Income Tax Deductions
Is it possible to take income tax deductions on top of taking the standard deduction?This may not be possible. For example, in most cases, you cannot take an income tax deduction for something like travel expenses on top of taking the standard deduction. The only way to do this would be to itemize the deductions. If the standard deduction is taken, no other income tax deductions may be taken along with it.
In the State of California, is it possible to use the cost of licensing a vehicle as an income tax deduction?In the State of California, it is not currently possible for an individual to use the cost of licensing a vehicle as an income tax deduction. In the years before 1935, the State of California did have a personal property tax on vehicles, which could be used as an income tax deduction. However, after 1935, the State of California got rid of this and established a fee for licensing a vehicle. This fee cannot be considered an income tax deduction. However, if a business is filing their income tax return, any cost for maintaining a vehicle that is solely used for business purposes can be claimed as an income tax deduction. For more information, visit: http://www.dmv.ca.gov/pubs/brochures/fast_facts/
Can a widow or widower claim the interest paid on their mortgage after their spouse has died since they made the payments towards the mortgage although it wasn’t in their name?If the property was transferred to the widow or widower, they can take the income tax deductions that are available for the taxes and the interest on the home. All expense deductions related to the property can be reported on Schedule A of their tax return.
Income tax deductions are items that may deduct the amount of tax that is owed to the government. Since there are several kinds of tax deductions, an individual may need help in understanding them when filing their returns. In this situation, direct your queries about tax deductions to Tax Professionals on JustAnswer who can offer insights and information to help with your case.