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Author: cryanc Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Tax Deductions Date: 12/30/2001 11:27 PM
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I am 18 years old, single, with no dependents, and will have to file a tax return for the first time next year, 2003. I plan to earn approximately $21,000 in 2002.
My job is a long-term temporary position. I commute 70 miles round-trip five days per week, so I spend quite a bit for gas and car maintenance, in addition to paying for meals. I am also making payments on a federal student loan.
Since I do not know which expenses are deductible, any help/information you can give me would be greatly appreciated so I can make sure to save any necessary receipts.
Thank you very much.
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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56502 of 121114
Subject: Re: Tax Deductions Date: 12/31/2001 12:38 AM
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I am 18 years old, single, with no dependents, and will have to file a tax return for the first time next year, 2003. I plan to earn approximately $21,000 in 2002.
My job is a long-term temporary position. I commute 70 miles round-trip five days per week, so I spend quite a bit for gas and car maintenance, in addition to paying for meals. I am also making payments on a federal student loan.
Since I do not know which expenses are deductible, any help/information you can give me would be greatly appreciated so I can make sure to save any necessary receipts.
Thank you very much.


It's good that you are thinking ahead. Get a copy of IRS Pub. 17, Your Federal Income Tax. It is a fairly thick volume that covers most of the issues that you might face as a taxpayer. Skim the chapter titles and read those chapters which you think might pertain to your situation. If you have questions, come back and ask them here.

Unfortunately, your commutation costs are not deductible. "Payments" on your student loan are not deductible, but the interest portion of the payments is.

Ira

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Author: marlagerein One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56554 of 121114
Subject: Re: Tax Deductions Date: 1/1/2002 9:18 AM
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...and just to add to the first repsonder's comments, you can download Publication 17 from the IRS site www.irs.gov. Go to the bottom of the home page, click on the "Tax Info For You" link. On that "personal" page, about 2/3's of the way down in the right-hand column, is a blurb and a link to the downloadable version of Publication 17.

M

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