What deduction options do I have when filing a tax return?

What deduction options do I have when filing a tax return?

Can I claim deductions for all my education expenses?

Can I claim deductions for all my education expenses?

Can I claim my outstanding student loan as a deduction?

Can I claim my outstanding student loan as a deduction?

Can I claim medical expenses as a deduction?

Can I claim medical expenses as a deduction?

Can I claim my mortgage or other interest expense as a deduction?

Can I claim my mortgage or other interest expense as a deduction?

What taxes did you pay?

What taxes did you pay?

Can I claim all my charitable contributions of cash or property as a deduction?

Can I claim all my charitable contributions of cash or property as a deduction?

Are other deductions possible when filing my tax return?

Are other deductions possible when filing my tax return?

Tax Return

Tax Return

What different tax return filing statuses are there?

What different tax return filing statuses are there?

What are dependents and how do I claim them on my tax return?

What are dependents and how do I claim them on my tax return?

How and When to Use a W-2 Form

How and When to Use a W-2 Form

How and When to Use a 1099 Form

How and When to Use a 1099 Form

What makes me self-employed?

What makes me self-employed?

What is capital gain?

What is capital gain?

What deduction options do I have when filing a tax return?

What deduction options do I have when filing a tax return?

Do I have any credits against my tax?

Do I have any credits against my tax?

What does it mean to be audited?

What does it mean to be audited?

Top Audit Survival Tips

Top Audit Survival Tips

Investment For Beginners

Investment For Beginners

Investment Planning

Investment Planning

Best Investment Options

Best Investment Options

Investment Strategies

Investment Strategies

Investment Management

Investment Management

Federal Estate Tax And You

Federal Estate Tax And You

Estate Planning Basics

Estate Planning Basics

Estate Planning Basics - Probate

Estate Planning Basics - Probate

Estate Planning Basics - Taxes

Estate Planning Basics - Taxes

Estate Planning Basics - Family Circumstances

Estate Planning Basics - Family Circumstances

Estate Planning Basics - Revocable Living Trust

Estate Planning Basics - Revocable Living Trust

View more ...

Art Auerbach

Tax Director, Goodman & Company, LLP

http://www.goodmanco.com/  

Serving clients since 1932, Goodman & Company brings 75 years of knowledge and experience to the demands of today's ever-changing business environment. Throughout the past 75 years, we've never strayed from our mission-to provide each client with personal, high-quality service using the most up-to-date technology and resources.

What deduction options do I have when filing a tax return?

Goodman & Company Tax Director Art Auerbach discusses the options for claiming deductions on your tax return.

This expert: 231,974 views
This series: 34,196 views

Download to Mobile Device

Print

Transcripts

Host: Can I claim medical expenses as a deduction?

Arthur Auerbach: Yes you can. But remember the medical expenses, you claim here are the ones that are not reimbursed. So you take your total medical expenses, you subtract out reimbursements you have got from Insurance companies or Medicare or things that were paid by Medicaid. You subtract out the amount that you got back from your Cafeteria plan or flexible spending arrangement at your Employer and the net result is what you had available, left to be medical expenses. Now, they could be doctor visits, the things that most people forget are parking or tolls to get to or from doctors or hospitals. There is a deduction for Medical Mileage. So if you use your car, obviously, not all your doctors and dentists are in the basement of your house. So you are going to go to get there. All that mileage can add up and based on the mileage allowance that the IRS gives you, that can add up to an additional medical deduction. Eye glasses, Prescription medications that are not reimbursed or paid for. All your Co-pays, people tend to forget that if you are covered by an Insurance carrier, or maybe you have got a $15 or $20 or $25 Co-pay at the physician's office or service provider. Add up all of those Co-pays because that's a medical deduction. You were out of pocket. Look at your pay that we referred to earlier. If you are participating with the employer in the cost of your medical coverage, so the employer pays for the employee only but you pay for dependent care. That's a medical deduction.

There is a limited deduction for long term care Insurance as well. Now all of that gets added up and it's subject to a limitation of 7.

5% of your adjusted gross income. So to get a medical deduction, all of those expenses have to exceed 7.

5% of the bottom-line on page 1 of your 1040.

Resolving Tax Problems - Taxes in Bankruptcy

Resolving Tax Problems - Taxes in Bankruptcy

How do estate taxes work?

How do estate taxes work?

Can a married couple avoid the taxes of four million dollars?

Can a married couple avoid the taxes of four million dollars?

What do I need to do in terms of taxes?

What do I need to do in terms of taxes?

Do I need to have my taxes completed before submitting my FAFSA?

Do I need to have my taxes completed before submitting my FAFSA?

What should I do first to start filing my taxes?

What should I do first to start filing my taxes?

Estate Planning - Paying Death Taxes

Estate Planning - Paying Death Taxes

Estate Planning Basics - Taxes

Estate Planning Basics - Taxes

What are the problems with relying on beneficiary designations?

What are the problems with relying on beneficiary designations?

Why are credit scores so important?

Why are credit scores so important?