Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsTeaching supplies
Asked Tuesday, February 28, 2012 by an anonymous user
If you're a qualified educator, you can get an above-the-line deduction of as much as $250 for materials you bought in 2011.
Materials includes books, supplies and even computer equipment.
You qualify if you're a kindergarten through grade 12 teacher, aide, instructor or principal. Since it's an AGI above-the-line deduction, you don't have to itemize to get it. You can claim amounts in excess of $250 on Schedule A as a miscellaneous Itemized deduction subject to the 2% limitation.
Materials includes books, supplies and even computer equipment.
You qualify if you're a kindergarten through grade 12 teacher, aide, instructor or principal. Since it's an AGI above-the-line deduction, you don't have to itemize to get it. You can claim amounts in excess of $250 on Schedule A as a miscellaneous Itemized deduction subject to the 2% limitation.
Long term Care Insurance
Asked Tuesday, February 28, 2012 by an anonymous user
Premiums paid for long-term care insurance are deductible as a medical itemized .
The deduction is limited based on the taxpayer’s age: $360 can be deducted for people 40 and under, $680 for those who are 41-50, $1360 for taxpayers age 51-60, $3,640 for age 61-70 and $4,550 for those older than 70.
Each spouse is treated separately if both can claim the deduction.
The deduction is limited based on the taxpayer’s age: $360 can be deducted for people 40 and under, $680 for those who are 41-50, $1360 for taxpayers age 51-60, $3,640 for age 61-70 and $4,550 for those older than 70.
Each spouse is treated separately if both can claim the deduction.
Newsletters for tax planning
Asked Tuesday, February 28, 2012 by an anonymous user
You can also deduct seminars, workshops, software, books, reports, newsletters and publications that provide tax planning and preparation advice and information.
Value of my time donated to a charity
Asked Thursday, February 23, 2012 by an anonymous user
You cannot deduct the value of your time or services rendered to your charitable organization.
Veterinary fees
Asked Thursday, February 23, 2012 by an anonymous user
You cannot deduct Veterinary fees on your tax return.
Can I deduct the student loan interest reported in my child's name and S.S. number?
Asked Thursday, February 23, 2012 by an anonymous user
No. If the parents are not legally obligated to repay the loan they cannot deduct any interest the dependent pays.
Deduction for the time spent on a job that I did not get paid for
Asked Thursday, February 23, 2012 by an anonymous user
You cannot claim a tax deduction for time spent on a job where you did not get paid. All materials used and payroll paid to employees’ on the job will be expensed.
Blood given at a blood bank
Asked Thursday, February 23, 2012 by an anonymous user
You cannot deduct the value of blood given at a blood bank.
Charitable Organizations - Selective Recipient listing
Asked Thursday, February 23, 2012 by an anonymous user
A partial list of acknowledged Registered organizations
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
