Between DF and I, our gross incomes combined should be around 85K for 2010. DF will continue to take zero allowances to have the maximum tax withheld from his paycheck. I want to bump my allowances up to five (currently at two) for all of 2010. We don't have any dependents so this could be risky (but nothing we couldn't pay if a tax bill comes due).
I will also have a home office (specifically for work, our other extra room will be our personal office) in our new house so I will be able to deduct mileage to and from my actual office (estimate 9,000 miles over the year), what I could get paid if I rented the room out for the year (estimate 5,000), a portion of all utilities and any additions/maintenance/repairs that we have to do on the house. We will also get to deduct our mortgage interest and property taxes. And I will be going back to school in September 2010 so there may be some deductions associated with that. We also have probably close to 7K worth of things to donate in January after our move is complete. So I think we may be okay if I take such a large number of allowances. Are there any tax professionals that can speak to this or give advice on further deductions to take?
Maximizing Tax Savings
December 4th, 2009 at 04:31 pm
December 4th, 2009 at 04:48 pm 1259945314
December 4th, 2009 at 11:07 pm 1259968052
December 7th, 2009 at 01:05 pm 1260191158
December 11th, 2009 at 11:24 pm 1260573870
I, too, would like to know what kinds of educational expenses can be claimed at tax time. For me, this could make a big difference for the next couple of years, and anything that offers some insurance of money back in the Spring is worth a peek!
Jerry