Simply Sweet Home

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Friday, March 28, 2008

More Tax Deductions & Resources

Greetings tax filers! Today I have some more tax deductions for you and a few links to some resources that you may find helpful.

Education Deductions:
-Tuition paid (out of pocket)
-Books & other supplies that are required for classes
-Interest paid on student loans (but not principle)
-Lifetime learning credit (a one time deduction)
-cost of special schooling for the disabled

Medical Deductions:
-alcohol & drug addiction recovery programs, and smoking cessation programs
-cost of contact lenses, glasses, hearing aids, etc.
-cost of wheel chairs, prosthetics, and other aids for the handicapped
-wages paid to a nurse
-fees for medical services such as diagnostic tests (xrays, etc), physical therapy, and other medial services
-medical care given to nursing home residents

Other Deductions:
-alimony paid
-moving expenses
-state taxes due for a previous year (paid in the current tax year)
-taxes paid on cars, boats, etc.
-housekeeping, cooking services, etc for a qualified dependent (disabled or otherwise qualified)
-sales tax on large items such as cars
-contributions made to qualified charities
-penalties paid for savings account withdrawals
-credits for buying a hybrid vehicle









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