Tax FAQ
 

Is The 2009 Tax Deduction Itemized Or Is It Added To The Standard Deduction?

Question by tonesinie | Posted in Canada

I purchased a new car and was learned that i could deduct the sales tax. Filed my return but my preparer said that the standard deduction was greater than the sales tax of the mechanism so it didnt make sense to itemized it. I thought this tax deduction was in addition to the standard deduction?

Answer: You won't get many answers here as the sort is Taxes > Canada and this is a US question.

Your preparer is wrong: follow the instructions for style 1040 line 40a and Schedule L.
 
 

Does Obama Want To Stop The Itemized Tax Deduction Of All Charitable Donations To Churches?

Question by GARF | Posted in Politics


If limits are placed on exuberant income people will they still contribute as much to a church? Is not money from high income individuals good as much to a church as if it came from low income individuals?

Answer: He has wanted that for a wish time now.

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Tax Deduction (itemized Or Standard) Rules In Arizona?

Question by Rakesh | Posted in United States

I folder as "head of the household" and my wife files as "married filing alone". For federal return, I can take standard deduction while my wife itemizes deduction. Can I do the same thing for Arizona Regal return?

Answer: Affirm returns are based on the federal return and must be filed the same for status.
You and your wife can only interfile married-Joint or Married-Filing separately on both returns.
The joint deliver has a lower tax liability,but the separate filing allows one spouse to take deductions that they can't take jointly-ie:medical expenses.
The spouse with a earlier small income may meet the requirements to take such medical deductions and may therefore actually get a bigger refund

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Can I Take Itemized Deduction For Federal Tax And Take Standard Deduction For State Tax?

Question by prayam | Posted in United States

Can I take itemized deduction for Federal tax and take guide deduction for state tax. Can anyone help me.
Can I take itemized deduction for Federal tax and take standard deduction for state tax?

I live in California state

Answer: The federal sway does not prohibit it. The state government may or may not allow it. Check the instructions for your declare or repost your question with the name of the state.

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How Do I Calculate An Itemized Deduction When A Tax Return's Adjusted Gross Income Is A Negative Number?

Question by Rick Proctor | Posted in United States

The tax resurface guidelines state that certain itemized deductions cannot exceed a specified percentage of the Adjusted Heinous Income (i.e., 7.5% of medical expenses). Is the deductible amount "zero" if the AGI is contradictory?

Answer: That means you don't have enough "taxable proceeds" to offset your itemization's.
In order to effectively reduce your tax burden by lawful deductions you must have a tax outstanding.

good luck & bless

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The Difference Between Exemptions, Deductions, and Credits

Essentially, the alteration is that deductions and exemptions both mark down your taxable proceeds, while credits truncate your tax. This $1,600 wane in his taxable takings will retain him $400 in taxes ($1,600 x 25%). Deductions Deductions habitually get up from your expenses. Exemptions Exemptions lower your taxable revenues. For pattern, a deduction is allowed for interest paid on devotee loans. Many taxpayers are not with it as to the variation between exemptions, deductions, and credits. Prototype: Carlos is in the 25% tax division in 2010. They are the follow-up of tax breaks granted by the management. For 2010, you are entitled to an immunity of $3,650 for yourself, one for your spouse, and one for each of your dependents....

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