Using and Keeping up with Itemized Deductions on a Copy Tax Return

Taking Advantage of Itemized Deductions

Many people do not realize that they can save even more on their taxes by itemizing their deductions on their copy tax return. There are several ways to go about this. The first thing that you need to do is familiarize yourself with the deductions that are available and see which ones you qualify for. There are quite a few. The best way to go about this is to check the internet and see what deductions are available. You might also consider speaking with a CPA to find out what deductions you qualify for. This is most helpful if they are someone you use regularly who is familiar with your assets and liabilities. This will give them great insight into the things that you will be able to itemize on your copy tax return.

School Deductions

Some of the most common deductions that you can itemize on your tax return are concerning school. Whether you have children in school or you are planning on going back to school yourself, you may be able to get credits on your taxes. The lifetime learning credit will help you to save by allowing you to claim tuition and work related education. There is also the higher education deduction. This is for students who are attending college. It allows you to claim tuition, fees and various expenses on your deductions. It does not allow the deduction of room and board or other living expenses. The cap for this deduction is 4000 per year. There are also other deductions that may be taken for education. No matter what deduction you use, be sure to keep records of important expenses that you incur and keep them with your copy tax return.

Mortgage Deductions

If you own a home you can also deduct some things from your copy tax return. The most common deduction for home owners is the interest on their mortgage payment. The newer the mortgage is, the more interest that can be claimed for the year. You can also claim points earned toward your mortgage on your taxes as well. These are fees that are incurred during the process of financing your home. Finally, do not forget to put your property taxes in your itemized deductions. These can really help you save on your taxes. Keep records of these deductions with your tax copies in case they are needed. Owning a home provides some of the most common deductions seen on taxes.

Self Employed Deductions

Of all the potential deductions that are available, self employed individuals qualify for a large amount. This is because a large portion of their income goes into keeping their business running. One of the most common deductions for self employed individuals is the home office deduction. This allows a portion of your rent or mortgage, utility bills, internet, phone and possibly other bills to be claimed as a deduction on your tax return. If you get your insurance for you and your family then it may also be an itemized deduction, however this cannot be used if insurance is available through the spouses employment. If you are entertaining clients or having a business meeting over dinner, then these can be claimed as deductions. Make sure to save all receipts and record the reason for each deduction for audit purposes. This will help you to stay safe in the event of an audit. These are a few deductions that are available for copy tax returns of the self employed. There are many other deductions available as well and records for all should be saved with a copy tax return.

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Posted by on Sep 14 2011. Filed under Download 1040. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

103 Comments for “Using and Keeping up with Itemized Deductions on a Copy Tax Return”

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