Tax Law (Questions About Taxes)/taxes

Advertisement


Question
I have a tax question but know little about taxes. I pay a mortgage on my house. How can I use the amount I paid in 2015 ($4,000) to pay less in taxes, or reduce income or deduction during tax time.I'm not sure how to say it. Someone told me in no way can it help me during tax time unless I do itemized and have expenses in excess of 10,000. Please help me understand. Also, I paid about 500 in education in 2015. How can that reduce my taxes or income earned.

Answer
generally no help for you.

the reason is called "standard deduction"  

the irs "Gives you" a base level of deductions that you receive whether or not you actually spend that money on tax, charity or other deductible stuff like mortgage interest.  THe amount varies if you are single, married, head of household or widow.  

but in all cases it is more than $6k. so you only get benefit for the increment over that amount.  but you include your state tax paid on your payroll wages too.  I would find it hard to believe that a person with a 4k mortgage interest does not also have sufficient state tax to also have a schedule a on their return.   

you might need h&r block instead of doing your return your self?

how did you do your return last year (and years past?)

good luck

Tax Law (Questions About Taxes)

All Answers


Answers by Expert:


Ask Experts

Volunteer


MEdusa

Expertise

Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience

19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

Organizations
AICPA, CSCPA (Ct society), National Tax,

Publications
a bunch.

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2016 About.com. All rights reserved.