By Barbara Weltman
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Additional resources for AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible
However, if the credit exceeds your tax liability, you can carry the excess credit forward for up to five years. , your MAGI is too high or your expenses exceeded the dollar limit), plan to pay tax on the amount your employer pays or reimburses you. The employer is not required to withhold income tax on these payments. Employer-paid expenses are reported on your Form W-2. Pitfall The year for which you are entitled to claim the credit depends on the type of child you are adopting. S. S. 7 to see the year for which to claim the credit for payments you make.
Your standard deduction is $7,100 ($5,700 + $1,400). You may also add to the basic standard deduction real estate taxes up to $500 for singles and $1,000 for joint filers and disaster losses. Alert The additions to the standard deduction for real estate taxes and disaster losses expired at the end of 2009. Check the Supplement to see whether they have been extended for 2010. , itemize them). Itemized deductions include: Medical expenses Taxes Interest payments Gifts to charity Casualty and theft losses Unreimbursed employee business expenses Investment expenses Legal fees to earn income Gambling losses Estate tax payments on income in respect of decedents You cannot claim any additional standard deduction that applies to those 65 or older and/or blind if you choose to itemize deductions in lieu of claiming the basic standard deduction amount.
At the time this book went to press, there were several tax bills before Congress. These bills would extend for 2010 returns various provisions that expired at the end of 2009 as well as make other changes affecting tax returns in 2010 and later years. Throughout the book you will find alerts to possible changes to come. com (and click on "tax articles"). com, your 365-day-a-year tax resource. Chapter 1 You and Your Family Do the old clichés still ring true? Can two still live as cheaply as one?
AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible by Barbara Weltman