|
|
12-03-2014, 11:16 AM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
|
Itemized Deductions
We have used the following itemized deductions:
Mortgage Interest
Property Taxes
State Sales Tax
Car Tabs Excise Tax
Cash Donations
Non-Cash Donations
Are there other common ones I may be missing?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
12-03-2014, 11:17 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,594
|
Do you pay a State income tax?
-gauss
|
|
|
12-03-2014, 11:19 AM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
|
No State Income Tax😄 (WA)
|
|
|
12-03-2014, 11:20 AM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
|
medical/dental expenses beyond the limit?
__________________
FIRE'D in July 2009 at 51...Never look back!
|
|
|
12-03-2014, 11:23 AM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,322
|
Quote:
Originally Posted by RockyMtn
medical/dental expenses beyond the limit?
|
And don't forget the limit is 7.5% if one of the filers is 65+. Ours will be a biggie this year; wage income only half the year, DH is 76, I had d2 dental implants and I just told DH to get hearing aids before EOY!
|
|
|
12-03-2014, 11:26 AM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
|
Investments expenses, safe deposit box, tax prep fees?
__________________
FIRE'D in July 2009 at 51...Never look back!
|
|
|
12-03-2014, 11:35 AM
|
#7
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 725
|
Sales tax deduction adjustment if a large purchase made?
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
|
|
|
12-03-2014, 11:38 AM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
|
Hmmm. Have not (luckily I guess) gone above the 7.5% for medical or 2% (investment expenses). Good for the list here though, thanks.
|
|
|
12-03-2014, 12:54 PM
|
#9
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 873
|
If you have an RV payment, the interest on that is deductible.
|
|
|
12-03-2014, 12:58 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,004
|
Quote:
Originally Posted by RetireAge50
We have used the following itemized deductions:
Mortgage Interest
Property Taxes
State Sales Tax
Car Tabs Excise Tax
Cash Donations
Non-Cash Donations
Are there other common ones I may be missing?
|
Is state sales tax still available as a deduction? I thought that 2013 was the last year.
Hmm - looks like there is legislation in congress right now to extend this. So it's still up in the air. http://money.cnn.com/2014/12/02/pf/taxes/tax-breaks/
__________________
Retired since summer 1999.
|
|
|
12-03-2014, 01:28 PM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Apr 2013
Location: Ormond Beach
Posts: 1,407
|
State of GA really pisses me off with how they treat fed itemized deductions - if you have them you can deduct the full amount from GA income, but if you don't have enough to reach the threshold (and take the fed standard) they only give you $3k off as a standard deduct. And it's been that way for years, never indexed to inflation. Can easily cost you $500+ in extra GA income tax just because you don't itemize.
Any other states screw you over like this?
|
|
|
12-03-2014, 01:44 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
|
Quote:
Originally Posted by GTFan
State of GA really pisses me off with how they treat fed itemized deductions - if you have them you can deduct the full amount from GA income, but if you don't have enough to reach the threshold (and take the fed standard) they only give you $3k off as a standard deduct. And it's been that way for years, never indexed to inflation. Can easily cost you $500+ in extra GA income tax just because you don't itemize.
Any other states screw you over like this?
|
Gotcha beat, I think in MO, you pay state taxes above the first $900 or so. All taxed at 6%. Hasn't been changed since the 1930s I believe. All of the "graduated levels" are inside the $900 if I am not mistaken.
Sent from my iPad using Tapatalk
|
|
|
12-03-2014, 01:53 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
|
Charity mileage?
Home-based Office?
Vacation home mortgage interest?
HEL interest?
Any County/Local income taxes?
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
|
|
|
12-03-2014, 02:18 PM
|
#14
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
|
This is small but auto registration is tax deductible.
|
|
|
12-03-2014, 02:42 PM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
|
Quote:
Originally Posted by EastWest Gal
This is small but auto registration is tax deductible.
|
only the portion that is based on value of the vehicle, not the basic registration fees. Also OP identified that as "Car Tabs Excise Tax" that is what he meant by that line.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
|
|
|
12-03-2014, 03:27 PM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Apr 2013
Location: Beach and Mountain
Posts: 1,087
|
2014 will be the first time that we "bunched" over a two year period. Paid property taxes and charitable donations in late (really late) 2013. Only paid required stuff in 2014. Bunched state income tax to the extent we could. Will open the flood gates in early 2015.
|
|
|
12-03-2014, 03:37 PM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
|
Ok I feel better, have not missed anything glaring over the years. Maybe some charity mileage, thanks.
I buy cars etc infrequently and so it is easy to forget the extra sales tax is deductible. Hopefully this deduction will be extended at the last second.
This year we put a big chunk into a donor advised fund since we are currently in 25% bracket and later will likely be in the 15% and/or use standard deduction.
|
|
|
12-03-2014, 03:45 PM
|
#18
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
|
Donations of household items, like books, clothes, exercise equipment, etc. While you are downsizing, you can write off the donation(s).
I put stuff out in the driveway, and they pick it up.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
|
|
|
12-03-2014, 03:47 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
|
http://satruck.org/donation-value-guide
The tax deduction for donating this stuff is better than selling at a garage sale!
|
|
|
12-03-2014, 04:09 PM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,681
|
After going back and forth on this the whole year, I decided to bunch my itemized deductions for 2014. This includes making my 4th quarter 2014 estimated state income taxes in December instead of January (2015), the following month. I was also able to make 13 health insurance premium payments in 2014 because of a January 2014 snafu following the delay in the state-run exchange's setup of my new ACA policy.
New York had never indexed its standard deduction or its income tax brackets until 2013, causing a type of bracket creep. But that is no longer a problem, thankfully. NY's SD is higher than the federal one so combine that with not being able to deduct one's state income taxes makes it pretty common to itemize on the federal return but take the SD on the state return.
One thing working slightly against bunching is the reduction of my ACA subsidy in 2015 due to a state property tax rebate I will have to count as income once I itemize the property taxes the rebate will partially offset.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|