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04-02-2016 06:29 AM
Hi, I must be a dummie because I amost finished doing Tax Act online and I looked at my pile what I have left and it is my car excise tax and my property tax I don't know where I was supposed to put these. If you did Tax Act online do you remember where to put these items? TIA
04-02-2016 06:37 AM
They should have a live chat available to ask questions.
04-02-2016 08:56 AM
My mom says most people unless they have an extraordinary loss (for example your house burned down and you had no insurance) they're better off taking the standard deduction than itemizing. Unless you have unbelievable losses you shouldn't drive yourself crazy -- take the standard deduction. My mom worked at H&R Block and did taxes for a living.
Those two things you referenced go under the itemized deductions but mom really recommends you look at the standard deduction.
Hope this helps. This is just based on the bit of information you provided and opinion. ...just trying to be helpful.
04-02-2016 08:57 AM
Thank you so much ladies I found it under personal deductions it lists excise tax and property tax.
04-02-2016 09:32 AM
Hi @cuddlesmama I just asked my husband, he's a CPA, he says it's under schedule A, part 2. Also the only time it's better to take the standaed deduction is if you don't have a mortgage. At any rate if your using an automated program it will take the best deduction. Hope this helps you.
04-02-2016 09:32 AM
@Deb1010yetagainYour mom's info is good for many people - but if someone lives in a high tax state, the property tax bill all by itself could be more than the standard deduction. It's at that point it becomes really critical for taxpayers to look at all their possible deductions because then they really pay off.
When I lived on Long Island, I always filed my itemized deductions in spite of the fact the house I owned was under the median price for my area.
04-02-2016 09:42 AM
The property taxes go under Deductions. There is a place for property and school taxes.
I don't know about car excise taxes, because I don't know what those even are!
04-02-2016 10:18 AM
@millieshops wrote:@Deb1010yetagainYour mom's info is good for many people - but if someone lives in a high tax state, the property tax bill all by itself could be more than the standard deduction. It's at that point it becomes really critical for taxpayers to look at all their possible deductions because then they really pay off.
When I lived on Long Island, I always filed my itemized deductions in spite of the fact the house I owned was under the median price for my area.
@millieshops yes, you are right. My mom said that and a whole lot more to me and I think I edited down her response too much -- slower typist.
04-02-2016 10:32 AM
@Deb1010yetagainNo harm -- I just know we all have very different tax issues and that those issues can vary from year to year. I know an elderly couple who have filed standard deduction for years and years until this week when their accountant saw their medical costs for 2015 and changed their filing status. Fortunately, he has always insisted on seeing their possible deductions in spite of their history of using that standard deduction.
I sincerely hope medical deductions are never the reason I need to start filing itemized deductions again!
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