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Standard Deductions For 2010
July 31st, 2011Question: 2010 Tax return question?
I’m filing 2010 return as joint return. My standard deduction is greater than Itemized deduction.
I have quick questions
1> The amount i pay for Toll Roads, will that go into Itemized deduction or somweher else in Credit?
2>When i filed my 2009 tax returns in 2010, i owed $874 to IRS and paid those to IRS in March 2010. Can i add/Claim that amount now. How?Answer: No and no.
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Standard Deductions For 2009
February 9th, 2011
Question: Are you able to claim deduction on 2009 new car purchase if you do not itemize deductions?
The new stimulus has a provision for new car purchases. If we buy a new car this year, can we claim this on our taxes next year even if we don’t itemize our deductions? Also-does this work the same for pre-owned or certified pre-owned for does it have to be brand new? This year our standard deduction was way more than itemizing. Thanks for any help you can give me.
Answer: Here is a synopsis of the deduction:
•New car buyers. Purchasers of new cars and trucks will be allowed to deduct sales or excise taxes. This is an above-the-line deduction, so you don’t have to itemize to claim it.
The deduction is limited to sales tax on purchases of up to $49,500. The deduction phases out for single taxpayers with adjusted gross income of more than $125,000, and married taxpayers whose AGI exceeds $250,000.
The amount you save will depend on your state sales tax rate and the price of your car or truck. If your state imposes a 4% sales tax and your car costs $40,000, the deduction will reduce your adjusted gross income by $1,600, says tax publisher CCH.
The deduction is limited to car and truck purchases made between the date the bill becomes law and Dec. 31, says Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants. Congress “is trying to get people to buy cars right away,” he says.
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State of the Union speech should launch an all-out attack on the deficit
By the time President Barack Obama gave his State of the Union address last year, the speech felt like an old friend. It had been part of my life — from the brainstorming sessions in late November 2009 to the last minute fact-checking. I knew when all of my favorite lines were coming. That led to an awkward moment during the address when I sprang to my feet, applauding the president’s tacit …
NBR | Tax Tip 1 Two New Deductions | PBS
Standard Deductions
October 1st, 2010
Question: Is it worth itemizing my deductions or should I take the standard deduction?
I have just recently gotten married and have only been employed for two full years. I do not have a mortgage payment, but I have contributed a little over 10% of my income to a church and other volunteer organizations.
Is it worth itemizing these contributions, or will that not come close to the standard deduction of $10,900?
Answer: well if you itemize both yours and your wifes state and local taxes are part of the itemized.. so add those up (state taxes + local taxes + contrabutions) plus what you contributed and see if they’re more than 10.9k.
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| | Module VI: Standard and Itemized Deductions (1040 Exam Prep Study Material Series) $3.99 Sixth Module of the 1040 Exam Prep e-Books Series. The easiest, cheapest, and fastest option tax return preparers have to meet the IRS competency examination and become a Registered Tax Return Preparer. Most taxpayers have the choice to use the method of deduction that gives them the lowest tax liability. Taxpayers can choose standard deduction or opt for itemized deduction. Module VI summarizes w… |
State will have to cut deeply as forecast worsens
OLYMPIA — State agencies must slash their spending soon after a revenue forecast issued Thursday shows tax collections will be hundreds of millions of dollars less than expected in the coming months.
Tax Forms & Deductions : Federal Income Tax Standard Deductions
Standard Deductions 2010
August 4th, 2010Question: How do deductions work?
In the 2010 tax year I will be, for the first time ever, itemizing and not using standard deductions. I’m going to have many deductions, from moving expenses, to job finding expenses, to job-related depreciation expenses for cell phones and desks. I will also qualify for the first time home buyer’s tax credit. How do deductions affect tax obligation?
Answer: They reduce your taxable income. Whether itemizing will be more advantageous than claiming the standard deduction is an unknown until you “run the numbers” both ways.
Tax credits are a separate thing. A tax credit directly reduces your total tax owed.
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Remedent Reports Fourth Quarter and Year End Results and Remedent to Host a Conference Call at 11:00 A.M. EST, Tuesday …
DUERLE, BELGIUM–(Marketwire – July 15, 2010) – Remedent, Inc. ( OTCBB : REMI ), an international company specializing in research, development, and manufacturing of oral care and cosmetic dentistry products, reported results for the final quarter and for the year ended March 31, 2010 (in US Dollars).
Standard Deduction 2010, 2011
Standard Tax Deductions 2009
July 6th, 2010
Question: standard mileage rate vs actual expenses?
My dad has been using standard mileage deduction for his 2004 Tundra every year since 2004.
1. Can he still use the truck to deduct from his taxes? (the “useful life” of a vehicle is 5 years I assume? so will he still be able to?
If he can…
2. He wants to switch to actual expenses deduction since it gives more of a deduction. (3 times as much as standard mileage for the 2009 tax year. Is that a mistake??)
Please enlighten me on this and provide further information that can help me understand this more clearly. Excuse my lack of knowledge of taxes.
*I do know that you cannot switch back to standard mileage after you start actual expenses.
Answer: He could still deduct actual expenses, but couldn’t deduct depreciation – the depreciation was included in the std mileage he’s been taking.
He can switch to actual expenses rather than std mileage, even though you’re right he can’t go the other direction. But if the actual expenses are 3 times the std mileage, it really sounds like something is wrong. Is he prorating the actual expenses for the business mileage vs. commuting and personal?
Is he an employee, or self-employed?
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When The Tax Man Cometh (In Person)
Only a small percentage of taxpayers face a full-fledged IRS audit. If you’re picked for one, it’s a serious matter. Here’s what to expect.
Recovery: Vehicle Tax Deduction – June 09
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