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Car Insurance Premium Tax

Carmen Said:

Ex husband deducts car insurance premiums from alimony?

We Answered:

So... What is your question?

That's the way this works you know.

YOU ask a question then WE answer it.

Simply making a statement of fact does not a question make.

Clinton Said:

Why is my car insurance premium so steep!?

We Answered:

Your friends aren't paying for theft or fire while you are.

Also, use http://www.simplyinsurancequotes.com/ukm… they are the best I know in the UK.

Beatrice Said:

Are there possible tax breaks for buying a car? Other tax breaks?

We Answered:

The car - if you itemize, and deduct sales tax rather than state and local income tax, you could deduct the sales tax - but if you're in PA and employed, you'd most likely choose to deduct the state and local income tax instead, it would probably be more.

Read the instructions for form 1040 schedule A to see what qualifies as itemized deductions. If your premiums are deducted from your paycheck pretax, you can't deduct them, they've already been excluded from your income. If you aren't a homeowner it's usually pretty hard to come up with more itemized deductions than just taking the standard deduction would give you.

There are a few other items you can deduct as adjustments, such as alimony paid and student loan interest paid - you can find those on the bottom of page 1 of form 1040.

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