The IRS Deductions Blog

Archive for the ‘Standard Deductions’ Category

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

Question: I need tax help! any accountants out there??

I am so confused about deductions. my husband made several purchases for job-related items in 2006, amounting to about $4000.00. Our income (filing jointly) was less than $50,000, but when I tried to use the deductions, it said something about it being less than the “standard deduction” of $10,000 something. What does that mean? Can we not write off those expenses, or does the “standard deduction” take care of it?
Also, H&R Block said we were not eligible for the child tax credit (we have two kids). I thought you had to make $100,000 in order to no longer be eligible. I did our taxes myself to save $250 bucks, but we’re not getting near the refund I thought we would. Help??

Answer: If you’re married filing joint, you get an automatic standard deduction of $10,300. If your Itemized Deductions do not exceed $10,300, then it’s more beneficial for you to use the standard deduction.

Here is info on the child tax credit. You should be eligible if your children are under 17.

http://www.irs.gov/publications/p972/ar02.html#d0e236

Items on Amazon Right Now for 2006 Standard Deduction Amount:

Senate Session 2011-07-06 (16:23:39-17:25:55)

Question: IRS Form 8379 (Injured Spouse) How to maximize my return? Help!?

I am filling out IRS form 8379 (Injured spouse). My husband owes back child support so they are gonna take any refund he gets. We have 4 children. I am claiming them on this form as well as myself but not sure how to break down the standard deduction between the two of us to get back the most. Same thing with the credits (Line 17). Please help!!

Answer: The standard deduction would be $5450 for each of you. As for the credits, if you are claiming all the children, then you will allocate the credits under you unless they are specifically for your husband. This will not include the earned income credit. In the long run the IRS will take the information you are submitting and allocate the income, deductions and credits based on how you file the 8379.

It could take 11-14 weeks for the IRS to process the claim.

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

Items on Amazon Right Now for Standard Deduction Irs:

New Tax Changes : 2011 standard deduction

Question: Can the standard mileage deduction save me from taxes this year?

I receive a 1099- misc. I use my own vehicle and log about 30,000 business miles a year. My gross income is 17,500 a year. Will that save me from paying taxes? I used Turbo Tax and when I entered that figure the calculation went from owing 1,385 to a refund of 10.00. Can that be right? I have always used my actual expenses before and this year I purchased a new vehicle and was eligible for the standard mileage deduction. I have always had to pay about 1,000 each year and this was a shock. I re-did it several times and it came up the same each time. Can that really be correct. I do not want to mess up my taxes.

Answer: The mileage deduction for 17,500 miles is $8,489. If you are in the 15% tax bracket, this is a tax savings of $1,273. Plus, you will have reduced your income subject to self-employment taxes, for an additional savings of up to another $1,273.

So, your figures are very possible. With this much mileage, the per mile deduction is usually more advantageous than actual expenses.

Items on Amazon Right Now for Standard Deduction Mileage:

BizMile HowTo — fast search for long address books

Question: How much is the standard tax deduction in the state of Florida?

How much do I need to spend to receive more than the standard deduction and itemize every purchase.

Answer: sky–you know there is no income tax in Florida
on the Federal return, as a single person your standard is $5700
when are you going to request pub 17 from IRS to help you?

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

Senator David Y. Ige Speaks to the Full Senate re: State Budget Bill