Personal income tax return deductions?
what is considered a Personal income tax return? interest income? gratuities? med. expenses? I’m confused! Thanks
Tags: gratuities, income tax return, interest income, personal income tax
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#1 written by SCH July 7th, 2010 at 20:41
Interest income ant tips (gratuities) would not be considered a deduction because they are income (you must claim them as such).
Deductions include (but are not limited to) Med expenses, child care, interest paid on a mortgage of your home, contributions made to charity, unreimbursed moving expenses, work related expenses (such as mileage traveled that is not reimbursed by your employer, clothing purchased that has no other use but for work–ie uniforms emblazoned with employer logo), there are many others…
Check http://www.irs.gov and I am sure you could find a comprehensive list!
#2 written by Zzyzx July 7th, 2010 at 20:41
Need more info here.
Interest income is taxable.
So are tips.
Mediacal expenses are deductable if you
A) Itemize
B) They are MORE then 7.5% of your gross income.