There are basic deductions, which don't amount to a whole lot, and specialized ones. There are too many to list here, but one great example is the Schedule C form. If you have a small business, anything from a car washing service, babysitting, or a pet grooming clinic that you operate out of your garage (even a cookie baking enterprise!), you will end up having many more tax deductions that the normal person. These expenses may include electricity, tools, special clothes, equipment and so on - and will be recorded on the Schedule C. If you do some "job on the side", don't hide it from the IRS. Include it so you can lower your taxable income and be eligible for perks.
by glassvisage 7 years ago
At what point is it worth it to deduct charitable donations from taxes?At what point is it worth it to deduct charitable donations from taxes? How much do you have to donate to make it worth the time to do the paperwork? Is there a formula or chart that says this?
by skays1950 8 years ago
can i claim the taxes i paid for my autosi have ownes them for 4 years now has the law change to claim the taxes and if i can where do i file them under what?
by FreezeFrame34 7 years ago
Can you deduct your private school tuition from your taxes?
by ngureco 8 years ago
How Do You Calculate Income Tax Payable?
by Alex J. Reissig 6 years ago
Would you support a flat 15% income tax?Would you support a flat 15% income tax in this country? Other than a personal deduction (possibly in the neighborhood of 25k per individual/50k per couple) there would be no deductions.
by Valene 6 years ago
Is it "safe" to get your taxes done for free by one of these local community organizations?I need to save money on getting taxes done this year and I am considering going to a local non-profit in my community that provides tax services to low and middle income people. Do you think these...
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