Things to claim on taxes - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
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post #1 of 5 (permalink) Old 01-12-2007, 03:28 PM Thread Starter
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Location: Fife, WA
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Things to claim on taxes

I am looking for things to claim on taxes, can someone point me in a direction to a site to look at or something..

just my refund was gonna get me only like $100, but my dad found me some medical benifit refund thing form 8885 and I am gonna get i think between 500-800 back on that.. But because I am doing that I cant use the EZ form so I want to see what else I can claim..
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post #2 of 5 (permalink) Old 01-12-2007, 03:33 PM
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Re: Things to claim on taxes

Any donations? School loan or mortgage interest? Usually unless you have some hugely big things like that, the standard deduction is more than you can get with other means....



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post #3 of 5 (permalink) Old 01-12-2007, 04:25 PM
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Re: Things to claim on taxes

That must be a huge medical bill (and there is a certain minimum amount of your total income the medical expenses must be before you can itemize it). You cannot use standard deductions and itemized deductions both, one or the other. Standard deduction for being single is $5,150 for tax year 2006 filings, so your itemized deductions have to be greater then this for it to be worth while.

My standard is 10,300 since I am married, but next year I will have a house so it will be worth while to itemize my deductions as I can write off my interest payments on my mortgage (going to be about 14-15k for the 11 months of the year I will have the house), property tax (another about 3k), and state and local income taxes can be written off as well (another probably 4-6k for myself and my wife). So that gets us into the neighborhood of 22-25k in deductions...and that is before you take into account the about $5,000 in points paid for a lower mortgage rate which are also deductable. Next year it wouldn't suprise me if my wife and I have $30k in tax deductions, probably closer to $25k in a normal year. Oh yeah, I forgot that Private Mortgage Insurance is also tax deductible starting next year, for all of the maybe 3 years we will have it...but at least we can write it off.

As you can see the house thing is what really tips it in favor of doing an itemized deduction instead of standard deduction. Just itemizing with no house my wife and I might have $4-6k in deductions because of state and local income taxes, that falls well short of the 10,300 standard deduction.

The house for intrest payments alone on the mortgage gets way more then the standard deduction (about 16k near the begining of owning the home for a year's interest payments).

Basically unless you donate a lot of money, have a major theft/business loss, major educational expenses (and YOU have to be paying them), major medical bills or you own a home the standard deduction is greater then itemizing your deductions.
-Matt
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post #4 of 5 (permalink) Old 01-12-2007, 08:25 PM
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Join Date: Feb 2006
Location: Yorba Linda, CA
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Re: Things to claim on taxes

If you can't file a 1040EZ, it might be worth your while to go out and buy a tax program, such as TurboTax...$37 at my local Costco...saved my wife and I about $2000 last year...well worth the cost and if you tiemize, it's deductible...

Things you might not know that are deductible...but only if you itemize...

if you work from home, you can claim a home office (a portion of you full home)...even if you normally work in an office, if you did any work from home, it's deductible...

Any unreimbursed work expenses...

Charitable donations...sorry, Girl Scout cookies are not deductible...but sponsoring your neighbor in the run-a-thon for The American Cancer Society is...Salvation Army has a nice feature on its Website that will give you estimated values for clothing and the such...

Your car registration...what you paid to get those stickers on your license plate...

Sales tax can be if you spend enough and have large purchases (such as the hatch I bought in February)...although I wasn't eligible, because the standard deduction for that was higher than what I paid in sales tax on the 3...but if you bought a boat and a car and a motorcycle...it all adds up...

Check out Turbo Tax or Tax Cut...could be worth the cost...

Nathan

2006 Mazda3 Hatchback, Titanium Gray, Auto, No Mods Yet, Black & Red Interior, No Navigation (I know how to read a map)...
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post #5 of 5 (permalink) Old 01-12-2007, 09:22 PM
RymanH24
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Re: Things to claim on taxes

Ahhh tax returns....finally the government gives me some money.

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