The IRS Deductions Blog

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download TurboTax Deluxe Federal 2010

Question: Can I claim my auto insurance deductible on my taxes?

I was in a car accident earlier this year. They hit me and then took off so I had to pay my deductible out of pocket. Can I claim that on my taxes?

Answer: You may be able to claim the loss on your taxes. It will depend on your total income, and the amount of the deductible. You can only claim a casualty loss if the amount of the loss exceeds a certain percentage of your income.

Consult a tax adviser for details!

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Libby High School vandalized again

Canda Harbaugh/The Western News Extensive damage to student lab computers at the high school was discovered Monday.

Auto Insurance Deductibles

Question: Is private school Tuition Deductible in Ontario?

I’ll be sending my son to a private primary school next year. I’m not sure if there is any tax relief available for tuition, books, supplies, etc.

Answer: There’s very little deductability. Basically you can deduct the component of the fees related to child care.

Here’s a link to the CRA’s circular on the topic.

http://www.cra-arc.gc.ca/E/pub/tp/ic75-23/ic75-23-e.html

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Charitable Causes

Rochester Community House holds Sunday Kitchen Dinner at 5 p.m. July 18 at 816 Ludlow, Rochester. The dinners are held the third Sunday of each month. The Community Kitchen is also available throughout the month for grocery needs. For information, call 248-651-0622 or visit www.rochestercommhouse.org.  Forgotten Harvest is teaming with Hollywood Super Markets for a …

Educator tax deduction for non-reimbursed classroom purchase

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OU-Union Reach New Contract

Ohio University’s largest union has a new three year contract.

Fact Check on Obama’s Healthcare by Congressmen Gingrey (R-GA) and Fleming (R-LA) [2~4]

Question: Tax Deductible? School Employee “buy back”?

In my state the teacher association allows a person to “buy back” his/her INTERNSHIP year to be credited towards a year towards retirmement. I was paid for this year but retirement was not taken out of my check…. so 4 years later I now owe like 1000 bucks in order to buy back the year of service as an intern….. IS THIS TAX DEDUCTIBLE?

Answer: Assuming these are legal, the Federal rules limit buyback payments to 25% of a worker’s salary in the year he or she made the payment. A worker who earned $40,000 in a year, for instance, could buy $10,000 worth of service in that year.

So…since you originally believed you had income in the earlier year and paid taxes on it, you vaguely fall under the “repayment” rules in IRS publication 525. A $1000 repayment would be an itemized deduction subject to 2% of agi. If you do not itemize, there is no benefit.

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Softball: McKinney edges North

First-place McKinney and pitcher Jennifer Gilbert beat McKinney North, 3-1, on Monday. Gilbert also pitched in wins over Frisco and Denison recently.

Stop the Wahabbi School in NYC!