The IRS Deductions Blog

Posts Tagged ‘irs’

Question: MIleage reimbursement/tax deduction?

I know that the federal rate for tax deduction is 58 cents per mile driven for work related expenses. For my job, I have to take consumers from their home to doctor appoints, grocery shopping etc, and my company only reimburses me 34 cents per mile. Can I deduct the missing 24 cents per mile on my taxes if I have proof of my mileage driven?

Answer: Yes, if you have a log book with dates time and miles on the vehicle at start and finish of the jobs.

Items on Amazon Right Now for Tax Deduction Miles:

Drew Miles on Maximizing Business Tax Deductions and Tax Write-offs

Question: Can I claim a tax deduction for donating towards a graduate students tuition expenses?

I want to contribute toward the tuition of a graduate student who is unrelated to me. Is it possible for me to get a tax break of some kind?
Do they have to set up some sort of fund?

Answer: No, you would not get any tax break for that. If you wanted to set up a scholarship, then you would get a tax break, or if you were paying for yourself or for your spouse or a dependent then you would possibly get a tax break, but not for someone unrelated to you.

Items on Amazon Right Now for Tax Deduction Expenses:

Question: Right HSA amount for tax savings?

For a married person with annual salary 100K (deductions = 5), what should be the ideal amount to be put in HSA (flexible spending account)?

Next year’s premiums has increased considerably and am trying to see if by contributing to a HSA (employer sponsored) can save me some money.

Appreciate your thoughts!
Its FSA and not HSA.

Answer: The “ideal” amount is whatever you expect to spend on eligible medical care. Only you are in a position to know what your expenditures might be. Anything left in the account at the end of the year is lost. And any expenditures over and above the amount that you put in get no benefit from the tax free status of the deposits.

Items on Amazon Right Now for Tax Deduction Hsa:

HSA for S Corp Owner – TaxMama.com

Question: hwo much of the refund is taxable on her 2009 return?

Sandra Williams is single. She Itemized Deductions, including state and local income taxes, for 2008. She will not itemize for 2009. Her 2008 itemized deductions exceeded her standard deduction by $470. On March 2, 2009, she received a $520 state income tax refund, for which she did not receive a Form 1099-G. How much of the refund is taxable on her federal 2009 return? $0 $235 $470 $520

Answer: It doesn’t matter that she didn’t get a 1099. The full state taxes were claimed as a deduction, so the full amount of refund is income. $520

Items on Amazon Right Now for Federal Tax Standard Deduction 2009:

Senate Session 2011-06-30 (09:29:51-10:31:19)

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.

Items on Amazon Right Now for Tax Standard Deduction 2010: