Thursday, August 18, 2011
Can I claim these items on my taxes? The nursing home I work at is ill equipped.?
Keep your receipts. You can deduct these items, to an extent, but only if you itemize. Even then you can only deduct the amount that's over 2% of your adjusted gross income. You won't get reimbursed on your tax for the whole amount - even if you can take a deduction, your tax savings is the deductible portion times your tax bracket. So if you earn $25,000 for the year and are in a 15% tax bracket, the first $500 you spent wouldn't be deductible, and even if you itemize, your tax savings on each $100 you spent OVER $500 would be $15.
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