|

 

Watch Out What You Deduct On Your Taxes

By Allan Hoffman
Tuesday, February 16, 2010

  Here are a few more things that can make a difference when you file your taxes because a lot of people try to take these as deductions but they can’t:
1. First, only self employed taxpayers can deduct every dollar they spend on work related expenses.
2. Most of us can only deduct expenses in excess of 2-percent of your adjusted gross income.
3. You can’t take a tax deduction for a roth ira like you can with a traditional ira. Thats because roth’s aren’t taxed when you cash them in.
4. You can’t deduct political donations -
5. And individuals cannot deduct life insurance premiums.  Good luck on your taxes this year.

Here is a site with more information:
http://finance.yahoo.com/taxes/article/108794/11-tax-deductions-you-cant-actually-write-off?mod=taxes-filing

Commenting is not available in this weblog entry.