So Many Receipts!
I have a question (probably foolish/ obvious to others😌) for this coming year. I was wondering why with the new standard deduction do I need to continue itemizing deductions? I have less than the 24k we're allowed for the standard deduction we're eligible for so itemizing wouldn't make sense. And if we don't itemize is there any reason to keep all these receipts?!
|
Itemize or standard deduction?
Originally Posted by ZB4: |
Thanks so much for your help Tom. So I don't need to keep track of things like craft materials and curriculum purchases? How about food, same ? Wow...30 years of keeping all this stuff yearly...can I just say I'm loving this, it makes my life so much easier!
|
You still need to retain receipts for business expenses like curriculum etc because you write those off on Schedule C. Itemizing is personal deductions. Tom can probably speak to this more clearly.
|
receipts
Originally Posted by ZB4: |
Oh okay, I understand what you're saying. This is why I don't do my own taxes. Lol. This year I'm supposed to be getting a rather large refund, as I didn't even make 24k, low enrollment but still had pretty high expenses as I purchase my curriculum (for 6 kids) and a lot of my materials at the beginning of the year in anticipation of full enrollment, which never happened. So I ended up operating at a loss....and my hubby is W2 with extra taken out to offset my taxes....we filed 4/11/19 and still haven't received it. :confused:
|
All times are GMT -7. The time now is 11:56 PM. |