How do I calculate tax deductions?
I am interested in learning how to calculate my own tax deductions. I have some, I know that are deductible (i.e. daycare, mileage to and from work, ...
I am interested in learning how to calculate my own tax deductions. I have some, I know that are deductible (i.e. daycare, mileage to and from work, student loans, gas receipts). I would like to find out if there is a way that I can calculate this to see what I might be getting back from taxes. My husband is military and he and I are planning on using his mileage and gas receipts as well.
Thanks.
Unless you’re self-employed, mileage back and forth to work is *not* deductible. Neither are your costs for gas. Student loan repayments and day care expenses *may* both be, depending on your individual circumstances.
In most cases, unless you own a home (and so are paying interest on a mortgage) it simply doesn’t pay to itemize your deductions. It’s not worth while unless the total of your deductions adds up to more than the standard deduction you’re allowed to take. For most non-homeowners, it doesn’t.