The IRS Deductions Blog

Posts Tagged ‘2010’

Question: Can I deduct personal exemptions in addition to standard deduction?

I just heard, for the first time, about personal exemptions ($3500) as a deduction for reducing your taxable income. So far, I have always deducted the standard deduction ($8750 for 2008) on my 1040EZ form. Can I use the personal exemption in addition to the standard deduction? How/where would I do that? Does this mean I missed out all these years?

Can I also use personal exemptions if I itemize on Schedule A?

Thank you very much

Claudia

Answer: The standard deduction is $5450 (single filer) for 2008 tax year. 1040EZ really makes it easy for you cuz it combines the standard deduction and personal exemption already. You are not missing out on the personal exemption.

Items on Amazon Right Now for 2008 Standard Deduction Personal Exemption:

Dunne: MEA Council Meeting

Good afternoon and thank you for inviting me to speak to you today.

MeltDown #410 EMERGENCY ECONOMIC STABILIZATION

Question: Is gasoline used for college commute deductible on taxes?

Do i need all of the receipts?
Is that my deduction or my parents? (Yes i pay for it)

Answer: If it is not work related then you barking up the wrong tree here. Good luck with school but you dont have a good deduction there

Items on Amazon Right Now for Tax Deduction Commuting:

Commuting vs. transportation: what is deductible?: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on October 1, 2008. The length of the article is 4739 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Commuting vs. transportation: …

Consider a Commuting Allowance.(Brief Article): An article from: Association Management $5.95 This digital document is an article from Association Management, published by American Society of Association Executives on April 1, 2000. The length of the article is 493 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser….

Ruling on the deductibility of commuting expenses disagrees with Walker but expands the unanswered questions.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on October 1, 1994. The length of the article is 1444 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: …

Get ready to pay tax on LTA as Bill stays mum on allowance

The Direct Taxes Code Bill has brought some bad news for salaried employees eligible for leave travel allowance. The proposed tax law’s silence on the allowance is taken as an indication that the LTA may now come under the tax net.

Since I’m a Temp Contractor, Can I Deduct Mileage to Work?

Items on Amazon Right Now for Standard Deduction And Personal Exemption:

Taxable Income: Capital Gain, Standard Deduction, United States Federal Income Tax Personal Exemption, Itemized Deduction, Gross Income $46.00 High Quality Content by WIKIPEDIA articles! Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual’s (or corporation’s) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any juri…

How Will The Expiring Bush Tax Cuts Affect You?

Find out which expiring tax cuts might cost you money if Congress doesn’t extend them.

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Items on Amazon Right Now for Tax Deductible Home Improvements 2009:

Shaw Announces Third Quarter Financial and Operating Results

CALGARY, ALBERTA–(Marketwire – June 30, 2010) – Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) announced results for the third quarter ended May 31, 2010. Consolidated service revenue for the quarter and year-to-date periods of $944 million and $2.78 billion, respectively, was up 10% over each of the comparable periods last year. Total service operating income before amortization(1) of $436 …

Credit Cards & Personal Loans : Are Home Improvement Loans Tax Deductible?

Question: Delivery Driver Tax Deductions?

I have driven 32,512 miles in 2009 for delivery.
I have a detailed mileage report of my starting miles, and ending miles each day.

Using turbo tax deluxe i am getting NO refund whatsoever when putting this data in.
I even put crazy high numbers to see what would show up, and no change….

Did some laws change or what gives?
Last year it was only like a 500$ difference, but 500$ helps alot when you spend 2,680$ on gas in 1 year….

USA, Texas, Travis county, Austin
about 16,000$ a year.
+ 4,000$ in tips

Filing single.
New home owner (got that 8k for me)
No dependents…
tips ARE reported by my employeer
So they are “added” to my paycheck, thus taxed. Then the tip is deducted from my check so i dont get double tiped

Answer: If you take the IRS standard mileage rate of 54.5 cents per mile that will be OK and you won’t have to keep track of other expenses. I’ll bet that after doing this you will find you are working for free..

http://www.taxdeductionsbenefit.com/

Items on Amazon Right Now for 2009 Tax Mileage Deduction:

ARRL Board Considers Celebrations, Changes and Conferring of Awards at 2010 Second Meeting

The ARRL Board of Directors held its Second Meeting of 2010 July 16-17 in Windsor, Connecticut, under the chairmanship of President Kay Craigie, N3KN. International Amateur Radio Union (IARU) Secretary Rod Stafford, W6ROD, and Radio Amateurs of Canada (RAC) President Geoff Bawden, VE4BAW, were guests of the Board. At the two-day meeting, the Board considered a number of reports and acted on sev…

Current Allowable Automobile Mileage Tax Deduction 2009, 2010