Deductions and Write-Offs

Parking or speeding tickets are not deductible.

No. Credit card interest and other personal interest, such as interest on car loans, personal purchases and home equity debt over $100,000, are not deductible.

The $2,500 maximum deduction for interest paid on student loans begins to phase out for a married taxpayers filing a joint returns at $125,000 and phases out completely at $155,000,
For single taxpayers, the phase out range is between $60,000-$75,000 .
If the following 5 criteria apply, then up to $2500 is deductible, Your filing status is not "married filing separately";
You are not claimed as a dependent on someone else's return such as your parents;
You paid interest on a qualified student loan; The payments were during the first 60 months that payments were required to be made;
Your modified income was less than the specific amounts ($150,000 filing status married filing joint and $75,000 single, H of H and qualifying widower). For filing status married filing joint MAGI of $120,000 through $150,000, a phase-out occurs and more than $150,000 no deduction is allowed.
For filing status not married filing joint MAGI of $60,000 through $75,000, a phase-out occurs and more than $75,000 no deduction is allowed.

When certain criteria are met, Interest on a boat loan are deductible as a second home subject to the mortgage interest rules.
The boat must have basic living accomodations, such as toilet facilities, sleeping space and cooking facilities.

For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.

Yes. You must report the total amount of your gambling winnings from Form W-2G as miscellaneous income on IRS Form 1040 page 1. However, you are allowed to deduct gambling losses up to the amount of the winnings as another itemized deduction on IRS Schedule A.

There are a few issues here. First of all, to claim a child as a dependent who earns more than $3700, he must be under age 19 as of the end of the year, unless he is in college full-time. Children under the age of 24 can be claimed as a dependent without an income limitation provided they are full-time college students. Since your child attends college at night, he could be considered full-time only if he takes the number of classes that is required during the day to be considered a full-time student. We advise you to meet with a CPA in your community to ascertain whether it is in your best interest to claim your child. Often students can qualify for financial aid who claim themselves independent from their parents.

Gifts to spouses have no limitations. There are no tax consequences.
All other gifts are subject to the annual exclusion of $13,000 per donee recipient.

There is no limit to the number of $14,000 exclusions you are entitled to.