LVPharm's Taxes

[Triangulation]

I've got a question LV: What form federal tax form did you use for this year? What additional deductions did you take (learning credits, interest payments.) I really wanna bone up on the best way to spend my dough, so i can save myself tax dollars.

Does anyone know how medical expenses can be deducted?

---

Members don't see this ad.

 

[LVPharm]

I actually had a complicated tax situation...so I went to an accountant back in March. Unfortunately, I'm in Orange County CA right now to attend a wedding so I don't have access to the copy of my tax return. I do know I filed a 1040, had itemized deductions, and took advantage of the "lifelong learning credit"...I had also sold shares in a mutual fund, and I had some trouble with how to deal with the stock I own in the company I used to work for, since the company was an LLC and this makes me a "partner".

My tax situation was unique, and it sucked, ergo I would not provide a good example for you to follow. I would, however, look into the "lifelong learning credit". That's about all I can offer you at the top of my head (away from my financial records), but I hope it helps.

 

[Triangulation]

What I'm trying to figure out is all the ways that you can fenagle your taxes with school/pharmacy related deductions. I'm in hella debt already. I gotta fight the build up.


"When you're stuck in a hole, the best advice is stop diggin'"--Can't remember who said it.

 

[LVPharm]

The only other thing you can "finagle" that I can think of is to take a deduction for payments made on your student loan interest (both voluntary and required payments). I think you can take up to $2500 deduction max.

Anybody else out there have any tax advice or suggestions? I'd like to know as well

One of my classmates took a deduction on his required laptop computer...I thought you couldn't do this unless you needed it for business...anyone know?

 

[jdpharmd?]

Originally posted by LVPharm
The only other thing you can "finagle" that I can think of is to take a deduction for payments made on your student loan interest (both voluntary and required payments). I think you can take up to $2500 deduction max.

Anybody else out there have any tax advice or suggestions? I'd like to know as well

One of my classmates took a deduction on his required laptop computer...I thought you couldn't do this unless you needed it for business...anyone know?

If you deduct student loan interest, you actually have to have paid the interest already. You can't just let it accumulate and deduct it from your taxes before you actually send them the check for your interest. As far as computers go, I asked my accountant friend about deducting for a computer or home offiice and he said that it was one of the top 5 reasons for getting an audit, if not #1. Even people with a legitimate home office rarely deduct for it, at least around here.

I don't know how every state law works, but I was able to deduct my apartment rent from my state taxes for the last 2 years. It saved me about $350/year and I make next to nothing as far as income goes.

Jd

 

[Triangulation]

You should definitely be able to deduct your computer if you go to one of these schools that requires one and you don't have or plan to buy one. That's as much a school related fee as any of the other fees they charge which are definitely deductible