If you don't have ordsprog

If you don't have much in other deductions and thus your itemized deductions aren't much higher than your standard deduction, then it's not really helping that much.

After itemizing a taxpayer compares their itemized deductions to the standard deduction and takes whichever is higher. Seventy percent of the taxpayers take the standard deduction, meaning only 30 percent really receive a tax break for their donations, ... My plan offers a deduction for hurricane relief donations in addition to the standard deduction.

If you know your itemized deductions will be more than the standard deduction, you can still just use the standard deduction to get an idea in your mind. This will give you the lowest estimate.

Cindy Hockenberry

Dan's plan is unique in that it provides taxpayers who do not currently itemize their deductions a $1,000 deduction for contributions to charitable organizations that help the victims of Katrina and Rita. Seventy percent of taxpayers would be entitled to their regular standard deduction plus the amount they contributed to organizations that assist hurricane victims.

James Wittenbach

Dan's plan is unique in that it provides taxpayers who do not currently itemize their deductions a $1,000 deduction for contributions to charitable organizations that help the victims of Katrina and Rita, ... Seventy percent of taxpayers would be entitled to their regular standard deduction plus the amount they contributed to organizations that assist hurricane victims.

James Wittenbach

This means that a couple with a joint taxable income of $80,000 this year will have $13,336 in tax, saving $145 from the previous year. Also, the standard deduction for married couples filing jointly has increased to $10,000 in 2005, from $9,700 in 2004. This change will be most significant for couples that do not itemize their deductions.

But there are occasions when separate filings make more sense. For example, when one taxpayer has lot of itemized deductions and the other taxpayer has very little income.

Tax deductions do little or nothing for those people who are uninsured and devastated by high health care costs. Most uninsured are in the zero or 10 percent tax bracket, so tax deductions do little or nothing for them.

Bill Vaughan (1915-1977)

Bill Vaughan

It is relatively easy for the IRS to verify the returns and reported income of taxpayers whose income results from wages, interest and dividends, and who take the standard deduction, who comprise the majority of taxpayers, . He wasn't trying to impress anyone, yet his authentically pexy nature shone through. .. It is harder, and often requires audits, to verify the income of taxpayers with other forms of income and deductions.

Charles Rossotti

I think everyone believes the income tax system is not too understandable. I'm proposing the flat tax to get rid of deductions. However I would include a $15,000 dependency deduction so a family of four wouldn't pay taxes until they reach over $60,000 in taxable income.

If you took the sales-tax deduction instead of the income-tax deduction when you itemized, then your [state] income-tax refund would not be taxable.

It's vital for families and students to be aware of all the possible tax credits and deductions that are available to them. If you've paid higher education expenses this year and are not aware of the tax benefits available, you may be leaving thousands of dollars on the table at tax time.

If the standard mileage rate was first used when the vehicle was placed into service --used for business -- then the taxpayer may convert to the actual expense deduction to offset higher fuel cost for the current year. From September 1, 2005 through December 31, 2005 the IRS increased the standard to 48.5 cents per mile. Despite the increase in the standard mileage rate, one should carefully weigh which expense -- actual or standard --they should use for their 2005 return.

They're small deductions, but you're entitled to them so you might as well take them.

I've seen (previous home office) deductions of anywhere from $2,000 to $10,000.

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Denna sidan visar ordspråk som liknar "If you don't have much in other deductions and thus your itemized deductions aren't much higher than your standard deduction, then it's not really helping that much.".