Comments on: What Counts as a Tax Deduction?

By: ITS Guy

ITS Guy — Fri, 02 Sep 2011 14:25:39 +0000

When filing your taxes, you must make many decisions. One of these decisions is choosing to take the standard deduction or to itemize your deductions.

By: Garnished Wages

Garnished Wages — Wed, 18 Nov 2009 01:06:10 +0000

Sales tax is deductible in lieu of state income tax in certain states. Moving expenses are deductible as long as it is for work and certain distance requirements are met.

By: John DeFlumeri Jr

John DeFlumeri Jr — Mon, 16 Nov 2009 04:26:22 +0000

Thanks, you answered some tax questions that i didn’t even ask yet!

By: Kristen

Kristen — Mon, 16 Nov 2009 03:07:33 +0000

Thanks for this! Also check out tax credits that your state might be offering. For example, right now Louisiana offers a bunch of credits to small businesses / entrepreneurs / investors in order to promote economic development.

By: kenyantykoon

kenyantykoon — Sun, 15 Nov 2009 11:21:07 +0000

In my country the tax departments are havens for bureaucrats and corrupt people and this makes people find it impossible to find out what deductions that they have. We are already overtaxed so many result to evasion to save the already slim paychecks. Even though that i am sure that the deductions are the same in my home country as you put in this post, the percentages differ. I hope to get time and do a comprehensive research on this and post it on my site in the hope that many will read through it.

By: Sally

Sally — Sat, 14 Nov 2009 23:50:36 +0000

Mike Piper – Thanks for the clarifications!

By: Financial Samurai

Financial Samurai — Sat, 14 Nov 2009 14:50:43 +0000

Thanks for sharing these tax tips before tax time!

Is it me, or do other people find it RIDICULOUS that once you make over $55,000, you can’t deduct any student loan interest. Huh? Random numbers by the gov’t.

By: Mike Piper

Mike Piper — Fri, 13 Nov 2009 12:40:08 +0000

Excellent job sharing information about a topic that’s hugely important but way too frequently ignored (I think just because we find it to be “no fun”).

Two quick corrections: Student loan interest and the deduction for 50% of SE tax are both deductions for AGI (aka “above the line” deductions) rather than itemized deductions–main difference being that you can claim them even if you do not itemize.