How to Find Out If a Donation Is Tax Deductible

A donation made to any organization that is classified as a 501(c)3 by the IRS is tax deductible. The IRS website lists all organizations that have 501(c)3 status.

The Internal Revenue Code of the United States defines 28 classes of organizations that are tax exempt. 501(c)3 is among those 28 classes. But just because an organization is tax exempt does not mean any donation to it is tax deductible. To get a tax deduction, you have to be giving to a charity that has 501(c)3 status. The IRS publishes a list of all 501(c)3 charities in Publication 78: Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986. Publication 78 is also available online in a searchable format. Every organization listed in Publication 78 is qualified to receive tax-deductible charitable contributions.

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A similar designation, and a common one, is 501(c)4 status. This is for organizations that have political motives -- like political campaigns or environmental groups that hire lobbyists, like the Sierra Club. Donations to these organizations are not tax-deductible. As the two kinds of groups often fund-raise and advertise for support in similar ways, it is an easy and common mistake for people to donate thinking that they can deduct the contribution, and then learn otherwise later. So always check first. Donating to these kinds of organizations is still an excellent use of money and a way to make a difference in the world, but just keep in mind that it won't help you on tax day.

How to Find Out If a Donation Is Tax Deductible

When you do make a donation to a charity with 501(c)3 status, make sure you get a receipt from them if the donation is worth 0 or more. Even smaller donations benefit from having a receipt, just in case you should ever have to go through a tax audit. Receipts come in a lot of different forms, from a simple pre-printed receipt from a Goodwill donation, to a full signed letter on the charity's letterhead outlining the details of the donation. If you gave more than 0 of money or goods, be sure to get the letter, written on the charity's letterhead, dated and signed by an officer of the organization.

Charitable donations can come in many forms. They do not have to be cash donations. Goods and even services can be donated. These are referred to as "in-kind" donations. You can get a deduction for these, but you can not deduct the original value of the objects (what you paid for them). You can only deduct their "fair market value" on the day you donated them. "Fair market value" is typically what you would get for the item if you sold it, either through a yard sale or a consignment store or on eBay. If you are donating something that is valuable and unusual, like art or an antique, you should probably get it appraised by an IRS-approved appraiser.

Of course, everyone's tax situation is different. If you really want to be sure to get a tax deduction, contact a certified tax preparer to make sure every detail of your specific situation and your specific donation qualifies. Some kinds of donations, like vehicle donations, have special rules that have to be met.

How to Find Out If a Donation Is Tax Deductible

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Tax Write Off List - What Most People Do Not Know

Most people just go to the local income tax preparing office & blindly hand over their tax information to the accountants for a basic price to save money.

What they don't know is that if they only paid the extra fee to find a good chartered accountant that they could save a lot of money & at the same time get a bigger refund.

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I am talking about writing off thousands of dollars not only hundreds.

Tax Write Off List - What Most People Do Not Know

You can write off a percentage of anything that cost you to make money such as:

1. Transportation expenses (car, fuel, repairs, rentals etc).

2. Office expenses (papers, advertising, staples, books etc).

3. Furniture (filing cabinets, desks, tables etc).

4. Computers, phones, cell phones & other electronic gadgets.

5. Special tools or devices needed.

6. Special equipment.

7. Apparel or uniforms.

8. Food or entertainment.

This list can go on & on if you are a business owner that has spent any expense to incur an income. If you are an employee then you may not be able to write off anything unless let's say you own a home based business. An employee that owns a home based business can then write off expenses but it would be best to consult a professional accountant before attempting to write off anything.

Here is a list of whack things that some people have written off in the past:

1. Breast implants.

2. Animal depreciation.

3. Cat food.

4. Body oil.

5. Clarinet lessons.

6. Dentures.

7. Dentures.

This is what I call really being creative (or weird) with tax write offs. Take this seriously folks. Find out what you can legally write off by consulting a professional accountant. The constant hike in fuel prices will not get any better. It is your responsibility to keep most of your hard earned dollars in your house hold. This is taking better care of your family.

If you don't take tax write off's seriously or think that you can't write anything off because you are an employee then find a good home based business to make you entitled.

Why should you leave money on the table?

Tax Write Off List - What Most People Do Not Know

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How to Make Millions on $11 Per Hour

Whatever your current income is, I'll guess you want to make more. I know that I do! But believe it or not, whatever you are making is probably enough. Here's why.

A man from New Jersey named Paul Navone never earned more than per hour before retiring a multi-millionaire. (He is now in his late 70's) He never aspired to being a manager during his career working at mills around Vineland, New Jersey (according to an article in the Philadelphia Inquirer). And yet he recently donated million to Cumberland County College. He previously donated a million gift to St. Augustine College Preparatory School in Richland, New Jersey.

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Even though most of us are not interested in living the kind of lifestyle that Mr. Navone has lived to acquire millions, we can learn a great deal from him. To this day, he only wears clothes purchased 'second hand' from thrift shops, doesn't own a television, and continues to live in an extremely frugal manner. In fact, he still lives in a small, modest, single family house.

How to Make Millions on Per Hour

Over the years, he gradually purchased rental properties and regularly invested in the stock market. By investing most of his income, he slowly 'grew' a fortune. Even his closest friends never knew about his wealth until they heard about his huge donations.

Please don't get me wrong! I'm not sharing this story because I think that everyone should be like Paul Navone! Few of us have that type of 'miser' mentality. But there is an inspiring message in his story. Whatever money we make is enough - if we're sure that we are spending less than we make. I know that seems obvious, but my research has confirmed that most people do not know how much they spend. Without knowing it, most people spend about as much as they make - and sometimes a little more!

Here's what I recommend: Carry a little notebook around and write down every purchase you make for an entire month. Next, make a list of every monthly payment you make - and add it all up. Compare this with your monthly income. How does it look? Are you spending less than you make? Can you spend less here and there to put more into your investments?

It feels good to know EXACTLY where you stand, financially. And if you make this a habit, you'll be able to invest a higher percentage as you increase your income.

How to Make Millions on Per Hour

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Finally Revealed! Tax Deductions That Can Get You in Trouble With the IRS

Paying your taxes can be a painful experience after all you have worked your derriere off to make this money and after all the hard work you have to do ahead and pay the government a part of your earning. However, most of us fail to see that most of the resources like roads, civic facilities, health care, police protection etc come from our taxes so the money that you give the government is finally used for your own benefit. Yet it is not unusual to see most tax payers scrambling to get every last cents of tax deduction that they possibly can. Unfortunately, often times some go too far in their quest to pay the minimum possible taxes and end up attracting the IRS's attention.

There are some deductions that can be easily misused and the IRS keeps a special check on people who claim them. Even though like all other deductions these are also provided for a reason, asking for a large amount of deduction will certainly put you on the IURS scanner and may lead to an IR audit.

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Lets talk about one of the most misunderstood and clearly abused tax deduction; the home office. Many people incorrectly assume that just because they work from home they can claim deductions on the entire value of their home. Unless you know the exact criteria and regulations that are associated with large deductions it is highly recommended that you don't make such claims. You have to understand that IRS tax auditors make a living out of spotting your mistakes and the inconsistencies in your tax returns. Actually, the IRS has gone ahead and made their life very easy by granting them access to a system through which they can easily determine any anomalies in your tax return. If you do make the mistake of claiming deductions on the entire value of your home, you can definitely expect some IRS trouble.

Finally Revealed! Tax Deductions That Can Get You in Trouble With the IRS

Let's move on the two the second deduction in the list of misunderstood claims, your auto advertisement. Many entrepreneurs make good use of vehicle signs to advertise their business but this certainly does not mean that you can deduct all the auto expenses just because you have an advertisement on your vehicle. You need to understand that as far as advertisement claims go, you can only get deductions on the amount that has actually been spent on advertising; In this case, that would just include the cost of the banner and the pain to put up the advertisement on the car. You can claim for some deductions on your auto expenses. Calculate the mileage of your car which has been invested for business purposes divide this by the total mileage to get a percentage and that should be the percentage of your auto expenses that you can get a deduction on. For example, if your total annual mileage is 16,000 and you have used 4000 miles for business, you can claim 25% of your total auto expenses as deduction. Ensure that you keep an accurate record of auto usage preferably with documents so that you can furnish this information in case of an IRS audit.

One of the strangest deductions is that claimed on body parts. Some people pledge their body parts to a scientific organization and expect tax deductions in return. You need to understand that you are only eligible for deductions on donations to non profit organizations if you have transferred one hundred percent ownership to the NGO. Since in this case you still get to keep the organ as long as you are alive you cannot claim a deduction on it.

If you are unsure about the deductions that you are eligible for get in touch with an accountant but do not file claims with half baked information. in case you have already filed incredulous claims and have just realized your folly, this may be a good time to get in touch with a Dallas tax attorney in Dallas/fort worth if you live there or any other tax attorney in your area.

Finally Revealed! Tax Deductions That Can Get You in Trouble With the IRS

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The Laws Surrounding Gift Giving

The laws surrounding gifts can be tricky. Gift giving is a pretty simple process, you give a gift and someone accepts it. Perhaps you get the gift, or perhaps you revoke the gift and take it back. Either way, it is still pretty simple, but in fact, there are laws relating to gift giving which could hold up in court.

Did you really think there were not rules to gift giving? What century are you living in?
First of all, promising somebody you will buy them a gift is actually meaningless in the legal sense and in no way requires you to buy a gift. Of course, if you promise to buy a gift for someone and do not, then you risk losing a friend as a result, so beware in that sense.

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When you present a gift to someone, acceptance is assumed, unless they actually, physical or vocally, reject it.

The Laws Surrounding Gift Giving

As a result, a gift given and accepted cannot legally be revoked by the giver.

So, if we look at it in legal terms, the gift process means there is intent to give a gift by a donor, the acceptance of the gift by the donee and the delivery of the gift to the donee.

Who knew that gift giving could get so complicated? Well, it does not stop there.

Depending on the cash value of the gift, especially if the gift happens to be cash, the

United States government can actually take a portion of your gift. It is kind of like involuntarily sharing your gift with someone else.

Of course, there are exemptions to the gift tax, first you can transfer up to ,000 per person per year without being subject to the tax, which means an individual can make gifts up to that dollar amount to as many people they wish each year.

Second, there is a credit that essentially negates the tax on gifts until ,000,000 has been given from one person to another.

Also, the gift tax is exempt on gifts to spouses, political organizations and charities.

Now that you know the law concerning giving gifts, be aware of the assumed acceptance, the non-legally binding promise and the prevention of revocation.

Of course, most of us will never have to deal with the legal ramifications of giving gifts since most of us give gifts to those we love and vice versa and you never want the law to intrude on friendship or love.

The Laws Surrounding Gift Giving

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Garage Sells Are Fun

Purpose: Families need to do things together. Just visiting garage sales can be fun for the family, and having your own garage sale can bring in some needed cash. In this lesson, we will show you how to have a garage sale and even how to put you in the business. You can use the money for your needs, such as an education fund, or you can donate it to charity.

Following is a little poem I wrote years back:

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Saturday Morning

Garage Sells Are Fun

The garage sales open at seven,

So we get up at six.

We eat a hearty breakfast,

Then jump into the truck lickity split.

With newspaper in hand,

And watching for garage sale signs,

We zip around our little town

Looking for that gold mine.

Perhaps we'll find a new gold watch

That only cost a buck.

We might find a first edition of the Bible

If we have a little luck.

We always fill the truck to the top.

From seven 'til noon, we never stop.

Then we sort our treasures in our yard.

Now, that wasn't all that hard.

But what can we do with all this junk?

Why did we buy that Chinese bunk?

Well, no problems come our way.

We'll sell it ourselves next Saturday.

The Lesson:

The Garage Sale is a social institution. The garage sale is the big thing in our small town. What else is there to do on a Saturday morning? Most of the garage sales are simply a one time thing, but some of them are actually small businesses and the owners keep them maintained in a permanent location such as their basement, barn, or garage. It's an important source of income to them. Families often join together for yard sales.

I have edited and reproduced an article here to help you have a more successful yard sale. (I have the rights to this article.)

GARAGE SALE PROMOTING FOR QUICK EASY MONEY

Pick almost any city or town in the country, drive through any middle class neighborhood or residential area on the weekend, and you're sure to spot at least a half dozen garage sales.

What's being sold at these garage sales? It is the accumulated junks that people no longer use or want taking up space.

Are they making any money with these garage sales? It's not at all uncommon to make 0 with a weekend garage sale.

Is it hard to put on a profitable garage sale? Well, yes and no. It takes some of your time, and it also requires an awareness of a few merchandising tactics. But the problems in running a successful garage sale are small in comparison to the profits.

Who are the buyers, and how do you get them to come to your garage sale? Your customers are going to be everybody, and you get them over to your garage sale with advertising and promotion.

Let's look at the background: Everybody accumulates the kind of garage sale item that other people are searching for and are willing to buy. These items range from no longer wanted or outgrown items of clothing to furniture, tools, knickknacks, books, pictures and toys. Many garage sale items are objects of merchandise purchased on impulse, and later found to be not what the buyer wanted. It was discovered that he or she really didn't have a use for it, or no longer had a need for it.

Many items found at garage sales are gifts that have been given to the seller, but are the wrong size or incorrect choice for the recipient.

You can generate an enterprise of an ongoing garage sale. You might sell some items donated and collected from people who lack the inclination to put on garage sales of their own. You take a percentage of their sales. Some of these items may be
those you purchased at other garage sales or that you dug out of grandmothers barn.

Step one is education: Visit the garage sales, swap meets and flea markets in your area. Find out what's being offered for sale, what people are buying, and how the merchandise is being sold.

Generally an item is tagged with a price, but the seller is open to almost any reasonable offer from the customer. Another thing you want to make mental note of is the way the merchandise is displayed, and how the customers are allowed to browse.

You start your own garage sale by cleaning out your own basement, attic, closets and garage. Talk to your relatives and friends; tell them what you're going to do and ask them for donations of no longer used or unwanted items. It's here that you'll get your first experience in negotiating and finally, an agreement for you to display and sell other people's merchandise for a percentage of the sales price.

You'll find people explaining that they really don't have a use for a specific item or they really don't want to keep storing it, but because of sentimental reasons just hate to give it away. Once you've had a little experience with this type of seller, you will be able to advertise in the newspaper that you
buy garage sale items, or take them on consignment for a percentage of the final sales price.

The advertising angle is really quite simple. Does your local radio station take calls for yard sales or for items for sale? Call them. You should run an ad in your area shopper newspaper for about three days in advance of, and up through the day of your sale. But in getting started, go with small classified ads simply announcing your garage sale, emphasizing major items with cost and major categories.

To get ideas on how to write your ad, check your news paper and cut out all the garage sale ads you can find and tape them on a piece of paper. Then, with a bit of critical analysis, you'll be able to determine how to write a good ad of your own by determining the good and the bad in the ads you've collected.

Something to remember: The bigger and better your sale, the bigger and better your "getting started" ads should be. And the secret to obtaining outstanding garage sale profits is in having the widest or largest selection of merchandise.

You should have made an old-fashioned sandwich board sign to display in front of your house when your garage sale is open for business. This will pull in your neighbors, if you haven't already informed them, and attract the people driving by.

Sandwich boards are sometimes set out at key traffic intersections not far from the site of the garage sale, to attract attention and point the way. (Check local ordinances to see if this is permitted in your area.) Be sure to check your local ordinances before you start nailing signs to power poles.
Search out and use all the free bulletin boards in your area.

It's better, and usually much more profitable, to take the time to make up an attention grabbing circular you can post on these bulletin boards. An 8.5" x 11" poster made on your computer should suffice. Always answer the questions where? what? when?

Inside secrets for maximum profits.

First, call attention to your sale. Don't be shy, bashful or self-conscious about letting everybody for miles about
know that you're having a garage sale.

Some sharp operators do the next best thing to having the Goodyear blimp overhead: They rent miniature blimps, send them up above the housetops, and tether them there on their sale days.

Of course this giant balloon or miniature blimp has some sort of sign on the side of it, inviting people to your garage sale! This is one of the strongest available advertising ideas for pulling "traffic" to a sale of any kind. For more details, write to Pie-In-The-Sky Company, PO Box 5267, San Mateo, CA 94402.

Second, you have to give your sale some flair. Put some posts up across the front of your property and run some twisted crepe paper between them. Even better than crepe paper, run brightly colored ribbons. Invest in some colorful pennants and fly them from temporary flagpoles. And don't forget the balloons!

Make your garage sale a fun kind of event with clusters of balloons anchored to your display tables and racks. Be sure to "float" them well above the heads of your customers as
they are browsing through your merchandise displays.

Cover your display tables with colorful cloths. Don't hesitate to use bright colors with busy patterns. Regardless of what you sell, effective display is still predominantly essential!

Take time to organize your displays. You can't "dump" items haphazardly on a table, sit down, and expect to realize great profits. The people doing the most business and making the most sales are the ones with interesting displays, action and color. Try to have as wide a selection of colors as possible in your clothing racks, and mix them for a rainbow effect.

Make sure that your jewelry items shine and sparkle. Arrange them in and with jewelry boxes, jewelry ladders and other items sold for the purpose of showing off jewelry while keeping it neatly organized. (And keep your eye on it. There are thieves at every garage sell.)

We know one lady that regularly arranges jewelry items in a battery operated lazy susan. Seeing this jewelry slowly turning on the lazy susan never fails to draw attention. Think about it, and then study the methods of display used by "rack jobbers" in the stores in your area. These are the wire racks that usually hold card-packaged items. This kind of display rack would lend itself beautifully for anchoring a cluster of balloons. Keep these things in mind, and build your individual displays as part of the whole; make it pleasing to the eye as well as convenient for your customers to browse through and select the items that appeal to them.

Get an eye grabber. Look for some kind of interesting and unusual item to call attention to your sale--something you can set up or park in front of your home during your sale.

Some of the displays we've seen along these lines include a horse-drawn surrey, a restored Model T, and an old farm plow. But anything of an unusual and interesting nature will do the trick for you.

One couple we know put up a display using a mannequin dressed in an old-time farm bonnet, long dress and apron. The display depicted a farm woman of old, washing clothes with a scrub board and two steel wash tubs. You have to believe this drew crowds and made people talk!

Try to be distinctive. Wherever your imagination takes you, you have to be different and distinctive, or you'll get lost in the hundreds of garage sales going on all around you. If you'll take the time to employ a bit of imagination and set your sales up with the kind of flair we've been talking about, you'll not just draw the crowds, you'll end up being the one holding the most profits.

Conclusion

It's a compulsion of many women to go shopping, to search for interesting and sometimes rare and valuable items. This fact alone will keep you as busy as you'll ever want to be - staging and holding garage sales. The market is so vast, and the appetite so varied, that anything from a brass bedstead to a used diary of somebody's long-for-gotten grandmother will sell,
and sell fast at garage sales. Put it all together, use a little imagination and you'll easily make all the money you want!

End of Canned Article on Garage Sales

Here's what I do when I have a yard sale. First, I make sure it is a good garage sale day with lots of garage sales around. That way, I don't need to worry about traffic.

I put my junk out in the driveway and block my garage so that the crooks can't get in there without me shooting them.

I take a big black marking pen and write "SALE 213" on a piece of cardboard. I tack that to a pole at the top of my street. Folks come up the street looking for "213." When the folks come, I sell! There are professional yard sellers in our town. I'm not one of them. But I like the fun of a sale.

For The Children

Paco looked out the window. It was a school holiday and it was raining. "Mom, what can I do? It's raining."

His little sister, Regina, said, "What are we going to do, Paco? We can't go out in this rain."

Mother came into the room. "Well, children, I have an idea. Why don't you go up to your rooms and get your old clothing and toys. Then go out into the garage and see what is there that we can sell at a garage sale next Saturday. We will take the money we earn and go out to dinner and to a movie. Won't that be fun?"

This made the children very happy and they ran off to their rooms. Paco found an old train in his room that he never used anymore. Regina found a dress that didn't fit her now. The children gathered up the items and brought them downstairs. Then they went into the garage and found some more items they could sell, including some of Daddy's tools.

When Daddy came home from work, he pushed the auto door opener and saw the children in the garage. There were things everywhere and Daddy could not drive into the garage. He parked in the driveway and ran from the car into the garage. He was all wet and not too happy. He said, "What are you kids up to now? Clean this mess up so I can get the car out of the rain."

Regina said, "Daddy, we are having a garage sale on Saturday. The car will have to stay in the driveway. It needs a good washing anyway."

Father laughed. "So that's what you are up to! I guess that was your idea, Paco."

Mother came into the garage from the house. "Actually, it was my idea. The kids needed something to do. We are going to take the money we earn and go out to dinner and to a movie."

On Saturday, the sun was shining and many people came to the garage sale. Paco said, "What are we going to do with the extra money? We have much more than we need for dinner and a movie."

Regina's big brown eyes sparkled. "I know what we can do with the extra money. We can buy some paint and paint Mrs. Green's porch. She gave me a cookie yesterday and said that she would like to paint the porch, but that she would have to wait until her ship came in. I don't think she has a ship. She just doesn't have enough money for paint."

Mother beamed. "Why that's a wonderful idea, Regina. You are so thoughtful. Don't you think so, Daddy?"

Daddy answered, "I'm proud of you, Regina, for being so considerate. We will buy the paint and next Saturday we
will paint Mrs. Green's porch. Won't that be fun, Paco?"

Paco laughed. "Well, I was going to suggest that we buy a fishing boat."

Daddy smiled. "That sounds like a good idea too, doesn't it Regina?" Regina gave them a look that would make an ostrich dig two holes for it's head instead of one.

While Mother was laughing, Paco said, "Oh, we'll be painting Mrs. Green's porch next Saturday, Regina."

Daddy said, "Well, we can have another garage sale some time for the fishing boat."

The next Saturday, they painted Mrs. Green porch. Can you guess what color they painted it?

Copyright©2002-2005 by John Taylor Jones, Ph.D.

Garage Sells Are Fun

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Easy Steps to Draw a Car

Do you love drawing especially drawing cars? It really feels great to see one of your drawings look real on a paper. You may not draw a car really good unless you find some useful tips to guide you in the process. By following these steps, you will be in a position to draw a car easily without having to erase much of your drawing. If you have been drawing and you are not satisfied with your drawings as they may contain wobbly lines or are in bad proportion or that they does not deserve to be labeled a car, and then you have to follow this useful tips to help you through.

When you want to draw a car, you have to draw side view first. This is the foundation of your drawing so you have to take your time because any slight mistake at this stage will not be fixed at a later time. You have to use a light pencil and you need to be patient and take your time to bring out your best drawing skills. You have to be patient because even the professionals need to take rime at this stage.

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The second tip when you want to draw a car is to pick a point on the piece of paper that you want to use as your perspective. From this point, you have to project lines from the side view like the indents and corners of the body. One thing that you have to make sure is that the lines should be straight, so you have to draw these lines using a ruler and a light pencil. The third tip when you want to draw a car is to create a 3D view and you have to choose a distance from the side then start to draw the perspective view.

Easy Steps to Draw a Car

Easy Steps to Draw a Car

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Car Donation Centers Available in San Francisco

Instead of going through the hassles of selling your car yourself you could donate it to a car donation center. These centers are either charities or work together with charities. If the center is an approved one, you will be able to deduct a certain amount of money from your tax return... Let us examine some of the car donation centers in San Francisco...

Habitat for Humanity in one association which builds homes thought community engagement in partnership with working families. In fact the average price of a home in San Francisco is about 6,000? In choosing this center, you are allowing the homeless to have a roof over their heads.

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Car Donation Services or CDS is another association you might one to consider. This car donation center claims that they are able to obtain higher prices from the sale of a vehicle. This in turn would imply that the charity benefits much more from the sale and that you get a greater tax write-off.

Car Donation Centers Available in San Francisco

San Francisco city chorus is one more car donation center. As implied by its name, this association is concerned with choral classics as well as traditional and folk music. You might want to help them.

The San Francisco SPCA is one car donation center you would like to have recourse to if you love animals. This association is devoted to saving cats and dogs which live in the streets. It also sensitizes people about awareness of the needs and requirements of animals as well as the necessity of having a human-animal bond.

If you choose to donate via Kars4Kids, you might even receive a free vacation voucher for a 2 night 3 day hotel stay. This does in no case impact on the tax deductions or the care given to children. You can thus be rewarded for your donation.

Car4causes in another car donation service that claims that if you deal with them you will be getting higher tax deduction and the charity obtaining more money. According to them, they achieve these results by selling the car through their retail locations rather than through auctions.

Well, you now have a broader idea of the services you might have recourse to. I really hope that you do choose a car donation center instead of selling your car.

Car Donation Centers Available in San Francisco

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Which Tax Deduction System to Choose

Tax payers have two options for tax deductions - itemized or standard. 2 out of 3 choose standard as it is both easy to file and allows a 1040-EZ short form to be filed. If you want to itemize when you fill out your tax form, it cannot be the 1040-EZ that you submit, but a Schedule A.

If your itemized deductions are higher than the level acceptable for your filing status, that amount can be claimed as itemized deductions. It makes more sense for homeowners to itemize their deductions as the combined real estate tax and home mortgage interest deduction will be higher than the standard deduction's total. There are additional deductions that can be added to the itemized list.

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As long as medical and dental expenses exceed more than 7.5% of your adjusted gross income (AGI), they can be deducted.

Which Tax Deduction System to Choose

An example of this is if you have medical expenses of ,000 and your AGI is ,000, ,500 can be deducted from Schedule A as that equals the overage of your expenses.

If, however, your bills are ,000 and yet your AGI is 0,000 nothing can be claimed as you have not reached the limit. This is how it works: your medical bill is ,000 - ,500 (this is 7.5% of the 0,000) comes to -,500.

In addition to the real estate deduction, it is also possible to deduct personal property tax. This will not apply to everyone as not all states charge this. In order for this to be done, the tax must be imposed each year and be based on the value of the item.

Things you can't deduct are car and pet insurance, FICA, federal income taxes that have been paid, social security, and Medicare payments, Federal, Estate, and Unemployment tax, customs duties, and gift taxes.

Charitable donations can be claimed but always make sure you fill in the form correctly. Cash deductions must be proved by a check receipt or letter from the charity, while non cash items can be claimed at a reasonable market value if you had sold them, providing they are still in good condition. The only exception allowed for the items not to be in good condition is if they are worth more than 0. Jewelry and stock does not apply, nor to paintings as they are hard to put a price on. Again, the charity needs to confirm the item and send a receipt giving their address, charity details, and the item donated. If the value is 0 or more, check IRS Publication 536 for more information.

Casualty and theft loss can be deducted if you are affected by fire, tornado, flood or earthquake, plus loss by theft can be deducted (check IRS Publication 584). Work related expenses can also be deducted as long as they are necessary for the job and can include items such as work clothes or tools, periodicals relating to your industry, and fees or exam costs relating to your employment. Check IRS Publication 529 for more details on this. If you are looking for employment elsewhere, costs of posting and printing resumes can be deducted.

Job expenses have a 2% limit and like medical expenses, have to hit a certain level before they apply. If the AGI is ,000, there would need to be 0 to be reclaimed. So with an AGI of ,000 if there was 0 of expenses, 0 could be deducted.

Miscellaneous deductions also have a 2% limit and will cover things such as safety deposit box fees and tax preparation costs.IRS Publication 529 goes more into details about these. When filling in forms, it is best to check both scenarios and see which one benefits you the most.

Which Tax Deduction System to Choose

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