I AM A HOMEOWNER BOUGHT A HOME If you purchased a Home during the tax year and made monthly mortgage payments to a lending institution then you are able to write off the interest paid to that institution for that tax year. Your institution will send you a 1098 in the mail itemizing the amount you paid. If you are doing a RENT TO OWN, then you must secure either the tax id number from the landlord or the social security number from the landlord (in most cases the landlord is responsible for issuing you a 1098 like the lender reflecting the amount of interest you paid throughout the year) along with the accurate dollar of amount of interest you paid towards that home for that year. SCHEDULE A CHURCH AND CHARITY CONTRIBUTIONS When you contribute to your church or donate to you charity you are to secure a receipt so that you can write off your donations. SCHEDULE A JOB SEEKING EXPENSES If you are looking for a job in your current profession and can itemize your deductions, certain expenses may qualify as miscellaneous deductions. Employment agency fees, rŽsumŽ printing, phone calls, and mailing expenses are examples of deductible items. SCHEDULE A JOB RELATED EXPENSES Some of your expenses that may be deducted include union dues, job-related magazines and books, and other related business expenses. Generally, you must depreciate the cost of tools used in your work. If your employer requires you to wear work clothes or uniforms that are not suitable for everyday wear, you may deduct the cost and upkeep. SCHEDULE A TRAVEL EXPENSES You may be able to deduct business travel expenses if you must conduct business away from your tax home. The cost of transportation, lodging, laundry, dry cleaning, and telephone expenses are some of the deductible expenses. Generally, meals are only 50% deductible. SCHEDULE A MEDICAL EXPENSES - ITEMIZED DEDUCTIONS If you itemize your deductions, you may be able to deduct medical expenses. You can deduct the amount that is more than 7.5% of your adjusted gross income. Taxpayers are allowed to deduct un reimbursed medical and dental expenses for themselves and family members. SCHEDULE A MEDICAL EXPENSES - OVERLOOKED DEDUCTIONS Don‘t overlook any medical deductions for which you may qualify. Hearing aids, eyeglasses, contact lenses, hospital fees for nursing, physical therapy, lab tests and x-rays are all deductible. The mileage to and from a doctor or dentist‘s office is deductible as are bus or taxi costs. SCHEDULE A MEDICAL EXPENSES - MAXIMIZE YOUR DEDUCTIONS If you file Form 1040 and itemize your deductions, you may deduct medical expenses that are over 7.5% of your adjusted gross income. Careful tax planning may allow you to plan ahead so that you could take more medical deductions during one tax year instead of spreading them over two. For example, in a year that you already have substantial medical expenses, schedule and pay for your routine doctor, or dentist appointments by December 31st instead of early in the next year. SCHEDULE A SELF-EMPLOYED HEALTH INSURANCE If you‘re self-employed, you may deduct up to 60% of your medical insurance costs that cover yourself, your spouse, and your dependents as an ÒAdjustment to Income on Form 1040. To do this, the taxpayer and/or spouse must not be covered by an employer subsidized health plan. SCHEDULE A MEDICAL EXPENSES FOR LONG-TERM CARE The costs of qualified long-term care services can generally be included as medical expenses. These costs include a part of the premiums for qualified long-term care insurance. Long-term care insurance premiums covering these qualified services are deductible as medical expenses (subject to the 7.5% of the adjusted gross income limit and certain age limitations). SCHEDULE A |
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