Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Assuming I have met the threshold deductions, how can I

Customer Question
Assuming I have met the...
Assuming I have met the threshold for itemizing deductions, how can I determine (or estimate) the value of each additional dollar of deductible expense? I need to decide it is worthwhile to bother with getting a new copy of a lost receipt, etc.
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
2/1/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,311
Experience: Taxes, Immigration, Labor Relations
Verified

That is based on your marginal tax bracket.
See here 2015 tax rate schedule

http://www.bankrate.com/finance/taxes/tax-brackets.aspx

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago

For instance - if you are Single and your taxable income (after deductions) is $40,000 - you are in 25% tax bracket (from $37,451 to $90,750) - and every additional dollar in deductions will reduce your tax liability by 25 cents.

.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,311
33,311 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Tax Law As far as filing a tax return I lost some weight and
Tax Law As far as filing a tax return I lost some weight and donated some expensive suits and other clothing last year. How do I determine the value and is it dollar for dollar off of my income or is … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I made a charitable deduction to Habitat. I have an itimized
Hello, I made a charitable deduction to Habitat for Humanity. I have an itimized list of the tools, like drills, belt sanders, palm sanders, windows, nail guns, boxes of various screws. How can I find… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Lane, How Can I Get U only To answer a Question? I Have A Very
Lane, How Can I Get U only To answer a Question? I Have A Very Very Good Friend That is On this just answer Site and he is Brilliant and Gave me an Answer in a Personal Friend Talk. Since it's a One S… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Lost the question...take 2: What if any expenses are deductible
Lost the question...take 2: What if any expenses are deductible for job searching: printing and copying resumes, travel to interviews, presentation materials, dry cleaning, etc.?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Id like to give away lots of clothes away to Goodwill. These
I'd like to give away lots of clothes away to Goodwill. These are really expensive designer shirts, jeans, suits, and so on. I was reading the Googwill valuation guide (which they claim are only "esti… read more
Angie
Angie
Bookkeeper
55 satisfied customers
We have given a large $ amount of tools and other equipmqnt
We have given a large $ amount of tools and other equipmqnt to Restaore to be used for building habitat housing. The amount is way over the allowable deduction for donations. We were told that we need… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
When new items are purchased for the purpose of donating them
When new items are purchased for the purpose of donating them to a ministry, like I buy the church a new chair, how do I deduct that....as a cash donation, and keep the receipt for proof, or donation … read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
I own a small pre-school. I used 2 subcontractors in 2010.
I own a small pre-school. I used 2 subcontractors in 2010. I don't have record of what I paid them. What should I do?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,311 satisfied customers
I paid income taxes in Australia in 2008 and in New Zealand
I paid income taxes in Australia in 2008 and in New Zealand in 2009 for working part of each of those years in those countries. My income was strictly for wages earned in those countries as a cellar h… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
What is the highest amount I can value on a charitable contribution
What is the highest amount I can value on a charitable contribution receipt without itemizing? (just state an amount) I am talking mostly clothes and household items to Salvation Army, etc.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,311 satisfied customers
I built a multi-million dollar house as an investment over
I built a multi-million dollar house as an investment over the past 10 years in a high end resort community. I never lived in the house (nor was it rented). I just sold it and I am putting my receipts… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Thanks in advance for your time. Just recieved request for
Thanks in advance for your time. Just recieved request for add'll information on deductions. Major deductions with Dads clothes who had passed away and business computer. The problum is finding all re… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I think some of my receipts were given away to the needy by
I think some of my receipts were given away to the needy by accident. They amounted to about Fourteen hundred dollars. They were inside an old entertainment center that we did not need anymore. What s… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Our 501(c) is hosting a golf outing this summer to raise money
Our 501(c) is hosting a golf outing this summer to raise money for college scholarships. We are located in Illinois. I am trying to find out what we are able to give out tax deductable receipts for fr… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
How do you determine the amount that Federal & State wants
How do you determine the amount that Federal & State wants each year before having to owe or get a refund? Is it based on a percentage of your gross amount?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I just bought my first home and Id like to know what ...
I just bought my first home and I'd like to know what receipts should I be saving for tax deductions? i.e. groceries, stamps, cleaning supplies, etc?… read more
Barbara
Barbara
Certified Test Admin. - Personal Coach
Bachelor Degree
182 satisfied customers
i recieved 100,000 in 06 for my divorce settlement. when ...
i recieved 100,000 in 06 for my divorce settlement. when it was deposited they had taken over 10,000. out for taxes. other than this I had no income. I did win some gambling and lost much gambling. al… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
what is the max amount of dollars i can right off for ...
what is the max amount of dollars i can right off for vietnam veterans of america donation with a T-24 receipt? (how much for each receipt?)… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x