tom@felix.UUCP (03/06/84)
(news bug snack line)
Tax Tips for 1983's Federal Return
These are just suggestions. I am not a qualified tax consultant and I
make no claim as to the IRS acceptance of these deductions. There are
many, many more deductions than the ones listed here.
1. If you purchase a car, chances are you can itemize deductions on state taxes.
(Even if you are single and don't own a home!)
2. Deductions:
- work related supplies (technical books, magazines, and supplies).
- car license (over standard fee)
- SDI (California state disability insurance) $136 maximum.
- state tax with-holding (include your refund check from the state
as income if you deducted this for 1982).
- contributions to charity.
money (keep those receipts)
mileage
donations of goods (i.e. to the Salvation Army).
- homeowners
homeowners deduct property taxes and interest.
new homeowners: deduct points
- job search costs (even if you didn't change jobs)
mileage, resume costs, phone bills, newspaper subscription...
- if you moved more than 35 miles for a new job, then expenses
you paid are deductible.
- schooling related to your job not paid by employer.
fees, mileage, books, supplies...
- dependents (new parents: don't forget your kid).
There is also a tax credit for child care expenses of 20%-30%.
- medical expenses if over 5% of gross income
(medical insurance no longer separate deduction)
- your home computer and software (somehow depreciated over years)
- telephone costs if used to be reached by work and/or used
via modem. Only the percentage used this way can be deducted.
- computer shows. Mileage, parking, fees, lodging, meals.
- any stock market loss. Newspapers, phone, and cable t.v. used to
follow the market.
- state sales tax (use standard table or use receipts). If you bought
a car or boat, add that sales tax to table.
- interest expenses: credit cards, overdraft, loan payments,
student loans, mortgage interest, auto loans, ...
- expenses incurred generating income tax savings (i.e. expenses
relating to opening an IRA account).
- theft and casuality loss must be over 10% of gross income minus
$100 now.
3. If you changed jobs in 1983 don't forget to get back any
excess SDI and social security taxes overpaid.
4. Don't forget that 10% of a spouses earnings are exempt from tax. ($3000 max)
(who ever has the smallest income on a joint return).