 A child living at home turns 17 Oct 27, 2007 can she still be claimed as a dependent? |
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any idea how to override the HR Block Tax Cut programs response because it says she is 17 so not eligible as dependent?... |
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 I've been made redundant and I might be pregnant - would this change my package? Am I entitled to more? |
| I'm due to leave the firm 30th August, and have agreed a package. I've been at the firm for just under 2 years. Does the company have any duty to pay me anything if I'm pregnant and ... |
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 How important is it to declare profit on rental property? |
| I have a retal propert nowy nearly 8 months, income is alot greater than mortage, Should I declare it to inland rev, also is there anything I can write off against my profit? What would be the ... |
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 Does finance or boyfriend meet the qualifed dependent test when I am filing Head of Household? |
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Seems to me a boyfriend meet the requirement for "qualifed relative" test but not the "qualifed person" under HOH test. But why? and if I am ... |
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 Tax Audit question, re: 401k Distribution? |
| I got audited on my 2006 tax return for taking an early distribution from my 401k. When I closed the account, I was given the option to have them withhold the penalties and taxes, or to give me the ... |
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 How much are you supposed to get for claiming your child on taxes? |
| He is 2 as of the end of last year. If that helps and i am head of household.... |
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 Who do you hire for filing complicated taxes? |
| I will be filing some complicated tax forms for 2007. I probably can't just take them down to H&R Block. I owned and sold a sizable amount of stocks & options (and lost a large amount of ... |
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 Question about taxes when selling a house and not buying another home...? |
| I purchased a condo 5 years ago. When I made the purchase I put a down payment of $25,000 down. I sold the condo in 2007. After closing, I walked away with $22,000. I did not purchase another home. A... |
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 Why has my employer asked me to fill in a p46? |
i have a p45 but its about 2 years old
my new employer has told me to fill in a p46.
why cant i just give them my p45?... |
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 Question about the tax rebate and dependents? |
| Since the tax rebate is based on your income in 2007.. will I still receive the rebate for my dependent who was born in 2007? Do they base dependent checks on 2006 tax return claiming? I am unclear ... |
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 Populer saying: ife, death and taxes? |
I'm have a tip-of -the-tongue experience and i'm not getting past it.
How does that populer saying go:There are three things that are certain: life death and taxes??
I'm so ... |
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 My Employer did not withold enough from my W2, what do I do? |
| Basically at one of my jobs (I had 3 last year), I earned roughly 3,300, but only about $44 was witheld. Normally this wouldn't be a problem, but I made about $21,000 last year. Needless to ... |
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| I've been moving a lot in 2006, (NV,NY,CO) transfering for different starbucks. What do I do about taxes? |
I don't think I have any payment records. Can I call the starbucks to get that info? I really know nothing about taxes.
T... |
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 Healthcare providers overbilling so they can write it off as a loss? |
| My health insurance company negotiates the fees with my healthcare providers so that we pay a set rate for services. I noticed however that when my doctor would submit a claim, it would be for a far ... |
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 I'm a minor but am afraid of doing taxes when I get older...? |
Should I be afraid.....Is doing your taxes pretty easy?
Any links to help me?... |
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 Can you give me an estimate of how much we get back? |
my husband paid in 1200 in taxes last year i didnt work and we had a child in october. the bookkeeper just told us there would be 3 dependants and we qualifed for the eic
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CMoneyVT | Itemized tax deductions? |
I am a real estate appraiser and my boss is withholding taxes. I received W-4 for the income I earned last year. Typically appraisers are treated as sub contractors and receive 1099's.
I was wondering what all you can consider deductions. I know you can deduct mileage, meals, travel expenses, training/classes, and office supplies. Can you deduct clothes, haircuts, etc? I know this sounds petty, but we pay enough in taxes.
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As an appraiser I travel daily to view/inspect properties, gather data, or do research and a most of the time i eat out for convenience. When I explained this to my accountant he told me to total up all my receipts and bring them along with my income forms. Hopefully I can deduct these meals and not get in trouble with the IRS. |
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Count Your Blessings
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I assume you mean a W-2 from your boss. It's important to note that your unreimbursed employment-related expenses are only deductible to the extent that they exceed 2% of your AGI, adjusted gross income...which is found on the last line of page 1 of your Form 1040. You must itemize to take advantage of these deductions and they're taken on Schedule A.
Forget about trying to deduct clothes unless you are required to wear a uniform by your boss. Most of us wear clothing at work that can also be worn away from the job and, thus, cannot deduct them. Haircuts are also a personal expense and not deductible, even if required by your employer (i.e., military folks cannot legitimately deduct their weekly trims).
You could deduct safety shoes, a hard hat, goggles, etc. if they're required for the job. You can deduct the cost of professional journals and association membership, work tools and equipment if their useful life is less than a year (otherwise depreciation is required).
Your automobile deduction, only to the extent it was used for business (not commutting) and unreimbursed by your employer is taken on Form 2106 (or 2106EZ), Part II. Note that written evidence of your business use is required.
Be careful with deducting meals as the IRS looks carefully at entertainment related expenses. If your job requires you to wine and dine your clients and the meals involve some substantial and bona fide business-related discussion (before, during or after the meal), and you're not reimbursed by your employer, you can likely deduct 50% of your qualifying meals. Again, keep good written records.
You may want to take a good look at IRS Pub 17 for more details.
Good luck. |
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ninasgramma
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Since you are an employee, your unreimbursed employee expenses are entered on Form 2106 and then transferred to Schedule A. You can enter your mileage, lodging, education, and supplies. Your business meals and entertainment deductions are reduced by half. The total expense is then reduced by 2% of your AGI. You will benefit from these deductions as long as your total Schedule A deductions are larger than your standard deduction.
You cannot deduct clothing or haircuts. These are nondeductible personal expenses and not unreimbursed employee expenses. |
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MoB
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Whatever you deduct will probably be limited to 2% of your AGI (Adjusted Gross Income) Before you go and start adding up all your receipts, look at what you standard deduction will be for single, married, married filing separate, or Head of household. Unless you have an extreme amount of unreimbursed employee expenses and morgage interest and property taxes and a lot of charitable contributions, you could be adding two or three thousands of dollars of unreimbursed employee expenses and then find out that you just wasted all of your time because your standard deduction is higher anyway. So kind of eyeballl your other deductions before you start picking away at 2% of AGI deductions.
But below is the IRS website that gives a list of deductible and non deductible misc expenses. |
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AnnieG
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The short answer is : you can deduct anything that is "Required and Reasonable to run the business" . The interpretation of this is where most people fall into traps! |
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p4priceasg
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Currently you can not deduct expenses such as clothing, haircuts, tanning, etc. There have been discussions with some in Congress to considering allowing deductions for new clothing when just entering the work force, but this debate has not gained much mileage. Typically, deductions are limited to business expenses, or "the costs of carrying on a trade or business." So your meals or mileage, for example, would only be deductible if while carrying on your appraisal activities. You should also note a limit to these deductions based on your income and the time of expense (meals are usually limited to 50%). The IRS has a helpful publication that will provide you a more in depth analysis here: http://www.irs.gov/pub/irs-pdf/p535.pdf |
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v b
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Before you get too excited, the meals are NOT deductible unless you are out of town overnight or can show a business reason for taking a client to lunch. I imagine that as an appraiser, your job is LOCAL and you asking about *your* lunch. You can't deduct that lunch anymore than mileage to the office at the start of the day. |
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nova_queen_28
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http://www.irs.gov/pub/irs-pdf/p529.pdf
This should help you. Because you are a W2'd employee you have to stick to the "Unreimbursed Employee Expenses".
Of course, you have to be able to itemize and these expenses can help you get to that point.
I doubt you are going to get clothes or haircuts deducted, unless in the case of clothes you have to buy a uniform. |
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SG
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Unreimbursed business expenses are reported on form 2106, and also show on Schedule A. They must exceed 2% of you adjusted gross income to even come into play. And even then, your itemized deductions must exceed your standard deduction.
Travel expenses and meals while traveling, yes. Meals by yourself while not traveling, no. Eating with others, maybe.
Haircuts and clothes, no.
Mileage, some of it (not commuting and personal portion).
Training, probably.
Office supplies, yes.
http://www.irs.gov/instructions/i2106/index.html |
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