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Help with my taxes please!!!!
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<blockquote data-quote="pretender" data-source="post: 1088135" data-attributes="member: 1493"><p>Almost everyone I know takes the deduction. I do not however, because I just can't see where the risk is worth the return. For example, just using conservative figures, and rounding off, a driver making $80K, has to exclude the first $1600 (2%). Estimating union dues at $1000, uniform maintenance at $500, and a good pair of work boots at $200, you end up with a $100 deduction ($1700-$1600), which puts an extra $25 in your pocket.</p><p></p><p>I know this is a VERY simplistic example. There are other miscellaneous deductions that can be used to meet the 2% threshold, which would throw off the above figures. However, there are also many spouses who work, which could raise the 2% to well above $2000. The bottom line is, the risk of being audited for the above items is probably very low, but what happens if your return is audited for something else--perhaps an incorrect entry? I got a notice one year because the bank's 1098 was incorrect. I don't know how it works, but it would seem that once you are on their radar, they would take a look at the entire return to see if they could find anything else??</p><p></p><p>I like Turbo Tax just because I have been using it for so long. I imagine HR Block is the same in that after the first time you use it, you can import a lot of information from your previous year's return. Also, using their IT'S DEDUCTABLE feature, you can can log your charitable contributions as you make them throughout the year. It will also log your Goodwill or Salvation Army army items and assign a value to them.</p></blockquote><p></p>
[QUOTE="pretender, post: 1088135, member: 1493"] Almost everyone I know takes the deduction. I do not however, because I just can't see where the risk is worth the return. For example, just using conservative figures, and rounding off, a driver making $80K, has to exclude the first $1600 (2%). Estimating union dues at $1000, uniform maintenance at $500, and a good pair of work boots at $200, you end up with a $100 deduction ($1700-$1600), which puts an extra $25 in your pocket. I know this is a VERY simplistic example. There are other miscellaneous deductions that can be used to meet the 2% threshold, which would throw off the above figures. However, there are also many spouses who work, which could raise the 2% to well above $2000. The bottom line is, the risk of being audited for the above items is probably very low, but what happens if your return is audited for something else--perhaps an incorrect entry? I got a notice one year because the bank's 1098 was incorrect. I don't know how it works, but it would seem that once you are on their radar, they would take a look at the entire return to see if they could find anything else?? I like Turbo Tax just because I have been using it for so long. I imagine HR Block is the same in that after the first time you use it, you can import a lot of information from your previous year's return. Also, using their IT'S DEDUCTABLE feature, you can can log your charitable contributions as you make them throughout the year. It will also log your Goodwill or Salvation Army army items and assign a value to them. [/QUOTE]
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Help with my taxes please!!!!
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