Posts Tagged ‘deductions’
Goodwill Deductible
April 27th, 2009
Question: Taxes? Please Help?
Okay so I just moved out on my own on Jan 2nd. I have been living with my parents and they have claimed me on their taxes each year.
Well, after the up coming taxes I will be claiming myself from now on.
I know there are receipts and such that you are supposed to save that are tax deductible. I know about the stuff that you donate to Goodwill is but what other types of things should I save? And is there any other advice that you could give because I don’t know too much about this stuff so I can use all the help I can get
Please and Thank You!
If anyone knows of a website that would be helpful as well…
I moved in with my boyfriend’s sister after leaving my parents house so I’m not renting nor do I own my own house.
Answer: Actually unless you own a house, have high medical bills or are self-employed, you do not need to save receipts at all. You will not itemize on your taxes, but take a standard deduction (which comes up to far more than you could save receipts for).
If you are selling stuff of Ebay, Amazon, or other sites, you WILL need to keep those invoices and your mailing receipts, but if you aren’t, your taxes will be a piece of cake. You can use the 1040EZ.
If your parents are claiming you this year, they will probably help you with your tax form so it is correct (this year). Next year just pick up the 1040EZ with instructions and follow it. Until you get married or have property or have high medical, the EZ will suit your needs.
By the way, charitable donations are not deductible unless you itemize. Give those receipts to your parents if they itemize.
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Checklist Tax Deductions
April 26th, 2009
Question: Clarification on tax deduction for mortgage points not reported on 1098?
Hi,
Bought a new house that is my primary residence. Paid loan origination fee of $x to mortgage broker (say BankA) and loan discount fee of $y to lender (say BankB). Both these fees are shown in section 800 of settlement statement. Per checklist in pub 936 and discussion w/ IRS agent, was told that I could take deductions for amounts $x and $y as points not reported on 1098 while filing taxes.
After hanging up with IRS agent, noticed section 200 of settlement statment showed “broker credit” paid by BankA equal to loan discount fee $y. In other words, BankA paid loan discount fee to BankB, essentially reducing my closing cost.
My confusion/question is whether I can include $y as deduction for points not reported on 1098?
Would appreciate any input.
Thank you,
-Topper
Answer: You’re allowed to take all interest payments on your home loan AND all prepaid interest AND all points (same thing, really) from both banks whether they report it to you or not.
You can probably find the information in your purchase agreements.
All of these amounts are recorded on schedual A in the “interest” section. (You’re allowed all interest charges on a first and second home, and also on a limited amount for an equity loan on top of your mortgage).
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Tax appeal tips
The National Taxpayers Union offers a checklist for homeowners planning to appeal a property tax bill.
Small Business Tax Deductions
Property Taxes Tax Deductible
April 25th, 2009
Question: When I file a long form, are school taxes deductible or just county property taxes?
I’m sorry I didn’t think to clarify it- yes, they are taxed against the value of our home.
Answer: Yes, they are, if they are assessed against the value of your home. Also, if you have more than one home, you can count them for two locations only.
If you’re going to itemize, you might want to look at other things, like sales tax on a car or other big ticket items, and add that in under “Other taxes” as well.
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Dickinson Township officials reopened the township’s 2010 budget Monday and plan to raise taxes after its insurance company dropped it due to too many lawsuits against the township.
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Deductibles For Taxes
April 17th, 2009
Question: where can I find out about paying taxes for the first time in sydney, australia, including tax deductibles?
Answer: The Australian Tax Office (ATO) has an OK website with a lot of material to help you. (linked below)
You could also try online help with sites like Yahoo7 (linked below)
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Congressional Democrats and President Barack Obama began work in earnest Tuesday on difficult issues still standing in the way of their national health care overhaul after months of tortuous debate.
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Student Tax Deductions
April 17th, 2009
Student Mundial Launches, Helping International Students find the best Student accommodation Nottingham and London have to offer.
Studying away from home can be a daunting task for both students and their parents. Equally as challenging, is finding the right student accommodation as this plays a key part in the experience of studying abroad and the individual’s happiness whilst abroad. “It is our goal to ensure that the student accommodation we organise enriches the students time abroad” – say Josh Denan, founder of Student Mundial, who has had to go through the challenges of finding student accommodation in a number of countries himself.
The service helps integrate foreign and local students into good quality and affordable student accommodation in London and Nottingham through a dedicated online student accommodation portal.
“We understand that homesickness can be an issue for all students when trying to find student accommodation. However, living in good quality student accommodation can ease the transitional shock of moving into university life whether studying in a foreign country or just in a new city such as Nottingham or London” say’s Jamie, co-founder and brother of Josh.
The service is designed to make the student accommodation and housemate search a smooth and simple procedure, by providing a number of options, allowing International students to view their student accommodation and book online. Student Mundial also offer the opportunity to arrange to visit your potential new student accommodation and meet your potential housemates alleviating a great deal of stress from the whole process.
The Student Mundial service was created by Josh and Jamie, who studied in a variety of cities during their university careers, including Nottingham, Manchester, London, Valencia and Salamanca and they found that the right student accommodation made a huge difference to their student lives. The service has already achieved a great deal of attention and interest and as Josh notes “we’re constantly looking to help improve student’s lives, wherever they are in the world” it’s no wonder. Have student accommodation Nottingham, or Student accommodation in London that you would like to promote? Visit student Mundial.com and tell the world about your student accommodation!
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The best of 2009
As the year draws to a close, it is only fitting to reflect on the major stories that occurred in Northwestern Connecticut these past 12 months.
Tax Deduction Tips : Tax Deductions for Care of Unrelated Students
Posted in Education Tax Deductions | 
Tags: college, deductions, finance, student tax deductions 2009, student tax deductions canada, tax, taxes | 
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