Epiphany
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meowzers!
Joined: Dec 21, 2010 9:54:10 GMT -5
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Post by Epiphany on Apr 5, 2011 9:04:40 GMT -5
I use taxslayer.com for filing and have for a few years. We have pretty basic stuff - married, double income, no kids, donations to charity, mortgage interest and real estate taxes for deductions. Tax slayer has all the categories and asks prompting questions to help you fill in stuff. There are a couple of items I'm not sure on:
1. Medical and dental expenses: it says you can deduct all medical expenses. Any tricks to this or do I just add up all expenses and enter the number? Also I have a flex spending account at work (pre-tax) do I subtract the amount I have in that and only enter the remainder?
2. I saw somewhere that you can deduct the amount you owed the irs last year. But it mentioned payment by installments. We owed roughly the same amount last year (1200) - is this deductable somewhere?
3. Am I missing something or are we just highly taxable as DINKS with low mortgage? Looks like we will owe about 1300 again. blah.
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Epiphany
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meowzers!
Joined: Dec 21, 2010 9:54:10 GMT -5
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Post by Epiphany on Apr 5, 2011 9:47:58 GMT -5
Ok - I found via google medical expenses can only be deducted if they are more than 7.5% of AGI. So scrap that question.
Also - I made a little bit of income (few hundred dollars) by doing consulting work on the side. Do I need to file this under 1099-misc or is it so insignificant that it doesn't matter?
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Taxman10
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Post by Taxman10 on Apr 5, 2011 9:52:26 GMT -5
keep googling, you'll get the answers :-)
#2 - you mis-read that or the author mis-wrote it. You can deduct what you paid for State or Local taxes, but not Federal.
#3 DINKS are highly taxable :-)
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Deleted
Joined: Nov 28, 2024 7:38:48 GMT -5
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Post by Deleted on Apr 5, 2011 10:18:27 GMT -5
Ok - I found via google medical expenses can only be deducted if they are more than 7.5% of AGI. So scrap that question. Also - I made a little bit of income (few hundred dollars) by doing consulting work on the side. Do I need to file this under 1099-misc or is it so insignificant that it doesn't matter? All income is taxable. There is no such thing as so insignificant that it doesn't matter. You should include it as self employment income. |
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Epiphany
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meowzers!
Joined: Dec 21, 2010 9:54:10 GMT -5
Posts: 476
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Post by Epiphany on Apr 5, 2011 16:43:40 GMT -5
Figured as much, but just wanted to make sure
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mwcpa
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Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Apr 6, 2011 7:00:20 GMT -5
As previous posters noted the law requires one to report all income from all sources, unless specifically exempt under law (IRC 61) and federal income tax paid is not a federal tax deduction.
Some states though do allow a form of a credit or deduction for federal taxes paid.
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