Members of the Maryland Association of Certified Public...

Tax answers

February 07, 1996

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.

Q: Should I itemize or take the standard deduction?

A: Itemize only if deductions exceed the standard deduction. For 1995, the standard deductions have increased to: $6,550 for marrieds filing jointly; $3,900 for singles; $5,750 for head of household and $3,275 for marrieds filing separately.

Q: How much can I deduct for business use of my car?

A: You have the option of claiming 30 cents per mile or the actual cost of operating your car for business purposes. Actual operating costs include gasoline, oil, repairs, license tags, insurance and depreciation. Once mileage is elected for a vehicle, that method must be continued from year to year for that vehicle.

The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary.

A joint service from The Sun and the Maryland Association of Certified Public Accountants can help you with your tax queries. Association members, all CPAs, will answer questions from readers until April 15.

To ask a tax question, call Sundial, The Sun's telephone information service at (410) 783-1800. Using a touch-tone phone, enter 6225 after you hear the greeting.

Callers are asked to leave their names and phone numbers should questions need to be clarified. Selected questions will be answered in the Business section. No questions will be answered by phone. Names and numbers will not be published.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.