Welcome to the Quilting Board!

Already a member? Login above
loginabove
OR
To post questions, help other quilters and reduce advertising (like the one on your left), join our quilting community. It's free!

Results 1 to 9 of 9

Thread: Tax Tips!! #2 Its Deductible

  1. #1
    Super Member dltaylor's Avatar
    Join Date
    Jul 2010
    Location
    Charleston, WV
    Posts
    1,476

    Tax Tips!! #2 Its Deductible

    Did you know you can deduct the following items if you itemize on your taxes? My speciality is itemized deductions.. I find that most taxpayers will not itemize because they think they have to save every single receipt...now true...try this method..

    Medical bills: Wait until January 1st..call all your doctors and pharmacies that you used and request an "itemized" statement...that's it, you have everything on one single printout!! Now take the statement and track the mileage for the days you went into the office or drove to the pharmacy, go to mapquest and track your round trip mileage...now you have your total medical cost and your mileage all on one neat page..just file it with your return!!


    Deductible Mileage: Did you know that if you work two jobs and your leave job A to go to Job B the mileage between the two are deductible!! Its deductible!! If you leave work and go to school its the same thing!!

    Should I Itemize? yes you can if you:

    Had large uninsured medical and dental expenses
    Paid interest or taxes on your home
    Had large unreimbursed employee business expenses
    Had large uninsured casualty or theft losses, or
    Made large charitable contributions


    Medical and Dental Expenses:
    Medical expenses may include:

    Fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners for medical care expenses

    Payments for hospital services, qualified long-term care services, nursing services, and laboratory fees including the incidental cost of meals and lodging charged by a hospital or similar institution if your principal reason for being there is to receive medical care

    Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts you paid for participating in a smoking-cessation program and for drugs prescribed to alleviate nicotine withdrawal

    The cost of participating in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician. In general, you may not deduct the cost of purchasing diet food items or the cost of health club dues

    The cost of drugs is deductible only for drugs that require a prescription, except for insulin
    Admission and transportation to a medical conference relating to the chronic disease of yourself, your spouse, or your dependent (if the costs are primarily for and essential to the medical care). However, you may not deduct the costs for meals and lodging while attending the medical conference ..But if your doctor requires you to take an aspirin per day...its deductible!!

    The cost of items such as false teeth, prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf, and

    Transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees. If you have to travel with your spouse or child and stay overnight in a hotel, its deductible!!


    Deductible Taxes:
    State, local income taxes
    State, local real estate taxes
    State, and local personal property taxes
    State and local sales taxes, and
    Qualified motor vehicle taxes, if you purchase a new vehicle take your bill of sale with you to the tax office, the sales tax from the vehicle is deductible!!

    Home Mortgage Points -
    if you purchased a new home, take your HUD Settlement statement to the tax office with you, there are many, many items on the form that can be claimed!!

    Your loan is secured by your main home (your main home is the one you live in most of the time).
    Paying points is an established business practice in your area.
    The points paid were not more than the amount generally charged in that area.
    You use the cash method of accounting. This means you report income in the year you receive it and deduct expenses in the year you pay them.
    The points were not paid for items that usually are separately stated on the settlement sheet such as appraisal fees, inspection fees, title fees, attorney fees, or property taxes.
    The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. You cannot have borrowed the funds from your lender or mortgage broker in order to pay the points.
    You use your loan to buy or build your main home.
    The points were computed as a percentage of the principal amount of the mortgage, and
    The amount is clearly shown as points on your settlement statement.

    Interest Expense
    Mortagage interest is deductible..if you are the joint owner of a propery and you pay part of the mortagage and taxes..you can claim your portion on your taxes!!


    Miscellaneous Expenses :
    Did you know that if you owe and paid State income taxes you can claim what you paid as a federal deduction?



    Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas)
    If your property is personal-use property or is not completely destroyed, the amount of your casualty or theft loss is the lesser of:

    The adjusted basis of your property, or
    The decrease in fair market value of your property as a result of the casualty or theft


    Until next time!! Its deductible!!

  2. #2
    Super Member
    Join Date
    Apr 2010
    Location
    Missouri
    Posts
    2,314
    Taxes are different for different people, and different states. I would check with my local tax accountant for deductions I'm able to use.

  3. #3
    Super Member Scissor Queen's Avatar
    Join Date
    Jul 2009
    Location
    Southwest Kansas
    Posts
    4,812
    Sure all of that stuff is deductible. IF you can reach the floor for the ones that have a floor. But only the amount above the floor is actually deductible. As high as the standard deduction is these days most people are better off with the standard deduction.

  4. #4
    Super Member QuiltnLady1's Avatar
    Join Date
    May 2011
    Posts
    2,898
    Not all the items have a floor -- some (like real estate taxes and home interest) can allow you to deduct more than the standard deduction. We do it every year. (I always compare the taxes using the standard deduction and the itemized and in our case the difference is between getting a couple hundred dollars back and a couple thousand.

    Thank you dltaylor for the reminders.
    QuiltnLady1

    When life gives you lemons, make lemonade.

  5. #5
    Power Poster nativetexan's Avatar
    Join Date
    Feb 2009
    Location
    1,ooo miles from home
    Posts
    13,336
    Blog Entries
    2
    even though i'm broke, i never have enough to itemize.

  6. #6
    Super Member dltaylor's Avatar
    Join Date
    Jul 2010
    Location
    Charleston, WV
    Posts
    1,476
    I agree they are different state to state, but the majority of the deductions apply to all states.

  7. #7
    Super Member dltaylor's Avatar
    Join Date
    Jul 2010
    Location
    Charleston, WV
    Posts
    1,476
    I disagree, If you pay medical bills, pay a mortage, real estate taxes and make donations to charity, its worth a try. But that's just my opinion. Most tax preparers would be glad to work up the forms both ways...after all they are there to help you save on your taxes. If you don't have enough to do the long form....no harm no foul....but it's worth finding out..

  8. #8
    Super Member dltaylor's Avatar
    Join Date
    Jul 2010
    Location
    Charleston, WV
    Posts
    1,476
    you are exactly right QuiltLady 1...if you have a mortgage, pay real estate taxes and in our state property taxes on your vehicles...its always worth a try...I won't to keep every single dollar I can in my pocket.

  9. #9
    Member
    Join Date
    Jan 2012
    Posts
    2
    What are the tax rates for Non- emergency medical transportation service?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SEO by vBSEO ©2011, Crawlability, Inc.