legal  money  taxes


Question by  sangeethamba10yahooin (37)

What are tax deductible expenses?

I have never listed deductions on my taxes before, but I spend a lot of money this year, and it would be really helpful to write some receipts off.


Answer by  patti (29325)

Usually work-required expenses are deductible (uniforms, required education, etc). The best course is to speak to a tax professional who can advise you on specific opportunities for deductions.


Answer by  Att4372 (1704)

Deductible expenses are identified on Schedule A of the 1040. They include medical and dental expenses (including medical insurance and prescription drugs), property tax, mortgage interest on your home, donations to recognized charities (receipts needed), necessary job expenses, and casualty losses not covered by insurance. You can get tax credits for child care expenses and specific energy savings expenses.


Answer by  yourmom69 (41)

Medical Bills, Mortgage payments, Investment Income, Charitable Contributions, Casualty and theft losses, and Gambling losses, job-related clothing or equipment and union dues.


Answer by  tamarawilhite (17883)

Medical expenses are tax deductible if it is over 7.5% of your income. Home mortgage interest, state sales tax, and property taxes are tax deductible if you itemize.

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