The IRS Deductions Blog

Posts Tagged ‘money’

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Question: Basically here is the short list of my tax problems.?

I need to file the paper work for an LLC/sole proprietorship.
I need to file the paper work to declare the money I made ($9525) and I have about 2200 in deductions.

I also need to figure out something on my personal taxes:
I also have a letter from the IRS about a W2- I got on April 15th after I sent im my efile already. I never filed an amended return so they are counting the $158.xx of federal taxes not paid as income for this year.

Those are the issues I got. I know that my revenue is for now pretty low so I don’t have to worry about an instant IRS audit, but I don’t want to ever get one so I want to have someone file this right the first time, and I’m pretty sure that I’m not that person.

Basically, the issue is whether I should file this as personal income, or file as a business. Either way I file I dont know the forms to fill out and if I did them myself the danger is that I dont know enough to catch my own errors. Which is why I need someone to do em for me.

Answer: Best thing is talk to your CPA.That would give you a right advice.Different people have different opinion therefore you will be confused.You may think that out of different opinions which is the best.But opinions are free.CPA’s are not free they are professionals and know what they are talking about.ok

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Question: What all vehicle deductions are allowed on my 2010 income taxes. I’m a landlord?

Besides insurance, maintenance, tags, what else can I deduct for business?

Answer: I claim a mileage deduction vs. trying to use every item.

On my business vehicle which I drive 15,000 miles per year. I claim that 90% of those miles are business related. The IRS gives (2010) $.50 per mile deduction on all business related mileage. Which means I deduct about $6750 on vehicle usage.

Also you can deduct vehicle license fee’s separately because they are considered taxes.

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Question: Business/Tax?

I am fifteen years old and have a job at a local retirement home. I receive minmum wage, just started working, and work only 3-4 days a week for 4 hours. Do my parents lose Tax Deductions because of me working?? Because they believe so and want me to quit

Answer: Nuh, do not quit your job!

You can be a dependent (means your parents can claim your exemption of $3400) and also at the same time, you can file tax as a dependent, if you have earned income ( means you worked to earn it) of $5350. You can’t claim your exemption (deduction of $3400) regardless of your parents claimed it or not, if you’re dependent for the federal tax return! State law varies. You live with your parents and do not provide more than half of your support right? Then your parents would not lose tax deductions. Good Luck.

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Tax deductions help reduce your tax bill – what could possibly be wrong with that? Unfortunately, the truth is slightly more complicated than it looks. A tax deduction is a reduction in taxes for someone, but not necessarily you.

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Question: Standard deduction verus Itemizing Deductions with owning a home?

ok so i guess the rule of thumb is to itemize your deduction when you own a home for the intrest, taxes and pmi. but on a tax website i read you should only itemize if the deduction is over the standard deduction of 10,000?? for married filing joint. so i guess what i dont understand is how itemizing is better. am i going to pay more than 10,000 in intrest and taxes to deduct…please help with any advise if you have owned a home and how to handle taxes and deductions, i am LOST

Answer: If you total Itemized Deductions are MORE than your standard deduction, then you should itemize.

Itemized deductions include real estate tax, mortgage interest, state and local taxes, donations to chartiy, and a few other minor things. If the TOTAL is more than your standard deduction, do it.

If not, the standard deduction will be more beneficial.

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