can I get a tax credit for donating my car, or only a tax deduction?

I want to donate a working pick-up truck to charity. I have heard all about the tax deduction I would be eligible for, but isn’t a deduction only helpful if I OWE money on my taxes each year? I always, always get money back… so will donating a car be beneficial for me? Or am I better off just selling the truck?

Are our tax deductions Constitutional?

I am specifically referring to the standard deductions that people get based on how many dependents they have.

For the vast majority of people in this country the amount of federal taxes you pay is based on how often you decide to have children. Most people fall into the median range where having 0 children means they pay a significant amount of tax. Yet if they "decide" to have 5 or more children they pay little to no taxes AND many people get earned income child tax credits which basically give them more then they payed in back. Its kind of like another welfare program.

I’m not saying that people who have kids need or feel they need the money I am specifically asking about the constitutionality of it. How can our government differentiate based on how often you have sex and procreate????

One example:
Think about people who have medical problems – they may want to try expensive medical procedures or adopt. Those costs are far more then being able to have a child normally so how can the constitution allow them to be treated as second class citizens because of medical issues??
So wayne – you see no Constitutional issue in the tax code as far as saying its fair? I see it as very unfair. Imagine if they decided to say that all people with the name of wayne should have to pay more in taxes then people with the name fred? Or people who get dogs pay less? Or people who have warts on their noses? Do you get my point here?

I know of no authority under congress to regulate taxes in this manner.

Quicken Online and Tax Deductions?

I know that (free online money tracking tool) Quicken Online (just like Mint.com) tracks bunch of transactions, does fancy graphs, updates amounts, etc. But I do have a question. What about tax deductions?

Would Quicken Online be able at the end of the year scan all my transaction and find all eligible ones that are potential tax deductions?

For example:
I am a self-employed. I bought a computer for my website business in summer. So, when I do my taxes (TurboTax – same company) can I integrate my Quicken Online transaction and TurboTax to find out that there was a ,000 transaction in summer that might be eligible for tax deduction (based, of course, on my tax situation)?

Any ideas? Thanks.

Question about tax deductions?

Hi. I’m only 18 years old so I don’t know much about tax and stuff. I got my first pay check today after one week of work. I was suppose to be paid 00 before tax but I lost 25% of that money through deductions. Is income tax suppose to be that high??? 25%??? Or do you think there is some mistake?

Medical and dental deductions – are they always pre-tax?

Question for those out there who are experts on payroll deductions: Deductions taken from my paycheck for medical, dental insurance, long-time disability, life insurance, etc…do all companies deduct this money from bi-weekly paychecks on a pre-tax basis or are there employers who do it on a post-tax basis? I have a full-time job as an engineer on a fortune-500 company. Thank you

Is it better to have your health insurance deductions taken out on a pre-tax or post-tax basis?

I am in a low tax bracket (15% I think) and my company offers the choice of having your health insurance payments taken out on a pre- or post-tax basis. I’ve heard that you pay less money in taxes if you get it taken out on a pre-tax basis, but if you get it taken out on a post-tax basis you get tax-cuts at the end of the year. Is there any truth behind this? Please help. I’m confused.

can I claim a tax deduction for a business I have not yet filed for a tax ID?

I run a lawn service out of my parents garage right now. I am making very good money and do like to claim it on my income takes as "other" or Schedule C. (its taxed @ 15%)

Recently I purchased several pieces of expensive equipment but I have not yet filed for a Tax ID # nor have I made the business an official corporation. Can I claim the purchases on my 2007 tax forms as deductions? I would like to claim full revenues and recieve a tax break from expenditures.

How would I go about this?

With California giving out IOU's instead of tax refunds, will more people change their deductions?

That way instead of using taxes as a sort of deferred savings account, where they get money back at the end of the year, will this scare people into changing their deductions where they might owe money at the end of the year, but at least they are guaranteed to get all their money?

Tax deductions in law enforcement?

What are some tax deductions cops are allowed to take?
I wish I knew where Pia is talking about. I have a masters degree in business, don’t get a meal allowance, expenses, gas and don’t make a lot of money unless I kill myself with overtime. By the way your welcome for the sacrifice ingrate.

What is the maximum $ I can gift to my children and write it off as a tax deduction?

I have 5 children and am looking for tax deductions. I understand I can gift 10k per year to each of my children to a max of 100k, and write that money off as a tax deduction- is that accurate?