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TAXES: Que gastos puedo deducir en mis impuestos? |
TAXES: Which expenses can I deduct from my Income Taxes? Many believe that all the personal expenses like food, rent, water bills, etc can be deducted from their income taxes. This is completely incorrect. If you do not have a business as an individual you can only deduct few things. On the other hand, if you do have a business or work for yourself, then you can deduct any expense that can be considered ordinary or necessary for your business. If you are an individual and choose to use the SCH A or long form you must remember that your expenses must exceed the standard deductions. Otherwise you are wasting your time and energy. The long form only allows you to include mortgages and medical expenses, donations, unreimbursed employee expenses and qualified investment expenses. If you have a company or work for yourself then you have the right to deduct any expense that can be considered ordinary or necessary for your trade of business. For instance as a mason you can deduct your car miles, clothes, material, supplies and any other expense you made as a result of your trade. You cannot deduct your personal food, rent, your house electrical bill unless you use your house as your office. In that case you can only discount a percentage of it. Every person who receives a 1099 is considered self – employed and can deduct his expenses. |