Many people don’t realize taking federal tax deductions like a standard deduction can save time and money. Legally you can take a standard deduction that is more than your receipts total. Taxpayers spend so much
time searching for and organizing their receipts for legitimate federal tax deductions like donations or medical expenses that sometimes it may be a waste of time because those itemized deductions don’t show on their tax returns. They can qualify for a larger refund by claiming a standard deduction. Your professional accountant can advise the new tax laws to know before you file your tax return.
How to Calculate Federal Income Tax to Pay to the IRS
How to Calculate Federal Income Tax to Pay to the IRS
How much you can take for a standard deduction depends on your filing status. For a single filer the amount is $5,700, married couple filing jointly $11,400, head of household which could be a single parent with children can claim $8,350. Over the age of 65 the amounts are different. The IRS added extraordinary tax deductions in 2009 for the taxpayers that used the standard deduction may include federal tax deductions for real estates taxes that were paid, $500 single, $1,000 married. They also included a sales tax deduction on a new vehicle as long as it was purchased after 2/16/2009 but before 12/31/09.
Online Federal Tax Tips
Online Federal Tax Tips
Looking to deduct medical expenses, not so easy. You may only use this deduction if they exceed 7.5% of your income. Also, some people pay toward their health insurance through their employers checks, these are not deductible since it is deducted out of untaxed money. There is a list of allowable medical deductions which is long but good record keeping is a must. Some may include expenses such as co-pays, glasses, dental work, nursing home care costs and even mileage getting to and from medical appointments.
State Legislators Can Take Special Federal Tax Deduction
Mortgage interest may be used in federal tax deductions but will reduce
as you pay down your mortgage. Even when people refinance for a lower interest rate, the mortgage deduction will also go down. Closing costs are not federal tax deductions for a personal residence but points are if you pay on new mortgages in full the first year you pay them. If you pay to refinance a mortgage these must be deducted over the life of the loan.
When filing your tax returns you can review the 2010 Federal Income Tax Brackets (IRS Tax Rates). When in doubt always seek professional tax help.
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