What can I do to maximize my tax deductions?
I'm a 24 single female with no dependants who rents an apartment, is paying on a car, and did take a trip overseas for a potential job opporutnity (pa...
I’m a 24 single female with no dependants who rents an apartment, is paying on a car, and did take a trip overseas for a potential job opporutnity (paid for the expenses myself). What can I do to maximize my tax deductions?
Hi – I was in a similar boat last year when I was 24.
Unfortunately, its a little late to worry about 2007.
Focus on 2008 – Can you buy a house, that would help.(make sure you can afford it first) Do you need any medical work done? (example crowns for your teeth) I did these 2 this year and donated to Good Will, donated $100 to human society for a dog, and paid for a quit smoking program (although it didn’t work) – If you need to lose a few pounds looks like that is even deductable.
Now it looks like I get to keep $1200 I wouldn’t have if I hadn’t planned to do all of this the year before. (PS I make less than 30,000 a year)
Plan ahead and file those receipts. You have to have proof for everything you do, taxwise.
Just for your research: This year fill out the itemization irs forms with a pencil – then you will know every deduction you missed out on for 2007, and see if you can try to get them for 2008. Post the deduction list to a wall and try to maximize in 2008.