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pinkpokkydots | What can i put on my taxes like medication etc.? |
i have heard you can put gas, money you have to spend on uniforms for work, money you spend for lunch at work, what else and does it help you or hurt you |
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**Proud to be an American**
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This is only useful if you itemize your deductions. Typically, homeowners itemize. If you own a home, you can 'write off' certain expenses, as those you list (lunch money isn't one of them though, sorry.) More common expenses include:
-Interest paid on home loans
-Business expenses that are not reimbursed by your employer, such as uniforms, tools, etc.
-Child care paid to allow you to work
-Medical expenses (however, you have to meet a minimum % of your income to qualify for this deduction) - this includes prescriptions, doctor copays, insurance premiums paid with 'after tax dollars', eyeglasses, dental, eyecare solution, OTC meds
Typically, these itemized deductions help keep more of your money in your pocket because they reduce your taxable income. They require good record-keeping. Turbo tax walks you through everything and asks you questions to make sure you don't miss any of the deductions that you may be eligible for. |
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Judy1
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You've heard wrong. Your gas isn't deductible except for costs for miles you drive for business - this does NOT include driving to work and back home, or any personal miles. You can't deduct the money you spend for lunches at work. Uniforms, yes, but only the part of the cost that's over 2% of your adjusted gross income. Medical and dental expenses, including prescriptions but not over the counter meds, are deductible for the part of the expense that is over 7.5% of your AGI. These items are only deductible if you have enough total deductions to itemize.
Other items you can deduct if you itemize include state and local (but not federal) taxes, home mortgage interest, real estate taxes, charitable contributions - for a more complete list and more info read the instructions for form 1040 schedule A |
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travelguruette
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If you are eligible to itemize then you can deduct if they are more than 2% of your agi. The uniforms must be something you cannot wear off hours. If you have a McDonalds polo shirt and black pants you cannot deduct it. Most military uniforms you can deduct. You cannot deduct lunch from work. You have to eat anyway. Gas only if you use your car for business reasons. Going to and from work is not an expense. |
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Jeff
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yes/no.
Assuming your itemized, the appropriate form is on schedule A.
Medical deduction- You get to deduct medical expenses in excess of 7.5% of your adjusted gross income (AGI). This is usually not met unless you have significant medical issues.
Misc. expenses- limited to the excess of 2% of your AGI. Be careful what you put here as most expenses will not qualify. For example- A) commuting expenses to and from work is not a misc. deduction. But if you use your car for work (running company errands), you can deduct the miles x IRS mileage rate (somewhere around 58.5 cents/mi) less any reimbursements.
B) Uniforms- costs of uniforms are almost never deductible. The only exception is if the uniform is not suited for normal wear. I usually consider that to mean if you walked into a mall with it, would you look out of place. A firefighter suit - deductible. Almost everything else- appropriate color clothing, scrubs, etc. - not deductible.
C) Meals- the cost of a business meal that includes a customer and a business purpose might be deductible (50% limit before the 2% limit), but you need to keep a log, just like a mileage log, showing the attendees and the business purpose.
Summary- Most taxpayers can not benefit from these deductions. A salesman working on commissions who covers his/her own expenses maybe, but most people should be careful with what they put on the 2% line. If the IRS sees something there that seems abusive- such as clothing, meals, mileage- they will send you a notice asking for a description of the activity and your receipts. |
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AB
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Uniforms for work are acceptable as a miscellaneous itemized deduction but only if the uniforms are not fit for every day wear (regular suits don't count). The amount you spend on lunch at work is not tax deductible. You can deduct mileage expenses for the distance between two work locations if you have two jobs or if you have to work at a temporary location for your job (meaning less than one year). Also, education expenses are employee expenses if you do not qualify for the Hope or Lifetime Learning credit with the expenses.
The other itemized deductions are charity (both cash and property), medical expenses, property taxes (personal and real estate), state taxes, and mortgage interest. |
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Steve D
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To add to what gdboyer mentioned...
Medical expenses can only be deducted if they exceed 7 percent of your adjusted gross income, and then, only the portion that exceeds 7%.
For the rest, you can deduct on your long form that portion of allowable expenses that exceed 2% of your adjusted gross income. Any expenses reimbursed cannot be deducted.
Keep all your receipts as large deductions like these can trigger an audit. |
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Sharon T
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You have been given some very bad advice. Lunches at work certainly aren't deductible, nor is gas.
Unless you have a large mortgage you are paying, you probably won't find it advantageous to itemize your personal deductions. |
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gdboyer119
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you can claim the miles that you go back and forth for medical. you can claim the following medicine, uniforms, office supplies for work, miles for work only after your commute to the office, house office, phone/cell phone if used for work, Internet if used for work, all of these can be claimed if you do the long form and have a legitimate use for work. and it is a percentage of what you actually spent not the whole amount. also you can claim donations to salvation army or any other charitable organization. check with your accountant. if you don't have one get one. |
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