an estate that drastically lowers their taxes and therefore the lower percent amount they pay.

I mean people think that Bill Gates is great for giving away his billions, people don’t understand he’s doing that but also lowering his tax burden.

So for all non believers, take a couple of tax classes in college and you’ll figure out how messed up our tax code is. In the end its the middle class that suffers when taxes on those that make over $250k goes up.

Answer: I don’t want to “punish” them. I just want a fair tax system.

Items on Amazon Right Now for Itemized Deduction Phase Out:

Edward D. Kleinbard: Machiavelli on Tax Policy

If we could learn to acknowledge the role that the whims of fortune play in all of our lives, then we might perhaps not grasp quite so tightly onto our material success as if it were ours alone.

President Obama Holds a Health Reform Town Hall in New Hampshire

Items on Amazon Right Now for Itemized Tax Deduction Worksheet:

Question: Simple question about itemized/standard deduction?

Hello,

I was just wandering can I choose to file my standard deduction as well as adding on some itemized things to basically boost my return? Some tax guy from quicktax told me that I can and to come and see him but from what ive heard its either one or the other not both.

Please advise, thank you for your time!!!
That being said thanks to Judy, where can I find a list of adjustments or credits that I can use while filing just standard deduction. If you have an exact webpage I can go to that would be nice. Also, how would I file adjustments and credits when entering my w2 on turbotax?

Sorry to bombard with questions. Thanks so much!!!!

Answer: No, it’s itemized OR standard deduction, not both.

That said, there are a number of items, called adjustments and credits, that you can use to lower your tax even if you don’t itemize. A few of these are IRA contributions, student loan interest paid, child care credits, education credits, and residential energy credits – and this is by no means a complete list.

Items on Amazon Right Now for Itemized Deduction Or Standard Deduction:

Report: IRS lax in checking auto buying deductions

The IRS did not require proof from people claiming deductions for new vehicle purchases allowed under the 2009 economic stimulus act, and has been slow to investigate claims for excessive deductions, according to a government watchdog report.

Business Taxes

Question: I had an investment interest expense carryover from 2007 tax year to 2008. In 2008 tax return, however, I did?

I had an investment interest expense carryover from 2007 tax year to 2008. In 2008 tax return, however, I did not make use of it in Itemized Deduction, because I elect to use the Standard Deduction. Can I still use the carryover in my 2009 year tax return or the carryover form 2007 return is limited to be used only in 2008 return only?
I have not sent in my 2009 return yet.
My point is: Is my 2007 interest expnese carryover can still be applied to my 2009 return. My 2008 return used only the standard deduction, so the 2007 carryover was never used.

Answer: You must a) use the form to determine the amount you could have deducted (this is now lost) and the amount that is being carried over to 2010. b) fill out the form and send it in with a 1040X.

Items on Amazon Right Now for 2009 Itemized Deduction Limit:

Tax deadline approaches

Taxpayers will have until Monday, April 18th to file their returns.

President Obama’s Primetime Press Conference on Health Reform