dilligaf
IN VINO VERITAS
Aaah, come on. She's a sweetheart. She doesn't fold your clothes for free?!?!?!
Does anyone here deduct job expenses off fed. taxes
- Thread starter brown_trousers
- Start date
UpstateNYUPSer(Ret)
Well-Known Member
I think the last time that I used the standard deduction was when I was in the military.
I had $15,151 in itemized deductions in 2010. The bulk of these were mortgage interest, property taxes, points (I refinanced), state income taxes, student loan interest and charitable donations, which are all not affected by the 2% rule. I also deducted unreimbursed job expenses, tax preparation and legal expenses, which are subject to the 2% rule and lowered the $2,064 to $760.
There is not a lot of support here for United Way but I love UW when it comes to tax time as I get back about 25% of whatever I donate. The charity gets the full amount of my donation and I get a larger refund.
With the tax software on the market, if your tax situation is fairly simple there is no need to use a CPA.
I GOT ONE MORE
Well-Known Member
2% confirmed, not 2.5 that I previously posted.
Doing your own taxes takes effort, but it makes you smarter and more self aware.
BTW, you have to be careful when deducting refinance points.
An original home mortgage you can deduct 100% of the points, on a refinance you must prorate your deduction over the life of the loan.
However, if part of the refinanced mortgage money was used to finance improvements to your home and if you meet certain other requirements, the points associated with your home improvements may be fully deductible in the year you paid the points. Also, if you are refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off.
cachsux
Wah
I put down that those are her union rates.
rocket man
Well-Known Member
dose she have a sisterAaah, come on. She's a sweetheart. She doesn't fold your clothes for free?!?!?!
dannyboy
From the promised LAND
A couple of things on this thread.
As the benificary of the IRS microscope for the last three years running, I am again spreading wide and holding my breath for the 4th year. It seems that if you are in a cash business, they like to look closer. Also, if your deductions are outside of the norm for others in your type of work, they will take a closer look.
Words are not adequate to descibe what goes on in an audit. They will want you to explain each and every deposit into any account you have, checking, savings, IRA, and the list goes on and on. You had better be able to explain any money movement more than 5-10 bucks.
Also, deductions. IF you dont have the actual reciept, you dont get the deduction. Copies and photo-copies are not acceptable. I dont care if your dog ate them, or your cat pissed into the box of reciepts several times (happened to me) and soaked the receipts in urine. They want the original.
IT is interesting how agents from the IRS and UPS management are simular in how the rules change from one to the next. One question to 4 IRS agents, 4 different answers. But each has the ability to totally shut your life down. Seize all your assets, freeze all your accounts, all by the click of a computer mouse.
BTW, paying 50 a week for your wife to do uniforms because that is the "union rate" will get them to ask to see her deductions for union dues. IF she aint payin, you will have to change your deductions.
As a side note, the three anal exams that are closed found no issues except where I did not send out 1099's. Dont see as this one will be any different. But I still have to take about 3-4 weeks worth of my time to placate the *%@&#$.
Claim all you can, but dont cheat. While they usually dont go back more than a few years, if they suspect fraud, they can go back decades. ARe a few bucks worth it?
d
As the benificary of the IRS microscope for the last three years running, I am again spreading wide and holding my breath for the 4th year. It seems that if you are in a cash business, they like to look closer. Also, if your deductions are outside of the norm for others in your type of work, they will take a closer look.
Words are not adequate to descibe what goes on in an audit. They will want you to explain each and every deposit into any account you have, checking, savings, IRA, and the list goes on and on. You had better be able to explain any money movement more than 5-10 bucks.
Also, deductions. IF you dont have the actual reciept, you dont get the deduction. Copies and photo-copies are not acceptable. I dont care if your dog ate them, or your cat pissed into the box of reciepts several times (happened to me) and soaked the receipts in urine. They want the original.
IT is interesting how agents from the IRS and UPS management are simular in how the rules change from one to the next. One question to 4 IRS agents, 4 different answers. But each has the ability to totally shut your life down. Seize all your assets, freeze all your accounts, all by the click of a computer mouse.
BTW, paying 50 a week for your wife to do uniforms because that is the "union rate" will get them to ask to see her deductions for union dues. IF she aint payin, you will have to change your deductions.
As a side note, the three anal exams that are closed found no issues except where I did not send out 1099's. Dont see as this one will be any different. But I still have to take about 3-4 weeks worth of my time to placate the *%@&#$.
Claim all you can, but dont cheat. While they usually dont go back more than a few years, if they suspect fraud, they can go back decades. ARe a few bucks worth it?
d
menotyou
bella amicizia
Danny!!! It's nice to see you again!!!
AKCoverMan
Well-Known Member
Now if we could just deduct lunch on area as a non reimbursed business travel expense we would have something!
dilligaf
IN VINO VERITAS
moreluck
golden ticket member
dannyboy
From the promised LAND
Thanks, yall are too kind. Just have not had any time to post. Just got back from DC, next week off to Charlotte, then back to DC. And any free time its trying to rebuild on a shoestring.
As for deducting lunch, I have heard both ways. We do fall under the hours of service.........Again one of those things that if you were to ask 50 IRS agents, the answer would probably be split....
d
As for deducting lunch, I have heard both ways. We do fall under the hours of service.........Again one of those things that if you were to ask 50 IRS agents, the answer would probably be split....
d
brown_trousers
Well-Known Member
Could you explain this one a bit more. Is there a possibility of deducting lunches? I better start saving my receipts
UpstateNYUPSer(Ret)
Well-Known Member
Danny, welcome back.
What is nice about the tax software is they do an analysis of your taxes and compare them to the national averages. Generally if you fall within the national averages for your AGI in terms of deductions you should be all set. If you are way above or below this may send up some red flags. As with UPS, it is best to stay under the radar with the IRS.
What is nice about the tax software is they do an analysis of your taxes and compare them to the national averages. Generally if you fall within the national averages for your AGI in terms of deductions you should be all set. If you are way above or below this may send up some red flags. As with UPS, it is best to stay under the radar with the IRS.
UpstateNYUPSer(Ret)
Well-Known Member
Don't waste your time--the only lunches that are deductible are business lunches.
dannyboy
From the promised LAND
Thanks Upstate!
Actually I have been using the #1 tax program in the usa, and for 4 years running, they have "selected mine at random" You do the math.
As for lunches, if you fall into the hours of service limitations, you can indeed deduct your lunch. And if you dont think we fall under those limits, just try working 12 hours in one day. See what happens.
d
Actually I have been using the #1 tax program in the usa, and for 4 years running, they have "selected mine at random" You do the math.
As for lunches, if you fall into the hours of service limitations, you can indeed deduct your lunch. And if you dont think we fall under those limits, just try working 12 hours in one day. See what happens.
d
