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How Can I File My 2007 Taxes For Free

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How Can I File My 2007 Taxes For Free

How can i file my 2007 taxes for free Part Three -   Quarterly Filing Information Table of Contents 12. How can i file my 2007 taxes for free   Filing Form 720Attachments to Form 720. How can i file my 2007 taxes for free Conditions to allowance. How can i file my 2007 taxes for free 13. How can i file my 2007 taxes for free   Payment of TaxesHow To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule 14. How can i file my 2007 taxes for free   Penalties and Interest 15. How can i file my 2007 taxes for free   Examination and Appeal Procedures 16. How can i file my 2007 taxes for free   Rulings Program 17. How can i file my 2007 taxes for free   How To Get Tax Help 18. How can i file my 2007 taxes for free   Appendix Prev  Up  Next   Home   More Online Publications
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The How Can I File My 2007 Taxes For Free

How can i file my 2007 taxes for free 28. How can i file my 2007 taxes for free   Miscellaneous Deductions Table of Contents What's New Introduction Useful Items - You may want to see: Deductions Subject to the 2% LimitUnreimbursed Employee Expenses (Line 21) Tax Preparation Fees (Line 22) Other Expenses (Line 23) Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses What's New Standard mileage rate. How can i file my 2007 taxes for free  The 2013 rate for business use of a vehicle is 56½ cents per mile. How can i file my 2007 taxes for free Introduction This chapter explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040). How can i file my 2007 taxes for free You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income. How can i file my 2007 taxes for free This chapter covers the following topics. How can i file my 2007 taxes for free Deductions subject to the 2% limit. How can i file my 2007 taxes for free Deductions not subject to the 2% limit. How can i file my 2007 taxes for free Expenses you cannot deduct. How can i file my 2007 taxes for free You must keep records to verify your deductions. How can i file my 2007 taxes for free You should keep receipts, canceled checks, substitute checks, financial account statements, and other documentary evidence. How can i file my 2007 taxes for free For more information on recordkeeping, get Publication 552, Record- keeping for Individuals. How can i file my 2007 taxes for free Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 587 Business Use of Your Home (Including Use by Daycare Providers) 946 How To Depreciate Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040). How can i file my 2007 taxes for free You can claim the amount of expenses that is more than 2% of your adjusted gross income. How can i file my 2007 taxes for free You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. How can i file my 2007 taxes for free Your adjusted gross income is the amount on Form 1040, line 38. How can i file my 2007 taxes for free Generally, you apply the 2% limit after you apply any other deduction limit. How can i file my 2007 taxes for free For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed in chapter 26) before you apply the 2% limit. How can i file my 2007 taxes for free Deductions subject to the 2% limit are discussed in the three categories in which you report them on Schedule A (Form 1040). How can i file my 2007 taxes for free Unreimbursed employee expenses (line 21). How can i file my 2007 taxes for free Tax preparation fees (line 22). How can i file my 2007 taxes for free Other expenses (line 23). How can i file my 2007 taxes for free Unreimbursed Employee Expenses (Line 21) Generally, you can deduct on Schedule A (Form 1040), line 21, unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee, and Ordinary and necessary. How can i file my 2007 taxes for free An expense is ordinary if it is common and accepted in your trade, business, or profession. How can i file my 2007 taxes for free An expense is necessary if it is appropriate and helpful to your business. How can i file my 2007 taxes for free An expense does not have to be required to be considered necessary. How can i file my 2007 taxes for free Examples of unreimbursed employee expenses are listed next. How can i file my 2007 taxes for free The list is followed by discussions of additional unreimbursed employee expenses. How can i file my 2007 taxes for free Business bad debt of an employee. How can i file my 2007 taxes for free Education that is work related. How can i file my 2007 taxes for free (See chapter 27. How can i file my 2007 taxes for free ) Legal fees related to your job. How can i file my 2007 taxes for free Licenses and regulatory fees. How can i file my 2007 taxes for free Malpractice insurance premiums. How can i file my 2007 taxes for free Medical examinations required by an employer. How can i file my 2007 taxes for free Occupational taxes. How can i file my 2007 taxes for free Passport for a business trip. How can i file my 2007 taxes for free Subscriptions to professional journals and trade magazines related to your work. How can i file my 2007 taxes for free Travel, transportation, entertainment, and gifts related to your work. How can i file my 2007 taxes for free (See chapter 26. How can i file my 2007 taxes for free ) Business Liability Insurance You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job. How can i file my 2007 taxes for free Damages for Breach of Employment Contract If you break an employment contract, you can deduct damages you pay your former employer that are attributable to the pay you received from that employer. How can i file my 2007 taxes for free Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment. How can i file my 2007 taxes for free For more information about the rules and exceptions to the rules affecting the allowable deductions for a home computer, see Publication 529. How can i file my 2007 taxes for free Dues to Chambers of Commerce and Professional Societies You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. How can i file my 2007 taxes for free Similar organizations include: Boards of trade, Business leagues, Civic or public service organizations, Real estate boards, and Trade associations. How can i file my 2007 taxes for free Lobbying and political activities. How can i file my 2007 taxes for free   You may not be able to deduct that part of your dues that is for certain lobbying and political activities. How can i file my 2007 taxes for free See Dues used for lobbying under Nondeductible Expenses, later. How can i file my 2007 taxes for free Educator Expenses If you were an eligible educator in 2013, you can deduct up to $250 of qualified expenses you paid in 2013 as an adjustment to gross income on Form 1040, line 23, rather than as a miscellaneous itemized deduction. How can i file my 2007 taxes for free If you file Form 1040A, you can deduct these expenses on line 16. How can i file my 2007 taxes for free If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. How can i file my 2007 taxes for free However, neither spouse can deduct more than $250 of his or her qualified expenses. How can i file my 2007 taxes for free Home Office If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. How can i file my 2007 taxes for free You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business, As a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business, or In the case of a separate structure not attached to your home, in connection with your trade or business. How can i file my 2007 taxes for free The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job. How can i file my 2007 taxes for free See Publication 587 for more detailed information and a worksheet. How can i file my 2007 taxes for free Job Search Expenses You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. How can i file my 2007 taxes for free You cannot deduct these expenses if: You are looking for a job in a new occupation, There was a substantial break between the ending of your last job and your looking for a new one, or You are looking for a job for the first time. How can i file my 2007 taxes for free Employment and outplacement agency fees. How can i file my 2007 taxes for free   You can deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation. How can i file my 2007 taxes for free Employer pays you back. How can i file my 2007 taxes for free   If, in a later year, your employer pays you back for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year. How can i file my 2007 taxes for free (See Recoveries in chapter 12. How can i file my 2007 taxes for free ) Employer pays the employment agency. How can i file my 2007 taxes for free   If your employer pays the fees directly to the employment agency and you are not responsible for them, you do not include them in your gross income. How can i file my 2007 taxes for free Résumé. How can i file my 2007 taxes for free   You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers if you are looking for a new job in your present occupation. How can i file my 2007 taxes for free Travel and transportation expenses. How can i file my 2007 taxes for free   If you travel to an area and, while there, you look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. How can i file my 2007 taxes for free You can deduct the travel expenses if the trip is primarily to look for a new job. How can i file my 2007 taxes for free The amount of time you spend on personal activity compared to the amount of time you spend in looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job. How can i file my 2007 taxes for free   Even if you cannot deduct the travel expenses to and from an area, you can deduct the expenses of looking for a new job in your present occupation while in the area. How can i file my 2007 taxes for free   You can choose to use the standard mileage rate to figure your car expenses. How can i file my 2007 taxes for free The 2013 rate for business use of a vehicle is 56½ cents per mile. How can i file my 2007 taxes for free See chapter 26 for more information. How can i file my 2007 taxes for free Licenses and Regulatory Fees You can deduct the amount you pay each year to state or local governments for licenses and regulatory fees for your trade, business, or profession. How can i file my 2007 taxes for free Occupational Taxes You can deduct an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. How can i file my 2007 taxes for free If you are an employee, you can claim occupational taxes only as a miscellaneous deduction subject to the 2% limit; you cannot claim them as a deduction for taxes elsewhere on your return. How can i file my 2007 taxes for free Repayment of Income Aid Payment An “income aid payment” is one that is received under an employer's plan to aid employees who lose their jobs because of lack of work. How can i file my 2007 taxes for free If you repay a lump-sum income aid payment that you received and included in income in an earlier year, you can deduct the repayment. How can i file my 2007 taxes for free Research Expenses of a College Professor If you are a college professor, you can deduct research expenses, including travel expenses, for teaching, lecturing, or writing and publishing on subjects that relate directly to your teaching duties. How can i file my 2007 taxes for free You must have undertaken the research as a means of carrying out the duties expected of a professor and without expectation of profit apart from salary. How can i file my 2007 taxes for free However, you cannot deduct the cost of travel as a form of education. How can i file my 2007 taxes for free Tools Used in Your Work Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. How can i file my 2007 taxes for free You can depreciate the cost of tools that have a useful life substantially beyond the tax year. How can i file my 2007 taxes for free For more information about depreciation, see Publication 946. How can i file my 2007 taxes for free Union Dues and Expenses You can deduct dues and initiation fees you pay for union membership. How can i file my 2007 taxes for free You can also deduct assessments for benefit payments to unemployed union members. How can i file my 2007 taxes for free However, you cannot deduct the part of the assessments or contributions that provides funds for the payment of sick, accident, or death benefits. How can i file my 2007 taxes for free Also, you cannot deduct contributions to a pension fund, even if the union requires you to make the contributions. How can i file my 2007 taxes for free You may not be able to deduct amounts you pay to the union that are related to certain lobbying and political activities. How can i file my 2007 taxes for free See Lobbying Expenses under Nondeductible Expenses, later. How can i file my 2007 taxes for free Work Clothes and Uniforms You can deduct the cost and upkeep of work clothes if the following two requirements are met. How can i file my 2007 taxes for free You must wear them as a condition of your employment. How can i file my 2007 taxes for free The clothes are not suitable for everyday wear. How can i file my 2007 taxes for free It is not enough that you wear distinctive clothing. How can i file my 2007 taxes for free The clothing must be specifically required by your employer. How can i file my 2007 taxes for free Nor is it enough that you do not, in fact, wear your work clothes away from work. How can i file my 2007 taxes for free The clothing must not be suitable for taking the place of your regular clothing. How can i file my 2007 taxes for free Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc. How can i file my 2007 taxes for free ). How can i file my 2007 taxes for free Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. How can i file my 2007 taxes for free However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, is not distinctive in character or in the nature of a uniform. How can i file my 2007 taxes for free Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman are not deductible. How can i file my 2007 taxes for free Protective clothing. How can i file my 2007 taxes for free   You can deduct the cost of protective clothing required in your work, such as safety shoes or boots, safety glasses, hard hats, and work gloves. How can i file my 2007 taxes for free   Examples of workers who may be required to wear safety items are: carpenters, cement workers, chemical workers, electricians, fishing boat crew members, machinists, oil field workers, pipe fitters, steamfitters, and truck drivers. How can i file my 2007 taxes for free Military uniforms. How can i file my 2007 taxes for free   You generally cannot deduct the cost of your uniforms if you are on full-time active duty in the armed forces. How can i file my 2007 taxes for free However, if you are an armed forces reservist, you can deduct the unreimbursed cost of your uniform if military regulations restrict you from wearing it except while on duty as a reservist. How can i file my 2007 taxes for free In figuring the deduction, you must reduce the cost by any nontaxable allowance you receive for these expenses. How can i file my 2007 taxes for free   If local military rules do not allow you to wear fatigue uniforms when you are off duty, you can deduct the amount by which the cost of buying and keeping up these uniforms is more than the uniform allowance you receive. How can i file my 2007 taxes for free   You can deduct the cost of your uniforms if you are a civilian faculty or staff member of a military school. How can i file my 2007 taxes for free Tax Preparation Fees (Line 22) You can usually deduct tax preparation fees in the year you pay them. How can i file my 2007 taxes for free Thus, on your 2013 return, you can deduct fees paid in 2013 for preparing your 2012 return. How can i file my 2007 taxes for free These fees include the cost of tax preparation software programs and tax publications. How can i file my 2007 taxes for free They also include any fee you paid for electronic filing of your return. How can i file my 2007 taxes for free Other Expenses (Line 23) You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2% limit. How can i file my 2007 taxes for free On Schedule A (Form 1040), line 23, you can deduct expenses that you pay: To produce or collect income that must be included in your gross income, To manage, conserve, or maintain property held for producing such income, or To determine, contest, pay, or claim a refund of any tax. How can i file my 2007 taxes for free You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes. How can i file my 2007 taxes for free Some of these other expenses are explained in the following discussions. How can i file my 2007 taxes for free If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses , later, under Nondeductible Expenses. How can i file my 2007 taxes for free Appraisal Fees You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property. How can i file my 2007 taxes for free Casualty and Theft Losses You can deduct a casualty or theft loss as a miscellaneous itemized deduction subject to the 2% limit if you used the damaged or stolen property in performing services as an employee. How can i file my 2007 taxes for free First report the loss in Section B of Form 4684, Casualties and Thefts. How can i file my 2007 taxes for free You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. How can i file my 2007 taxes for free To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. How can i file my 2007 taxes for free For other casualty and theft losses, see chapter 25. How can i file my 2007 taxes for free Clerical Help and Office Rent You can deduct office expenses, such as rent and clerical help, that you have in connection with your investments and collecting the taxable income on them. How can i file my 2007 taxes for free Credit or Debit Card Convenience Fees You can deduct the convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card. How can i file my 2007 taxes for free The fees are deductible in the year paid. How can i file my 2007 taxes for free Depreciation on Home Computer You can deduct depreciation on your home computer if you use it to produce income (for example, to manage your investments that produce taxable income). How can i file my 2007 taxes for free You generally must depreciate the computer using the straight line method over the Alternative Depreciation System (ADS) recovery period. How can i file my 2007 taxes for free But if you work as an employee and also use the computer in that work, see Publication 946. How can i file my 2007 taxes for free Excess Deductions of an Estate If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. How can i file my 2007 taxes for free Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. How can i file my 2007 taxes for free The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. How can i file my 2007 taxes for free For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators. How can i file my 2007 taxes for free Fees to Collect Interest and Dividends You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. How can i file my 2007 taxes for free But you cannot deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. How can i file my 2007 taxes for free You must add the fee to the cost of the property. How can i file my 2007 taxes for free You cannot deduct the fee you pay to a broker to sell securities. How can i file my 2007 taxes for free You can use the fee only to figure gain or loss from the sale. How can i file my 2007 taxes for free See the Instructions for Form 8949 for information on how to report the fee. How can i file my 2007 taxes for free Hobby Expenses You can generally deduct hobby expenses, but only up to the amount of hobby income. How can i file my 2007 taxes for free A hobby is not a business because it is not carried on to make a profit. How can i file my 2007 taxes for free See Activity not for profit in chapter 12 under Other Income. How can i file my 2007 taxes for free Indirect Deductions of Pass-Through Entities Pass-through entities include partnerships, S corporations, and mutual funds that are not publicly offered. How can i file my 2007 taxes for free Deductions of pass-through entities are passed through to the partners or shareholders. How can i file my 2007 taxes for free The partners or shareholders can deduct their share of passed-through deductions for investment expenses as miscellaneous itemized deductions subject to the 2% limit. How can i file my 2007 taxes for free Example. How can i file my 2007 taxes for free You are a member of an investment club that is formed solely to invest in securities. How can i file my 2007 taxes for free The club is treated as a partnership. How can i file my 2007 taxes for free The partnership's income is solely from taxable dividends, interest, and gains from sales of securities. How can i file my 2007 taxes for free In this case, you can deduct your share of the partnership's operating expenses as miscellaneous itemized deductions subject to the 2% limit. How can i file my 2007 taxes for free However, if the investment club partnership has investments that also produce nontaxable income, you cannot deduct your share of the partnership's expenses that produce the nontaxable income. How can i file my 2007 taxes for free Publicly offered mutual funds. How can i file my 2007 taxes for free   Publicly offered mutual funds do not pass deductions for investment expenses through to shareholders. How can i file my 2007 taxes for free A mutual fund is “publicly offered” if it is: Continuously offered pursuant to a public offering, Regularly traded on an established securities market, or Held by or for at least 500 persons at all times during the tax year. How can i file my 2007 taxes for free   A publicly offered mutual fund will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing the net amount of dividend income (gross dividends minus investment expenses). How can i file my 2007 taxes for free This net figure is the amount you report on your return as income. How can i file my 2007 taxes for free You cannot further deduct investment expenses related to publicly offered mutual funds because they are already included as part of the net income amount. How can i file my 2007 taxes for free Information returns. How can i file my 2007 taxes for free   You should receive information returns from pass-through entities. How can i file my 2007 taxes for free Partnerships and S corporations. How can i file my 2007 taxes for free   These entities issue Schedule K-1, which lists the items and amounts you must report and identifies the tax return schedules and lines to use. How can i file my 2007 taxes for free Nonpublicly offered mutual funds. How can i file my 2007 taxes for free   These funds will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing your share of gross income and investment expenses. How can i file my 2007 taxes for free You can claim the expenses only as a miscellaneous itemized deduction subject to the 2% limit. How can i file my 2007 taxes for free Investment Fees and Expenses You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income. How can i file my 2007 taxes for free Legal Expenses You can usually deduct legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax. How can i file my 2007 taxes for free You can also deduct legal expenses that are: Related to either doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business, For tax advice related to a divorce, if the bill specifies how much is for tax advice and it is determined in a reasonable way, or To collect taxable alimony. How can i file my 2007 taxes for free You can deduct expenses of resolving tax issues relating to profit or loss from business (Schedule C or C-EZ), rentals or royalties (Schedule E), or farm income and expenses (Schedule F), on the appropriate schedule. How can i file my 2007 taxes for free You deduct expenses of resolving nonbusiness tax issues on Schedule A (Form 1040). How can i file my 2007 taxes for free See Tax Preparation Fees , earlier. How can i file my 2007 taxes for free Loss on Deposits For information on whether, and if so, how, you may deduct a loss on your deposit in a qualified financial institution, see Loss on Deposits in chapter 25. How can i file my 2007 taxes for free Repayments of Income If you had to repay an amount that you included in income in an earlier year, you may be able to deduct the amount you repaid. How can i file my 2007 taxes for free If the amount you had to repay was ordinary income of $3,000 or less, the deduction is subject to the 2% limit. How can i file my 2007 taxes for free If it was more than $3,000, see Repayments Under Claim of Right under Deductions Not Subject to the 2% Limit, later. How can i file my 2007 taxes for free Repayments of Social Security Benefits For information on how to deduct your repayments of certain social security benefits, see Repayments More Than Gross Benefits in chapter 11. How can i file my 2007 taxes for free Safe Deposit Box Rent You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. How can i file my 2007 taxes for free You cannot deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. How can i file my 2007 taxes for free Service Charges on Dividend Reinvestment Plans You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. How can i file my 2007 taxes for free These service charges include payments for: Holding shares acquired through a plan, Collecting and reinvesting cash dividends, and Keeping individual records and providing detailed statements of accounts. How can i file my 2007 taxes for free Trustee's Administrative Fees for IRA Trustee's administrative fees that are billed separately and paid by you in connection with your individual retirement arrangement (IRA) are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit. How can i file my 2007 taxes for free For more information about IRAs, see chapter 17. How can i file my 2007 taxes for free Deductions Not Subject to the 2% Limit You can deduct the items listed below as miscellaneous itemized deductions. How can i file my 2007 taxes for free They are not subject to the 2% limit. How can i file my 2007 taxes for free Report these items on Schedule A (Form 1040), line 28. How can i file my 2007 taxes for free List of Deductions Each of the following items is discussed in detail after the list (except where indicated). How can i file my 2007 taxes for free Amortizable premium on taxable bonds. How can i file my 2007 taxes for free Casualty and theft losses from income- producing property. How can i file my 2007 taxes for free Federal estate tax on income in respect of a decedent. How can i file my 2007 taxes for free Gambling losses up to the amount of gambling winnings. How can i file my 2007 taxes for free Impairment-related work expenses of persons with disabilities. How can i file my 2007 taxes for free Loss from other activities from Schedule K-1 (Form 1065-B), box 2. How can i file my 2007 taxes for free Losses from Ponzi-type investment schemes. How can i file my 2007 taxes for free See Losses from Ponzi-type investment schemes under Theft in chapter 25. How can i file my 2007 taxes for free Repayments of more than $3,000 under a claim of right. How can i file my 2007 taxes for free Unrecovered investment in an annuity. How can i file my 2007 taxes for free Amortizable Premium on Taxable Bonds In general, if the amount you pay for a bond is greater than its stated principal amount, the excess is bond premium. How can i file my 2007 taxes for free You can elect to amortize the premium on taxable bonds. How can i file my 2007 taxes for free The amortization of the premium is generally an offset to interest income on the bond rather than a separate deduction item. How can i file my 2007 taxes for free Part of the premium on some bonds may be a miscellaneous deduction not subject to the 2% limit. How can i file my 2007 taxes for free For more information, see Amortizable Premium on Taxable Bonds in Publication 529, and Bond Premium Amortization in chapter 3 of Publication 550, Investment Income and Expenses. How can i file my 2007 taxes for free Casualty and Theft Losses of Income-Producing Property You can deduct a casualty or theft loss as a miscellaneous itemized deduction not subject to the 2% limit if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). How can i file my 2007 taxes for free First, report the loss in Form 4684, Section B. How can i file my 2007 taxes for free You may also have to include the loss on Form 4797, Sales of Business Property if you are otherwise required to file that form. How can i file my 2007 taxes for free To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. How can i file my 2007 taxes for free For more information on casualty and theft losses, see chapter 25. How can i file my 2007 taxes for free Federal Estate Tax on Income in Respect of a Decedent You can deduct the federal estate tax attributable to income in respect of a decedent that you as a beneficiary include in your gross income. How can i file my 2007 taxes for free Income in respect of the decedent is gross income that the decedent would have received had death not occurred and that was not properly includible in the decedent's final income tax return. How can i file my 2007 taxes for free See Publication 559 for more information. How can i file my 2007 taxes for free Gambling Losses Up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Form 1040, line 21. How can i file my 2007 taxes for free You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. How can i file my 2007 taxes for free You cannot deduct gambling losses that are more than your winnings. How can i file my 2007 taxes for free You cannot reduce your gambling winnings by your gambling losses and report the difference. How can i file my 2007 taxes for free You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. How can i file my 2007 taxes for free Therefore, your records should show your winnings separately from your losses. How can i file my 2007 taxes for free Diary of winnings and losses. How can i file my 2007 taxes for free You must keep an accurate diary or similar record of your losses and winnings. How can i file my 2007 taxes for free Your diary should contain at least the following information. How can i file my 2007 taxes for free The date and type of your specific wager or wagering activity. How can i file my 2007 taxes for free The name and address or location of the gambling establishment. How can i file my 2007 taxes for free The names of other persons present with you at the gambling establishment. How can i file my 2007 taxes for free The amount(s) you won or lost. How can i file my 2007 taxes for free See Publication 529 for more information. How can i file my 2007 taxes for free Impairment-Related Work Expenses If you have a physical or mental disability that limits your being employed, or substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, and working, you can deduct your impairment-related work expenses. How can i file my 2007 taxes for free Impairment-related work expenses are ordinary and necessary business expenses for attendant care services at your place of work and for other expenses in connection with your place of work that are necessary for you to be able to work. How can i file my 2007 taxes for free Self-employed. How can i file my 2007 taxes for free   If you are self-employed, enter your impairment-related work expenses on the appropriate form (Schedule C, C-EZ, E, or F) used to report your business income and expenses. How can i file my 2007 taxes for free Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28. How can i file my 2007 taxes for free It is not subject to the passive activity limitations. How can i file my 2007 taxes for free Repayments Under Claim of Right If you had to repay more than $3,000 that you included in your income in an earlier year because at the time you thought you had an unrestricted right to it, you may be able to deduct the amount you repaid or take a credit against your tax. How can i file my 2007 taxes for free See Repayments in chapter 12 for more information. How can i file my 2007 taxes for free Unrecovered Investment in Annuity A retiree who contributed to the cost of an annuity can exclude from income a part of each payment received as a tax-free return of the retiree's investment. How can i file my 2007 taxes for free If the retiree dies before the entire investment is recovered tax free, any unrecovered investment can be deducted on the retiree's final income tax return. How can i file my 2007 taxes for free See chapter 10 for more information about the tax treatment of pensions and annuities. How can i file my 2007 taxes for free Nondeductible Expenses Examples of nondeductible expenses are listed next. How can i file my 2007 taxes for free The list is followed by discussions of additional nondeductible expenses. How can i file my 2007 taxes for free List of Nondeductible Expenses Broker's commissions that you paid in connection with your IRA or other investment property. How can i file my 2007 taxes for free Burial or funeral expenses, including the cost of a cemetery lot. How can i file my 2007 taxes for free Capital expenses. How can i file my 2007 taxes for free Fees and licenses, such as car licenses, marriage licenses, and dog tags. How can i file my 2007 taxes for free Hobby losses, but see Hobby Expenses , earlier. How can i file my 2007 taxes for free Home repairs, insurance, and rent. How can i file my 2007 taxes for free Illegal bribes and kickbacks. How can i file my 2007 taxes for free See Bribes and kickbacks in chapter 11 of Publication 535. How can i file my 2007 taxes for free Losses from the sale of your home, furniture, personal car, etc. How can i file my 2007 taxes for free Personal disability insurance premiums. How can i file my 2007 taxes for free Personal, living, or family expenses. How can i file my 2007 taxes for free The value of wages never received or lost vacation time. How can i file my 2007 taxes for free Adoption Expenses You cannot deduct the expenses of adopting a child, but you may be able to take a credit for those expenses. How can i file my 2007 taxes for free See chapter 37. How can i file my 2007 taxes for free Campaign Expenses You cannot deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. How can i file my 2007 taxes for free These include qualification and registration fees for primary elections. How can i file my 2007 taxes for free Legal fees. How can i file my 2007 taxes for free   You cannot deduct legal fees paid to defend charges that arise from participation in a political campaign. How can i file my 2007 taxes for free Check-Writing Fees on Personal Account If you have a personal checking account, you cannot deduct fees charged by the bank for the privilege of writing checks, even if the account pays interest. How can i file my 2007 taxes for free Club Dues Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. How can i file my 2007 taxes for free This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. How can i file my 2007 taxes for free You cannot deduct dues paid to an organization if one of its main purposes is to: Conduct entertainment activities for members or their guests, or Provide members or their guests with access to entertainment facilities. How can i file my 2007 taxes for free Dues paid to airline, hotel, and luncheon clubs are not deductible. How can i file my 2007 taxes for free Commuting Expenses You cannot deduct commuting expenses (the cost of transportation between your home and your main or regular place of work). How can i file my 2007 taxes for free If you haul tools, instruments, or other items, in your car to and from work, you can deduct only the additional cost of hauling the items such as the rent on a trailer to carry the items. How can i file my 2007 taxes for free Fines or Penalties You cannot deduct fines or penalties you pay to a governmental unit for violating a law. How can i file my 2007 taxes for free This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal). How can i file my 2007 taxes for free Fines or penalties include parking tickets, tax penalties, and penalties deducted from teachers' paychecks after an illegal strike. How can i file my 2007 taxes for free Health Spa Expenses You cannot deduct health spa expenses, even if there is a job requirement to stay in excellent physical condition, such as might be required of a law enforcement officer. How can i file my 2007 taxes for free Home Security System You cannot deduct the cost of a home security system as a miscellaneous deduction. How can i file my 2007 taxes for free However, you may be able to claim a deduction for a home security system as a business expense if you have a home office. How can i file my 2007 taxes for free See Home Office under Unreimbursed Employee Expenses, earlier, and Security System under Deducting Expenses in Publication 587. How can i file my 2007 taxes for free Investment-Related Seminars You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes. How can i file my 2007 taxes for free Life Insurance Premiums You cannot deduct premiums you pay on your life insurance. How can i file my 2007 taxes for free You may be able to deduct, as alimony, premiums you pay on life insurance policies assigned to your former spouse. How can i file my 2007 taxes for free See chapter 18 for information on alimony. How can i file my 2007 taxes for free Lobbying Expenses You generally cannot deduct amounts paid or incurred for lobbying expenses. How can i file my 2007 taxes for free These include expenses to: Influence legislation, Participate or intervene in any political campaign for, or against, any candidate for public office, Attempt to influence the general public, or segments of the public, about elections, legislative matters, or referendums, or Communicate directly with covered executive branch officials in any attempt to influence the official actions or positions of those officials. How can i file my 2007 taxes for free Lobbying expenses also include any amounts paid or incurred for research, preparation, planning, or coordination of any of these activities. How can i file my 2007 taxes for free Dues used for lobbying. How can i file my 2007 taxes for free   If a tax-exempt organization notifies you that part of the dues or other amounts you pay to the organization are used to pay nondeductible lobbying expenses, you cannot deduct that part. How can i file my 2007 taxes for free See Lobbying Expenses in Publication 529 for information on exceptions. How can i file my 2007 taxes for free Lost or Mislaid Cash or Property You cannot deduct a loss based on the mere disappearance of money or property. How can i file my 2007 taxes for free However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. How can i file my 2007 taxes for free See chapter 25. How can i file my 2007 taxes for free Example. How can i file my 2007 taxes for free A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. How can i file my 2007 taxes for free The diamond falls from the ring and is never found. How can i file my 2007 taxes for free The loss of the diamond is a casualty. How can i file my 2007 taxes for free Lunches with Co-workers You cannot deduct the expenses of lunches with co-workers, except while traveling away from home on business. How can i file my 2007 taxes for free See chapter 26 for information on deductible expenses while traveling away from home. How can i file my 2007 taxes for free Meals While Working Late You cannot deduct the cost of meals while working late. How can i file my 2007 taxes for free However, you may be able to claim a deduction if the cost of meals is a deductible entertainment expense, or if you are traveling away from home. How can i file my 2007 taxes for free See chapter 26 for information on deductible entertainment expenses and expenses while traveling away from home. How can i file my 2007 taxes for free Personal Legal Expenses You cannot deduct personal legal expenses such as those for the following. How can i file my 2007 taxes for free Custody of children. How can i file my 2007 taxes for free Breach of promise to marry suit. How can i file my 2007 taxes for free Civil or criminal charges resulting from a personal relationship. How can i file my 2007 taxes for free Damages for personal injury, except for certain unlawful discrimination and whistleblower claims. How can i file my 2007 taxes for free Preparation of a title (or defense or perfection of a title). How can i file my 2007 taxes for free Preparation of a will. How can i file my 2007 taxes for free Property claims or property settlement in a divorce. How can i file my 2007 taxes for free You cannot deduct these expenses even if a result of the legal proceeding is the loss of income-producing property. How can i file my 2007 taxes for free Political Contributions You cannot deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. How can i file my 2007 taxes for free Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate are not deductible. How can i file my 2007 taxes for free Professional Accreditation Fees You cannot deduct professional accreditation fees such as the following. How can i file my 2007 taxes for free Accounting certificate fees paid for the initial right to practice accounting. How can i file my 2007 taxes for free Bar exam fees and incidental expenses in securing initial admission to the bar. How can i file my 2007 taxes for free Medical and dental license fees paid to get initial licensing. How can i file my 2007 taxes for free Professional Reputation You cannot deduct expenses of radio and TV appearances to increase your personal prestige or establish your professional reputation. How can i file my 2007 taxes for free Relief Fund Contributions You cannot deduct contributions paid to a private plan that pays benefits to any covered employee who cannot work because of any injury or illness not related to the job. How can i file my 2007 taxes for free Residential Telephone Service You cannot deduct any charge (including taxes) for basic local telephone service for the first telephone line to your residence, even if it is used in a trade or business. How can i file my 2007 taxes for free Stockholders' Meetings You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you own stock but have no other interest. How can i file my 2007 taxes for free You cannot deduct these expenses even if you are attending the meeting to get information that would be useful in making further investments. How can i file my 2007 taxes for free Tax-Exempt Income Expenses You cannot deduct expenses to produce tax-exempt income. How can i file my 2007 taxes for free You cannot deduct interest on a debt incurred or continued to buy or carry  tax-exempt securities. How can i file my 2007 taxes for free If you have expenses to produce both taxable and tax-exempt income, but you cannot identify the expenses that produce each type of income, you must divide the expenses based on the amount of each type of income to determine the amount that you can deduct. How can i file my 2007 taxes for free Example. How can i file my 2007 taxes for free During the year, you received taxable interest of $4,800 and tax-exempt interest of $1,200. How can i file my 2007 taxes for free In earning this income, you had total expenses of $500 during the year. How can i file my 2007 taxes for free You cannot identify the amount of each expense item that is for each income item. How can i file my 2007 taxes for free Therefore, 80% ($4,800/$6,000) of the expense is for the taxable interest and 20% ($1,200/$6,000) is for the tax-exempt interest. How can i file my 2007 taxes for free You can deduct, subject to the 2% limit, expenses of $400 (80% of $500). How can i file my 2007 taxes for free Travel Expenses for Another Individual You generally cannot deduct travel expenses you pay or incur for a spouse, dependent, or other individual who accompanies you (or your employee) on business or personal travel unless the spouse, dependent, or other individual is an employee of the taxpayer, the travel is for a bona fide business purpose, and such expenses would otherwise be deductible by the spouse, dependent, or other individual. How can i file my 2007 taxes for free See chapter 26 for more information on deductible travel expenses. How can i file my 2007 taxes for free Voluntary Unemployment Benefit Fund Contributions You cannot deduct voluntary unemployment benefit fund contributions you make to a union fund or a private fund. How can i file my 2007 taxes for free However, you can deduct contributions as taxes if state law requires you to make them to a state unemployment fund that covers you for the loss of wages from unemployment caused by business conditions. How can i file my 2007 taxes for free Wristwatches You cannot deduct the cost of a wristwatch, even if there is a job requirement that you know the correct time to properly perform your duties. How can i file my 2007 taxes for free Prev  Up  Next   Home   More Online Publications