3 results for tag: 2014 tax deductions
Here is a list of the 9 most commonly missed tax deductions: 1. Out-Of-Pocket Charitable Contributions You can write off out-of-pocket costs incurred while volunteering or donating money for a charity. For example, ingredients for soup you prepared for a nonprofit organization and stamps you bought for a school’s fund-raising program all count as charitable contributions. Keep your receipts. If your contribution totals more than $250, you’ll also need an acknowledgement from the charity documenting the support you provided. If you drove your car for charity in 2014, remember to deduct 14 cents per mile, plus parking and tolls paid.
With year-end 2014 now upon us, strategies to reduce 2014 tax liability are even more important than ever. Some of the strategies we will talk about are new, others are the result of transitional rules. These are the 2014 tax deductions to watch out for.
Which key 2014 tax deduction and credits will not be available to taxpayers on this year’s tax returns? 2014 Tax Deduction: 6 Key Deductions That We Lost 1. Medical Expense Deduction Thresholds Under the old rules, those who itemize could deduct medical expenses exceeding 7.5% of their adjusted gross income. Obamacare has now increased this threshold to 10%. For example, an individual with an adjusted gross income of $50,000 can only deduct expenses over $5,000, rather than the $3,750 limit that would have applied under the old rule.