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#1
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tax deductions??
Prof for my english class told us today we can get a new computer and deduct it 100% from our taxes... So... is this true and how do I do it ^_^ (is looking at mac books)
and stupid apple wont approve me for a credit card. I keep telling the Visa people I don't pay the rent. So they tell me to put 0.00 in the box.. and I do... gay ass chit Last edited by TheDon; 10-10-2007 at 12:02 PM. |
#2
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You might be able to deduct the cost of a new computer if you itemize deductions. If you take the standard deduction you can't. You can deduct the cost of a new computer if you own a business.
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#3
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Don, it is highly unlikely that you can itemize deductions and come out ahead.
And remember that a tax deduction is not the same as a tax rebate. You get back the amount of the deduction multiplied by your marginal tax rate. |
#4
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http://www.accountingweb.com/cgi-bin/item.cgi?id=104015&d=883&h=884&f=882&dateformat=%25o%20%25B%20%25Y
The types of expenses that qualify for the education itemized deduction include: tuition books supplies lab fees transportation research typing computer and software |
#5
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Howie's link is correct...as far as it goes.
College tuition and related "expenses"(i.e. "employment related expenses" deductable on Sch A as a miscellaneous itemized deduction are NOT deductable if they qualify you for a new job or career. Most college tuition paid for HS grads just entering college fall in this category. So, would the related "expenses", supplies.books, etc. See Chapter 12 of IRS Publication 970 "TAX BENEFITS FOR EDUCATION" for a full discussion of this. Chapters 2 & 3 deal with HOPE and Lifetime Lerarning Credits for college tuition and related expenses. Might as well get it from the horses mouth. There are a number of decision trees and schedules which can help answer your questions. Asking a college English teacher for tax advice is like asking an IRS agent to decline a sentence. They still teach that in school? http://www.irs.gov/formspubs/lists/0,,id=97819,00.html You ...and your parents perhaps, should review the tax consequences. You his dependent? If so, he might or might not get a bigger bang for any credits available from your overall college expenses. Lots of variables though. Good luck. |
#6
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screw it...
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#7
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Is that a required course?
Check out Lifetime Learning Credits. It may qualify? |
#8
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Just don't pay taxes. I havn't paid them, like ever.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#9
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Hattie, you will find that paying taxes is a good thing. No tax=no profit.
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#10
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I pay significantly more in taxes now than I used to gross when I was in school.
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#11
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Yeah, I don't have anything they can tax. I found out what my aunt who is in the top 10 agents in New England paid in taxes for the last 1/4. One day, one day.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
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