tax deductions....

[OUAndy1807]

now that we finally own a house, I guess we'll stop using standard deduction. What deductions do you guys keep track of? We'll have interest on the house and donations to charity, but I know there are a bunch more out there.

[OKLA21FAN]

turbo tax is your friend. worth the 40 or so bucks of purchase price.

[OUAndy1807]

turbo tax is your friend. worth the 40 or so bucks of purchase price.
I know, but I figure I need to start keeping track of stuff now.

And I'm not talking about for this year, I'm talking about for next years filing.

[1stTimeCaller]

Mine's a little weird but I keep track of everything I buy for my trailer, P&I paid on the trailer, business mileage driven, technical books and any type of educational expenses, office supplies and computer stuff I'v bought and a few other things.

[tulsaoilerfan]

You can deduct your property taxes and your state income tax paid on your federal; however, if you don't have a lot of itemized deductions, you still may be better to take the standard deduction; i would recommend you get an accountant to do it as that $ you pay for the tax prep is also deductible.

[H8HOGS]

turbo tax is your friend. worth the 40 or so bucks of purchase price.

True.. Real estate taxes, State taxes if I had any (Florida is great). Personnel property taxes. Tags for your vehicles. Walk through Turbo Tax with 3 hours of no kid interruptions and you will be done. E-File and your money is yours in a week for $14.99..

[BajaOklahoma]

Get a copy of the 1040 forms for 2006. I think it will answer some of your questions.

[OUWxGuesser]

Bought a house in sept. Even with that, moving costs, and job hunting... still ended up less than the joint standard deduction... dang.

[jrsooner]

We have a friend who's an accountant that does our taxes each year. His fee? A home cooked meal. :)

He usually has us get our medical and mortgage together and that usually busts it. Now that I'm a consultant he has me keeping track of any office supplies I buy for myself. But then again the normal family doesn't usually spend 4-5 thousand a year on medical expenses on one individual.

[H8HOGS]

Bought a house in sept. Even with that, moving costs, and job hunting... still ended up less than the joint standard deduction... dang.

House is too small.. We do itemized every year for well over 25k. It is the only way to get around the corrupt politicians.

[Mjcpr]

Medical and dental expenses, including co-pays and your portion for your insurance.......assuming you have it through work. I believe eye exams, insurance and glasses/contacts are deductible as well. Prescription medication.

Your vehicle registration if it is based on the value of the car. We don't get to do this in Oklahoma anymore but if you have a boat or travel trailer (I think) you can.

Tax preparation, including software or what you pay online.

Day care.

[Frozen Sooner]

Charitable contributions, including any tithing you do at your place of worship. SuperGirl was amazed at how much she had given over the course of a year. Don't forget your United Way contributions at work as well.

[Soonerchaz]

Medical and dental expenses, including co-pays and your portion for your insurance.......assuming you have it through work. I believe eye exams, insurance and glasses/contacts are deductible as well. Prescription medication.


These aren't straight out deductions right? Don't your medical/dental expenses have to exceed a certain percentage (7.5% I think) of your gross adjusted income?

Still worth adding it up though.

[Frozen Sooner]

Yep, there's a certain percentage of your income that you can't write off on medical expenses.

[OUHOMER]

Since your itemizing now. Work stuff, If you have to buy steel toe boots, gloves, specail work clothes, i think can be wrote off.

energy improvements to your new house, windows, doors, insulation, etc

[stoops the eternal pimp]

office in home helps

[soonerboomer93]

Since your itemizing now. Work stuff, If you have to buy steel toe boots, gloves, specail work clothes, i think can be wrote off.


when I last looked uniforms/work clothing expenses have to be above a certain percentage of your income...

[tulsaoilerfan]

These aren't straight out deductions right? Don't your medical/dental expenses have to exceed a certain percentage (7.5% I think) of your gross adjusted income?

Still worth adding it up though.
You are correct, but i don't know what the percentage is; still doesn't hurt to keep track of them just in case

[Hamhock]

as that $ you pay for the tax prep is also deductible.

them money you pay for tax prep fees, like unreimbursed employee expenses, is a "misc. itemized deduction", which means it's only deductible to the extent it exceeds 2% of your adjusted gross income.

if you make $100k and have $2,001 of mis. itemized deductions, you get to deduct a $1.


most people don't get to deduct tax prep fees.

[Hamhock]

Get a copy of the 1040 forms for 2006. I think it will answer some of your questions.


read schedule A and instructions.

[Hamhock]

Bought a house in sept. Even with that, moving costs, and job hunting... still ended up less than the joint standard deduction... dang.


moving expenses are not an "itemized deduction". they come right off your taxable income on page one of 1040. you should have been able to deduct them (if you moved for work, it think it is a min of 50 miles).