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Schedule A Itemized Deductions
Schedule C  Business Income and Expenses
schedule E Rental Income
FORM 8829: BUSINESS USE OF HOME 2006
RETIREMENT
GENERAL INFORMATION
 
 


Sch A: ITEMIZED DEDUCTIONS: 2009

Must exceed: $5,450.00 for singles $10,900 married filing joint, and $8000.00 head of household plus real estate taxes paid

Medical expenses must exceed 7 1/2 % of gross income AND NOT PRE-TAX

Doctor                                                                           Hospital                                                                                                                                  Drugs

Dentist                                               Glasses                                                                                                                                             Mileage @ $.24/mi
Hotels @$50.00/person                                                                                                           meals if out of town                                                                                                                  Insurance premiums                       

Medical necessities: vans, home modifications, special equipment, (anything ordered by a Doctor that is necessary to your health)

Taxes:
State income
Real estate- 
Personal property
Home Mortgage Interest for up to two homes:

     Mortgage
     Home equity (if does not exceed value of home & points may not be deductible)
     Points charged (to purchase or improve home on home equity)
                                                                                                                                            Investment interest used to purchase investment property

 

Charitable Gifts/Volunteer work:Contributions by cash or checkAll cash contributions require cancelled check, bank/credit card receipt,  receipt from orgGoods or services (actual cost/ $.14 per mile)Single donations of over $250.00 require an acknowledgment from the qualified org

*Acknowledgment must:  be written, list contribution amount, goods or services provided and a good faith estimate of the value of those services, and statement of intangible religious benefit such as admission to a religious ceremony or activity.  An intangible religious benefit is a benefit that generally is not sold in commercial transactions outside a donative (gift) context.Non-cash donations over $500.00 require you to file a separate tax form with your return and have the documentation listed aboveOut-of-pocket expenses require adequate records:  date, what the item was, value or cost(s), goods or services provided by org, and *acknowledgment (see above).Individuals 70/+ can donate directly from an IRA/retirement account without this being counted as income and still get deduction for a charitable contribution

 

Casualty and Theft Losses:  (not covered by insurance, limited deductions)

 

Misc. Deductions:  less 2% of adjusted gross income

               Tax preparation fees

               Safe deposit box

               Legal and accounting related to taxes

               Safety equipment, tools, uniforms, special clothing etc.
               Union dues, professional organizations, publications, business mileage(Form 2106)                  

               Required physical examinations

               Employment agency fees

 

Moving expense adjustment:  travel, meals, lodging, looking for work, moving expenses, etc- (must be 50 miles closer to job!)

 

©Steven E. Burns, 2013                                  information from IRS Publications

 
 
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