Income tax deductions???

April 18th, 2010

Hello, i am trying to get the most of my tax return this year. I am a single mom, my son is elementary school he attends daycare And i just purched a new used car. How can i file? will the new car count as a deduction?

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  1. wartz - April 18th, 2010 at 12:37 pm

    General rule for most ordinary folks: If you are not buying a home, you will take standard deduction. Daycare, to the extent it is looking after your child so you can work, will generate a credit against your tax.

  2. Wayne Z - April 18th, 2010 at 12:37 pm

    Assuming that you support yourself and your son, you qualify for Head of Household.

    On the Federal return, there is a credit for day care expenses but the max credit with one child is only $600.00.

    For 99.9% of people, buying a car has absolutely no effect on their taxes. The exception is if the car is used for business.

  3. skaizun - April 18th, 2010 at 12:37 pm

    Given your poor spelling and grammar, vague main "question", and equally obvious lack of knowledge concerning tax laws, I strongly recommend that you seek the advice of a tax attorney or counselor, or go to the IRS and then your State’s Department of Revenue (or similar; not to mention your town/city’s tax department, if appropriate), or, at the very least, download any of the free do-it-yourself tax software from the internet (I don’t advertise on sites like this, so I can’t help you, there; also, even if you use the downloaded software, it may not help get the most deductions for you; the IRS and State won’t be overwhelmed with calls and visits until March, so you have two months to visit them (IRS first) with all your income and expenses and other documentation, for FREE assistance).

  4. Boom Chiki Bomb Bomb - April 18th, 2010 at 12:37 pm

    You may be able to get EIC, child care and dependence credit

    Buying a car will not be able to be used as a deduction since it is intended for personal use and not business related.

  5. Judy - April 18th, 2010 at 12:37 pm

    The new car won’t help on taxes, but you’ll get an exemption and a tax credit for your son, and a child care credit. And you can most likely file as head of household.

  6. v b - April 18th, 2010 at 12:37 pm

    Do you itemize?

    When I bought my last car, I had to pay sales tax–which is an itemizable deduction.

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