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About tax returns

post #1 of 12
2/1/10 at 6:12pm
Thread Starter 
Let me get this straight auto and school expenses can't be listed unless they're "business" related?
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post #2 of 12
2/2/10 at 12:40am
Auto? No, can't be deducted unless it's for business.

School? Depends on what you mean and your specific situation. Tuition and fees are usually deductible, but unless you own a house it is unlikely that you're going to be better off not taking the standard deduction. Most students end up taking either the Hope Credit or the Lifetime Learning Credit. Google these, read about them, etc. Honestly though, TurboTax does all of them for you, and you should really be using it.

Note: All of this is generalities and may not apply in any way to your individual situation. I am not an accountant, lawyer, financial planner, or even particularly bright. Consult the services of a real professional.
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post #3 of 12
2/2/10 at 12:57pm
Tuition and education expenses can be deducted up to a certain amount. There are, as I understand it, three main educational expense deduction sections, but you can only deduct your expenses under one of them. As to which one is best for you, you need to see an accountant.
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post #4 of 12
2/2/10 at 1:15pm
The information you receive here will be great defense in an audit situation. Just print out the thread and PRESTO no liability.
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post #5 of 12
2/2/10 at 1:32pm
Quote:
Originally Posted by Douglas View Post
The information you receive here will be great defense in an audit situation. Just print out the thread and PRESTO no liability.

LOL
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post #6 of 12
2/2/10 at 1:37pm
if you are claimed as a dependent you can't deduct your tuition
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post #7 of 12
2/2/10 at 1:40pm
OP has not provided nearly enough information for a reasonable response.
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post #8 of 12
2/2/10 at 1:53pm
Quote:
Originally Posted by harvey_birdman View Post
OP has not provided nearly enough information for a reasonable response.
OP has not chosen a venue even remotely likely to result in a "reasonable response"
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post #9 of 12
2/2/10 at 3:05pm
Quote:
Originally Posted by videocrew View Post
OP has not chosen a venue even remotely likely to result in a "reasonable response"

I disagree. There are SF members (not myself) that are tax partners at major lawfirms here. Whether they choose to respond is a different story.
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post #10 of 12
2/2/10 at 3:21pm
Also an IRS employee or two...
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post #11 of 12
2/2/10 at 3:52pm
Quote:
Originally Posted by taxgenius69 View Post
I disagree. There are SF members (not myself) that are tax partners at major lawfirms here. Whether they choose to respond is a different story.
I got a B+ in Fed Tax! I'm just saying, it seems easier to plug all this in to the free Turbotax version rather than asking on a clothing message board...
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post #12 of 12
2/2/10 at 10:18pm
Quote:
Originally Posted by videocrew View Post
I'm just saying, it seems easier to plug all this in to the free Turbotax version rather than asking on a clothing message board...
At least with Turbotax you'll get a response, and fairly reasonable assurance that it's accurate.
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