The IRS Deductions Blog

Posts Tagged ‘2008’

Question: what can a young married couple who rents, does not own a business no kids do to have Tax Deductions?

Answer: There are certain Itemized Deductions that may apply. Medical expenses and health and long-term care insurance premiums that are paid after-tax are deductible, subject to a limit of 7.5% of the adjusted gross income. Dental and vision care expenses are included in this deduction, as well as prescription medications and copays and a small allowance for medical mileage.

Sales tax or state income tax payments are deductible.

Unreimbursed employee business expenses are deductible, but there are some limits on this expense.

Charitable contributions are deductible, as are income tax preparation fees.

Casualties and thefts are also itemized deductions.

Some married couples claim one or both parents as dependents. There are special rules for dependent parents. A person has to have paid out over 1/2 of the parent’s support in order to be able to claim them. There is such a thing as a multiple-support agreement, where siblings share the support of a parent, and each sibling then gets a turn at claiming the parent as a dependent on their own tax return. There are some rules and limitatios that need to be addressed when using this kind of agreement.

Items on Amazon Right Now for Married Tax Deduction:

New year brings same old April 15 tax deadline

The holidays are behind us and the new year has started.

“Tax Lady . . . Where Yo Money At?” TURBO TAX RAP CONTEST

Question: Can I itemize state taxes for the whole 2009 if I bought a house in November 2009?

My question is: If I itemize on my 2009 tax return for a house that I bought in November 2009, can I deduct the entire amount of state taxes (and donations) I paid in 2009 or only the fraction for the two months I owned the house in 2009? If the full amount cannot be deducted, the standard deduction of $5700 will be higher than my itemized items and I would not itemize.

More Details:
Closed on the house November 19th, 2009.
Total prepaid interest and property taxes: $4505
State Taxes paid in 2009: $6000
Donations made: $720

Thank you!

Answer: if what you can itemize is greater than the standard deduction, by all means itemize

Items on Amazon Right Now for 2009 Tax Itemized Deductions:

Tax-preparation chains look to regain lost business

Tax preparation chains are marketing to potential customers affected by the recession and the government programs fighting it, seeking to reverse last year’s revenue decline.

Reality Check: We Can Afford Reform, We Cant Afford the Status Quo

Question: Is the deduction per child on tax return influenced by salary?

Answer: I’m sorry to disagree with my friends and colleagues on this site, but YES, the exemption amounts (the amount “per person” on the tax return) can indeed be reduced if you make ‘too much’.

Certain higher-income taxpayers are subject to a phaseout of their total exemptions. The total exemption amount is reduced by 2% for each $2,500 ($1,250 if married filing separately), or part thereof, that the taxpayer’s AGI exceeds the following amounts:
Single $150,500
Married filing jointly or qualifying widow(er) 225,750
Married filing separately 112,875
Head of household 188,150

These limitations apply to the taxpayer’s ‘total exemptions’, so it is indeed possible for the ‘deduction per child’ to be influenced by salary – you just have to make more than more of us
Blessings!

Items on Amazon Right Now for Child Tax Deduction:

Jessica regains £33,000 for reader

In mid 2008 Abbey was advertising a one-year Tactical Fixed-Rate Bond for a maximum of £30,000. Shortly afterwards, Bradford & Bingley offered much the same, except it was a three-year fixed-rate bond and again with a maximum of £30,000. I took advantage of both these bonds.

Can I Get A Refund If I Owe Taxes?

Question: tax credits and deductions for new home owners?

what Tax Deductions or credits are there for new home owners for 2008?

Answer: the deductions you can now get pertain to itemizing. you can deduct your mortgage interest and real estate taxes and points on your mortgage. you can also deduct some closing costs.
the only credits that might be availiable are if you installed energy saving windows, etc..

Items on Amazon Right Now for Tax 2008 Deductions:

News from home

DENVER — Colorado Gov. Bill Ritter does not have a staff photographer — but he has billed taxpayers more than $200,000 to hire outside contractors and pay for photographs, videos and TV ads promoting his accomplishments since June 2008, including videos of him receiving a “Father of the Year” award and a press conference naming his friend, Michael Bennet, to a U.S. Senate seat.

TaxPlus Tax tip – New credits and deductions 2008