AboutCarole Dunton Expertise Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions.
General knowledge of schedule C for small sole proprietorships.
No experience in corporate, estate, partnership or large business returns.
Experience 9 years as tax preparer for major national firm.
Question Hi,
Thanks in advance for your time.
Can I report any of these expenses in my tax report?
I have two kids who go to a catholic private school(1st grade and 4th grade). I pay for them about $470 per month. That make about 4,700 a year.
I also pay about $500 each month for medical insurance in my office but they deduct the payment before taxes.
Another info is I file separate as head of household with two depends.
I haven't file itemize before I always take the standard deduction...
I hope is clear my question ....;o)
Thanks again
Guillermo
Answer Hi Guillermo,
Your children's school tuition is not deductible. The Education Credits and Tuition and Fees deduction are for post secondary education.
The medical insurance premiums that are made with before tax dollars are not deductible.
If you file as Head of Household, your standard deduction is $7,000. If your itemized deductions total more that that then you should itemize. Itemized deductions include home mortgage interest, state income tax, property tax, charitable contributions, medical expenses that exceed 7.5% of your adjusted gross income, employee business expenses to the extent they exceed 2% of your adjusted gross income and casualty losses.
