Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Veterinary fees
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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.
Value of my time donated to a charity
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot deduct the value of your time or services rendered to your charitable organization.
Blood given at a blood bank
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
You cannot deduct the value of blood given at a blood bank.
Acupuncture
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can include in the calculation of Medical itemized deductions as medical expenses subject to the 10% / 7.5% limitation the amount you paid for acupuncture.
Chiropractor
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can deduct as a medical itemized deduction subject to the 7.5% limitation the cost you paid a chiropractor for medical care.
Psychiatric, Psychoanalysis or Psychologist payments
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can deduct as a medical itemized deduction subject to the 10% / 7.5% limitation the costs you paid for Psychiatric, Psychoanalysis or Psychologist for medical care.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
Stop Smoking Program
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can deduct as a medical itemized deduction subject to the 7.5% limitation the cost you paid for a Program to stop smoking.
You cannot deduct the amounts you paid fro drugs that do not require a prescription such as nicotine gum or patches that are designed to help stop smoking.
You cannot deduct the amounts you paid fro drugs that do not require a prescription such as nicotine gum or patches that are designed to help stop smoking.