The IRS Deductions Blog

Posts Tagged ‘deduction’

Question: tax return – deductions?

hey there

I’m international student working in a hotel as a casual F&B Attendant. I also study Advance Diploma of hospitality. I was wondering what I can claim this year. I heard that I cannot claim the petrol since I don’t travel between jobs. I had to buy uniform, entry card and till card so I guess I can deduct that. I’m gonna claim laundry and maybe shoes. Does anybody know what else I can claim?

Last year I earned less than $12,000 and when I was using calculator from the gov website it showed me that I have low income tax offset (less $1,500). Does it mean that i do not have to worry about deductions and I will get all tax back?

thanksssss

Answer: If you have not been re-imbursed by your company you can claim:
1. Cost of uniform
2. Cost of protective clothing
3. Cost of laundry
4. Mobile phone costs – if you make calls on your mobile for them

However, you may not need to claim expenses as it looks like you are under the threshold for income tax and thefore entitled to all your tax back.

Good luck!

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Question: How/where can I donate a timeshare?

I have a great timeshare unit in Hilton Head, South Carolina. I cannot afford to make the maintenance fees every year in addition to my home mortgage, car payments, feeding/clothing/etc 2 kids, etc.
I want to donate this unit so that I will be free of the maintenance fee and will get the tax-deduction for this donation. Does anyone know what charities accept tax-deductable timeshare donations? I really need to know!
Help! Does anyone know of a charitg that will accept it right away and assume ownership of it? I contacted one charity and they told me that they would try to sell it but the unit would be mine (maintenance fees too!) until they could sell it, “usually within 6 months.”
I want to donate it now, get the tax deduction ASAP, no more maintenance fees!!!

Please let me know if you have ANY information about this, ASAP! Thanks!!!

Sonicbum2112@yahoo.com

Answer: Try any of the charities that accept other property, houses, boats, cars. I think the American Cancer Society takes homes, the Humane Society does as well.

Items on Amazon Right Now for Tax Deduction For Car Donation:

Donate a Car 2 Charity | Fair Market Value Tax Deduction With Car Donations To Activated Ministries

Question: Is it true that FICA taxes are a voluntary deduction from employee earnings?

True or False:

1. When an asset is purchased during the year, it is not necessary to record depreciation expense in the first year under the declining-balance depreciation method.
2. If a retailer assesses a finance charge on the amount owed by a customer, Accounts Receivable is debited for the amount of the interest.
3. FICA taxes are a voluntary deduction from employee earnings.

Answer: 1 & 3 are false, 2 is true.

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Depreciation – Bradley Beer, BMT Tax Depreciation

Question: Maine dependent tax help!?

I am doing my maine taxes, i’m in highschool and trying my best to figure this out!
The question is…”If you (or your spouse, if filing Married Filing Jointly) are claimed as a dependent on another person’s return, enter the amount of the standard deduction you claimed on your 2010 federal individual income tax return.”
And I am claimed as a dependent, it does not say where I would find this information.
Does anyone know where I can find this out?
Any help is appreciated!

Answer: Ask your parents (if you live with them), most likely they DID claim you as a dependent.

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Question: Online calculator to optimize 2010 W4 withholdings?

My husband and I get back around $5,000 federal refund every year, and around $1,500 State, even though he already has a high number of exemptions (I have been home since having my baby last year and am only making a small amount doing childcare). Between tithe to church, interest on our condo, property taxes, 401K, insurance and other deductions, 40% of his income is gone before we touch it (another 25% to federal, state, etc. taxes).

I’m hoping to optimize his W4 at the beginning of 2010, so we can have that money on a monthly basis, rather than letting the government earn interest off of our money until they refund it. The IRS has one for the remainder of 2009, but I can’t find one I can use to estimate the right number of exemptions for next year. Does anyone know of a website where I could put in forecast numbers to get an idea of the number of exemptions he should put?

Answer: You can adjust your W-4 any time during the year, so go ahead and use the current IRS calculator. When they update the calculator, re-run the numbers and adjust if needed.

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To arrive at the promised land of retirement flush with cash, follow these 10 commandments.

IRS-Deductions.org A Tax Deduction Guide To Reduce …