doing my taxes myself this year, have a question….?
1. I am doing the tax calculator online and goodwill donations does not do anything to my amount? I moved from a house to an apartment so donated lots. Trying to count 0 towards taxes.
2. I bought a car on 5/3/09. The price of vehicle was ,605 but after rebates, trade in, down payment and all that, it says the taxable total is 13,105.. Which total do I use? The sales price or taxible total? The question it asks is purchase price for a new vehicle. What goes there?
3. I used to see my ex husband grab his vehicle regristration when doing his taxes. does that do anything?
I am going to owe so I want to do it myself so I do not have to pay much to have them done professionally.
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1. You have the option to take either the actual amount of donations, etc., or a "standard deduction", which is several thousand dollars, but not both. The computer has correctly determined that you are better claiming the "standard" amount than using the $500.
2. Probably taxable total. I am not sure why it is asking. It should not matter.
3. You can claim registration fees based on the value of the car, but not registration fees based on the weight of the car.
Accepted donations are either 1% or 3% of your adjusted income, any more than that will be scrutinized and flagged. You should just go with standard exemption and not try for special deductions. Go look on your Auto Sales/purchase agreement – there should be an amount stated for the amount of taxes paid, along with fees to register car.
Unless you have more than the standard deduction ($5700 if you are single) it will not help to include goodwill donations. If you paid real estate taxes, up to $500 will add to your standard deduction on Sch L.
You can use the $19605 for the sales price of the car. It won’t matter what you use since it is well under the limit.
Unless you are able to itemize, forget the vehicle license renewal. It only helps in states that charge tax based on the value of the vehicle anyway.
U enter 13.105 that is the taxable amount.