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).