Requirements for Form 1099 Tax Deductions
American taxpayers have two choices for taking deductions on their income taxes: a standard deduction and itemized deductions. You can only take one or the other. Either deduction is subtracted on your 1040 from your gross income to determine your taxable income. To itemize your deductions you have to list out all of your qualifying expenses on a Schedule A form. It only makes sense to itemize your deductions if you have enough expenses to exceed the amount allowed for a standard deduction.
Income Tax Refund
Standard Deduction
In 2010, the standard deduction for a single person or married person filing separately was $5,700. The standard deduction for a head of household taxpayer was $8,350. For a married couple filing jointly or a qualified widower, the standard deduction in 2010 was $11,400.
Medical and Dental Expenses
Taxpayers can deduct unreimbursed medical and dental expenses if they take an itemized deduction on a Schedule A. In order for a medical expense to qualify, it must have been incurred to prevent or alleviate a physical or mental illness. Accordingly, unnecessary expenses such as cosmetic surgery for enhancement purposes are not deductible.
Fast Federal Tax Refund
Deductible Taxes
Deductible taxes can be included as an itemized deduction on your Schedule A if they were paid during the tax year. These taxes include real estate taxes, personal property taxes and qualified motor vehicle taxes. You can also deduct either state and local income tax or state and local sales taxes, but not both.
Mortgage Expenses
If you itemize your deductions on a Schedule A, you can deduct mortgage interest paid as well as points paid to obtain a mortgage for a qualified residence. A qualified residence is your main home or your second home.
Fast Tax Refund 2014
Charitable Contributions
Charitable contributions can also be taken as an itemized deduction on a Schedule A. If you received any benefit from the contribution, however, you must subtract the fair market value of the benefit from the contribution to determine the deductible amount.
Casualty, Disaster and Theft Losses
You may deduct casualty, disaster and theft losses as an itemized deduction. If you were reimbursed by your insurance company, you must subtract the amount of the reimbursement to determine the deductible amount.
Business Expenses
You may make an itemized deduction of business expenses on your Schedule A, including business use of your home, business use of your car, business travel expenses and business entertainment expenses. These deductions cannot have been claimed as an expense against income on another Schedule form, and reimbursements must be subtracted to determine the deductible amount.
Federal Tax Form 1040ez
Educational Expenses
You may deduct business-related educational expenses as an itemized deduction on your Schedule A. The expense must be either required by your employer or necessary to maintain or improve your job performance. Education that will qualify you for a new trade or business does not qualify for this deduction.
American taxpayers have two choices for taking deductions on their income taxes: a standard deduction and itemized deductions. You can only take one or the other. Either deduction is subtracted on your 1040 from your gross income to determine your taxable income. To itemize your deductions you have to list out all of your qualifying expenses on a Schedule A form. It only makes sense to itemize your deductions if you have enough expenses to exceed the amount allowed for a standard deduction.
Income Tax Refund
Standard Deduction
In 2010, the standard deduction for a single person or married person filing separately was $5,700. The standard deduction for a head of household taxpayer was $8,350. For a married couple filing jointly or a qualified widower, the standard deduction in 2010 was $11,400.
Medical and Dental Expenses
Taxpayers can deduct unreimbursed medical and dental expenses if they take an itemized deduction on a Schedule A. In order for a medical expense to qualify, it must have been incurred to prevent or alleviate a physical or mental illness. Accordingly, unnecessary expenses such as cosmetic surgery for enhancement purposes are not deductible.
Fast Federal Tax Refund
Deductible Taxes
Deductible taxes can be included as an itemized deduction on your Schedule A if they were paid during the tax year. These taxes include real estate taxes, personal property taxes and qualified motor vehicle taxes. You can also deduct either state and local income tax or state and local sales taxes, but not both.
Mortgage Expenses
If you itemize your deductions on a Schedule A, you can deduct mortgage interest paid as well as points paid to obtain a mortgage for a qualified residence. A qualified residence is your main home or your second home.
Fast Tax Refund 2014
Charitable Contributions
Charitable contributions can also be taken as an itemized deduction on a Schedule A. If you received any benefit from the contribution, however, you must subtract the fair market value of the benefit from the contribution to determine the deductible amount.
Casualty, Disaster and Theft Losses
You may deduct casualty, disaster and theft losses as an itemized deduction. If you were reimbursed by your insurance company, you must subtract the amount of the reimbursement to determine the deductible amount.
Business Expenses
You may make an itemized deduction of business expenses on your Schedule A, including business use of your home, business use of your car, business travel expenses and business entertainment expenses. These deductions cannot have been claimed as an expense against income on another Schedule form, and reimbursements must be subtracted to determine the deductible amount.
Federal Tax Form 1040ez
Educational Expenses
You may deduct business-related educational expenses as an itemized deduction on your Schedule A. The expense must be either required by your employer or necessary to maintain or improve your job performance. Education that will qualify you for a new trade or business does not qualify for this deduction.