The IRS Deductions Blog

Posts Tagged ‘standard deduction’

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Question: What is the typical amount for standard deduction on sales tax?

Im trying to do my taxes and I had no major purchases, so I took the standard deduction….it seems hight. I just want to make sure im doing it right. Thanks!

Answer: If you use the table in the Schedule A instructions the IRS will never question it.

If you can prove that you paid more than the table amount then you can claim whatever you can prove that you paid.

In addition if you use the table amount and also had a big-ticket purchase like a car, boat, RV, airplane, etc., you can add the tax paid for that to the table amount as long as you have proof of how much was paid.

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Tax the rich? Good idea, but tried before: Doesn’t work

Suppose you are a conscientious social planner. You are confident in your ability to do good. Alas, you need money to pay for your plans. You decide to meet your need for revenue by raising taxes. But how? You want to be careful to avoid any tax that negatively affects working class men and women – the very people you want to help. You think hard and come up with the perfect solution: a yacht …

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Nexen Announces Second Quarter Results & Return to Drilling in the Gulf of Mexico

CALGARY, ALBERTA–(Marketwire – 07/14/11) – Nexen Inc. today reported second quarter 2011 operating and financial results, led by strong oil prices, high netbacks, and a portfolio weighted towards unhedged, Brent-priced oil. We generated cash flow from operations of $598 million ($1.13/share) and net income of $252 million ($0.48/share). Production of 204,000 barrels of oil equivalent per day …

Young Turks Episode 10-06-09

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Обыкновенный фашизм (Ordinary fascism)

Question: Overpayment of Income Taxes for Tax Year 2004?

Dear All,

In prior years, I have been doing taxes using just the 1040 booklet and calculate all the numbers on my own. This year, I bought a software and to much of my surprised, I actually should have itemize my deductions vs. taking the standard deductions. This saved me about $500 in taxes.

I realized that I had overpaid 2004 taxes because I used standard deductions, rather than itemize my deductions. Can I amend my 2004 tax returns and use itemize deductions so I can get some refund back for both Federal and State(CA)?

If so, which forms should i use?

Thanks

Kaya

Answer: Yes you have three years from when you file to amend your taxes. You would file a 1040X. You can probably find it on the website www.irs.gov or go to a local H&R Block and have them do a FREE double check challenge. They only charge you if they get you more money back or save you more money on your taxes. If you do it on your own, then the 1040X is what you would file.

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IRS write offs