Weekend Assignment #55: The IRS, in its infinite wisdom, is allowing you to deduct one thing from your taxes that you haven't been able to deduct before -- anything you'd like. What do you deduct and why? Yes, anything. And your reason for deducting it doesn't even have to be good -- this isn't an audit, you know. I'm just curious as to what you'd pick.
In these times of outrageous fuel prices continuing to rise with no end in sight, I would like to be allowed to deduct a portion of the money I spend on gas. The reason I would be eligible for this is because I drive a small, fuel-efficient car which gets very good gas mileage. A flat standard deduction would be acceptable and I'm generous enough with our government's money to extend this deduction to everyone who drives small vehicles delivering many miles to the gallon.
Extra Credit: Do you wait until the last minute to do your taxes? Or did you have them done ages ago?
I get our taxes done in a timely manner. I've already received refund checks from my state and federal returns. If I have to pay, I'll wait until the deadline is a day or two away. Who wants to be in a rush to pay out money, after all?
6 comments:
If only I COULD drive a small, fuel efficient vehicle. We bought one for the husband a year and a half ago, but I still have to drive some big, smelly vehicle for my business. I would own a Prius if I could... Lisa :-]
Woohoo! I want in on your deduction!!
I would want a deduction for produce and meat and dairy groceries. As I am helping to contribute to local farms and enterprise as such....I would want a portion back! this might help in the end to get people to buy more "real" food and not so much out of boxes...
If you have a home based business, you can deduct 100% of all your gasoline usage, be sure to keep the receipts. Plus 45 cents per mile, plus insurance. On only one vehicle, yet this makes sense to me as we just saved $11,000 + on our taxes and getting a refund over $5k.
Cheers
Congrats and thank you for chosing an environmentally and economically efficient car. However I'd like to see a multi passenger fuel efficient vehicle on the market. Try carpooling 6 children, 6 backpacks, 6 lunch boxes....with room for the "can you pick up my child today" emergency... without breaking the state law and putting a child in the front seat (even with the airbag off)....at least I'm carpooling! Can I get a tax break for that?
FOOD COST BECAUSE GROCERIES ARE SO EXPENSIVE. BEING RETIRED DOESN'T HELP.
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