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common tax deductions 2009

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bugibar
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« on: February 04, 2010, 03:39:27 pm »

What are some common tax deductions in 2009?
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« on: February 04, 2010, 03:39:27 pm »

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danisara
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Posts: 280


« Reply #1 on: February 04, 2010, 04:08:00 pm »

What are some common tax deductions in 2009?

Here are a few of common tax deductions 2009 that people often forget about:

  • job hunting expenses (costs to get to the interview, printing costs, etc.)
  • education expenses (taking classes to requalify)
  • medical/dental expenses
  • vehicle license fee paid with your car registration
  • mortgage insurance premiums
  • tax preparation fees

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steven
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« Reply #2 on: February 16, 2010, 10:32:36 am »

Many people forget that if you run a business you can deduct some portion of your home (for having office in your home) including utilities, property taxes, etc. This can save you a lot of money.
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bugibar
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Posts: 107


« Reply #3 on: February 17, 2010, 01:50:50 pm »

This is great, thanks to everyone.

I also found out there is a deduction for medical expenses. There is some 7 1/2 % rule though. Only unreimbursed expenses that exceed 7 and 1/2 percent of Adjusted Gross Income qualify. Not very useful for some small expenses but for someone who went through surgery without health insurance (appendix for $13K), it is great help. More information in IRS Publication 502: Medical and Dental Expenses.
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