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| *The Commerce Journal>>>Other Taxes |
Should I keep all reciepts that have anything to do with school and school items? |
For tax purposes? Like i bought a lunchable today at the grocery store to eat while waiting on my financial aid person. Can i use that for taxes? Or if i buy grocerys and make lunches for school? I am talking about college, by the way. Thanks Uh, no, you can't deduct that type of expense. You, or your parents if you are their dependent, can probably take an education credit for a portion of your tuition and fees, but your school will send you a form at the end of the year showing those amounts. Books, supplies, food, room and board are not deductible. You can only deduct tuition and book expenses on your taxes for college education. The two options are the tuition deduction and the lifetime learning credit. You should look to see which one allows you the better deduction. I am not really sure that snacks are tax deductible. But you may get a per day deduction for food expence since you are a student. Call a CPA and talk to them, NOT HR block or anyplace like that. Sorry, but food for how you are describing it, is not deductible. If you were running a business and were entertaining business clients, then that would be a deductible business expense (although, only deductible 50%). But food in general is not deductible. After all, you gotta eat or die from hunger. You cannot deduct these expenses, but showing that you paid them might be important to demonstrating that you are your own dependent or dependant (not sure of the spelling) and not someone else's. |
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