Help with taxes

[PHX_Phan]

Posting this thread hoping some of the ISH brethren have some knowledge they can share with my tax illiterate ass

Normally I just rush through a short-form on turbotax and be done with it, but I have numerous W-2s and outside incomes I have to claim this year, so I was considering taking my info in to a tax person and itemizing. I've gone to a tax person before and ended up paying them to do exactly what I could have done with online tax sites, so I'm trying to avoid that.

What are some general things you can itemize, and how do you know if it's worth it?

I have other questions, but they are more specific and relate to reporting settlement income.

[MightyWhitey]

Posting this thread hoping some of the ISH brethren have some knowledge they can share with my tax illiterate ass

Normally I just rush through a short-form on turbotax and be done with it, but I have numerous W-2s and outside incomes I have to claim this year, so I was considering taking my info in to a tax person and itemizing. I've gone to a tax person before and ended up paying them to do exactly what I could have done with online tax sites, so I'm trying to avoid that.

What are some general things you can itemize, and how do you know if it's worth it?

I have other questions, but they are more specific and relate to reporting settlement income.
Are you a homeowner? If you are you can itemize work done in your home. For example if you changed your water heater or had work done on your roof you can use this as an itemized deduction.

Do you use your car for work? That can also be an itemized deduction.

Medical bills your insurance carrier won't cover can be itemized up to a certain dollar depending on what tax bracket you fall into.

Tools, work boots, and laundry for your work clothes can be used as itemized deductions.

School costs like tuition, books, and tutoring can be used as itemized deductions.

Turbo tax sucks dude. It really can't help you like a true professional can help you. Example would be if you had a short term loss in the stock market. I prefer a human being rather than a computer program. It will save you in the future.

[Akrazotile]

Are you a homeowner? If you are you can itemize work done in your home. For example if you changed your water heater or had work done on your roof you can use this as an itemized deduction.

Do you use your car for work? That can also be an itemized deduction.

Medical bills your insurance carrier won't cover can be itemized up to a certain dollar depending on what tax bracket you fall into.

Tools, work boots, and laundry for your work clothes can be used as itemized deductions.

School costs like tuition, books, and tutoring can be used as itemized deductions.

Turbo tax sucks dude. It really can't help you like a true professional can help you. Example would be if you had a short term loss in the stock market. I prefer a human being rather than a computer program. It will save you in the future.


Crunchin numbaz all day :bowdown:

[ALBballer]

Standard deduction is $6,100 this year. Unless your itemized deductions are more than this amount then you are better off taking the standard deduction. The most common itemized deductions include mortgage interest, state income taxes, real estate taxes, charitable contributions and significant medical expenses.

Turbo tax is fine for most people. Just make sure you answer their questions correctly.

[MightyWhitey]

Standard deduction is $6,100 this year. Unless your itemized deductions are more than this amount then you are better off taking the standard deduction. The most common itemized deductions include mortgage interest, state income taxes, real estate taxes, charitable contributions and significant medical expenses.

Turbo tax is fine for most people. Just make sure you answer their questions correctly.
Thanks for including charities. This should be part of everyone's itemized deductions every year IMO. Also, getting a 401k would help with taxes. That's only if your employer offers this.

[Akrazotile]

Thanks for including charities. This should be part of everyone's itemized deductions every year IMO. Also, getting a 401k would help with taxes. That's only if your employer offers this.


Totally.

So, which ones did you contribute to in 2013?

[MightyWhitey]

Totally.

So, which ones did you contribute to in 2013?
St. Jude's children's hospital and Sloan Kettering Memorial Cancer Center.

[PHX_Phan]

Thanks for the helpful replies, dudes.

I do use my car for work, but I wasn't sure how much mileage or repair costs (is that even deductible?) would count for. I've put around 30k miles this year from work alone.

I was also planning to use sales tax from when I bought the car (bought and paid this year) and someone was also telling me something about being able to claim my previous car since it was totaled and my insurance didn't pay it off completely?

Probably a dumb question, but are state-ordered fines something you could deduct?

[ALBballer]

Thanks for the helpful replies, dudes.

I do use my car for work, but I wasn't sure how much mileage or repair costs (is that even deductible?) would count for. I've put around 30k miles this year from work alone.

I was also planning to use sales tax from when I bought the car (bought and paid this year) and someone was also telling me something about being able to claim my previous car since it was totaled and my insurance didn't pay it off completely?

Probably a dumb question, but are state-ordered fines something you could deduct?

Are you a regular employee or independent contractor? If you are a regular employee than your miles aren't deductible unless your job is requiring you to drive to offsite places and not reimbursing you for the miles. I.e. your job requires you to drive to a client's premise, than you can itemize these expenses. But miles to your office part of you daily commute aren't deductible.

You might be able to itemize your totaled car and fines are not tax deductible.

[PHX_Phan]

I work for a contractor and also deliver pizzas as a second gig. The 30k on my Civic is almost entirely miles from delivering, and. I also had a rough guess of how much mileage I spent going between contract sites for my main job since I was never given a gas card to go to different jobs.