Tax Tip of the Day
According to IRS Publication 526 (the one about charitable contributions you can deduct, duh) there are some tax benefits for those of in certain kinds of industries, such as:
"Expenses of Whaling Captains
Beginning in 2005, you may be able to deduct as a charitable contribution the reasonable and necessary whaling expenses paid during the year in carrying out sanctioned whaling activities"
"Expenses of Whaling Captains
Beginning in 2005, you may be able to deduct as a charitable contribution the reasonable and necessary whaling expenses paid during the year in carrying out sanctioned whaling activities"
Comments
When filling out your tax return, don't forget to deduct:
- charitable contributions
- interest paid on mortgages or student loans
- moving expenses (if you moved for a job *cough* Matt)
- property taxes paid (on real estate, or in Kentucky, your car)
- Yearly medical expenses that exceed a certain percentage (7% I think) of your income
- Standard deductions ($3300 per person I think)
ALSO, for married types living in Kentucky, if given the option of "Filing Jointly" or "Filing Separately on a Combined Return," the latter could increase your state return significantly.
It seems like you're getting away with something, though, doesn't it?
Here's the actual law, I guess the difference is just in the math. I wonder when it's ever advantageous to do it the other way?