Do you really have to save all the reciepts for this stuff, I can't imagine the time it would take to go through them and add them all up.Are all childcare expenses, gas, interest on mortgage, tools and work attire, chartitable donations deductable
1. If you charge things on a credit card, and pay them off every month, you will have nice little monthly statements that list all your spending. Some cards will even give you a sorted annual summary.
2. You have to meet certain conditions to itemize deductions.
3. Gas is not deductible, but car expenses, based on mileage, may be.
4. Don't forget medical expenses.Are all childcare expenses, gas, interest on mortgage, tools and work attire, chartitable donations deductable
Childcare expenses are in a different category. A portion of that might be eligible for a child care credit - they aren't an itemized deduction.
The other expenses you mention probably are, although ';gas'; might or might not be depending on the reason for the miles. Tools must be for work to be deductible.
If you want the deduction, then yes you need to save receipts and add them up. Your call - you are allowed to just take the standard deduction if you'd prefer that.
Gasoline is not deductible, unless one is using the actual cost method of counting for employee business expenses.
Childcare costs are also not deductible. Rather, the Child and Dependent Care Credit can be claimed.
If you do not save your receipts and your return is questioned, there is a good chance your deductions will be disallowed. You will owe more tax, plus interest and penalties.
Getting into a good record keeping habit is easier than it seems. It should be incorporated as a part of your household finances and budget.
It's your money - I always stick receipts that are tax deductible into a drawer throughout the year, then dig them out at tax time.
Just takes a little discipline - what's it worth to you?
work attire is only deductible if it is a required uniform i believe.
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