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HomeOff Topics › Tax Help.. Deduction amounts
02-06-2008 12:14 AM  10 years agoPost 1
Grant H

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Madison, WI

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I am looking for some info on taxes, that can probably help out a bunch of people on here.

Where can I find a list of standard deductions that I wouldnt have to prove with receipts? Work stuff, donations, etc... Theres got to be some info out there that could help me with this (not stuff the IRS wants people to know) For example, I donated tons of clothing this year (real decent clothing seeing that I lost 100lbs basically over night), but never got receipts. I dont want to get autited for going over the standard amount but would still like to claim some items.

Thanks in advance.

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02-06-2008 12:25 AM  10 years agoPost 2
SilverEagle2

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Utah

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No receipts, no deduction.

Can you go back and get a receipt for the clothes?

Turbo Tax can answer most simple deduction (and some advanced) questions.

Bottom line is, if you cannot prove it, you cannot take it.

There are no standard deductions for charitable contributions as far as I know.

Wait..what!?!?! No, that can't be!

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02-06-2008 03:35 AM  10 years agoPost 3
helo_chris

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goodlettsville, tn

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ESPECIALLY with charitable contributions, if its over the standard deduction and no receipt dont claim it. Thats instant audit flag.

"There is a fine line between cutting edge and bleeding edge.."

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02-06-2008 12:23 PM  10 years agoPost 4
Grant H

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Madison, WI

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Thats what I'm wondering. What are the standard deduction amounts?

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02-06-2008 01:10 PM  10 years agoPost 5
helo_chris

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goodlettsville, tn

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Pretty sure $400 is the max you can claim without a receipt.

"There is a fine line between cutting edge and bleeding edge.."

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02-06-2008 01:21 PM  10 years agoPost 6
redvtr1000

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covington, GA

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No receipts, no deduction
That is untrue. The IRS isn't asking for you to send every receipt for every deduction. But, if you were to get audited, they would then ask to see them.

There are lots of deductions that are possible, and what you can and can't take will depend on your life details. I take a couple of them related to school and I work as a sub-contractor so I will also get some for that.

I don't know where you could find a list that shows all the possibles, and what the max amount for those deductions are, but did you try the IRS website?

I have a friend who worked for the IRS for 25 years and now does taxes with HR Block. Depending on your tax bracket, and a few other factors, you can probably claim in the middle range and be safe (not have to worry about an audit, though there is always a random chance).

From what I have been told, there are a few red flags for the IRS.

- Errors on your return. Gross errors are a red flag, if you made some mistake it is going to make them look at your return closely.

- EITC (earned income tax credit), free money I suppose makes them a bit wary of folks trying to scam this system. I don't file for this b/c I don't fit.

- High income. If you make 25-35k a year and don't have a bunch of errors, and it doesn't look like you are trying to take the max on every deduction, you probably won't get audited. Make 200k a year and do some funky stuff? you might get hit.

A good tax guy can hook you up, but most of them from HR and places like that won't even tell you about the deductions because they don't want their name on it if you do get hit.

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02-06-2008 02:54 PM  10 years agoPost 7
SilverEagle2

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Utah

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No receipts, no deduction
By the letter of the law, it is most certainly true. Just because you may not get audited does not make it legal.

Better "Right" than "OK till caught."

Then again, I always file as if I will get audited to insure I have no chance of being found in error.

Difference of personal philosophy.

"Pay what you legitimately should and no more."

Wait..what!?!?! No, that can't be!

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02-06-2008 03:24 PM  10 years agoPost 8
RCHeliJim

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Orem, UT USA

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Then again, I always file as if I will get audited to insure I have no chance of being found in error
Same here. I dont put anything on there I cant back up with proof.

I do kick myself each year for forgetting to get a receipt when I drop some clothes or items off for charity - but then again, the primary reason for doing so is to help people anyway, the tax break is secondary. One of these years I will remember to get the reciepts, but it wasnt last year hehe



Go Fly, Have Fun!!
-Team Quick UK

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02-06-2008 06:59 PM  10 years agoPost 9
redvtr1000

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covington, GA

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I never mentioned legality.

I sometimes walk that grey line...and feel good about it.

I don't think I need to worry about a ten dollar fuel receipt so much especially when I watch guys I work with not pay squat all year round and then get back 5-8k a year...and they aren't even citizens.

If I spend 125 dollars a week on fuel and am missing one entire weeks receipts, I'm still going to claim that weeks fuel and I bet you even if I did get audited they wouldn't complain about that.

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