If you itemize your deductions when filing your tax return, you may be wondering where you can find a list of tax deductions. You can visit the IRS website or consult for an hour with a Tax expert. Most people don’t take advantage of all the Tax Deductions they are entitled to – this can make a huge difference in the amount of money you keep for yourself versus paying taxes to Uncle Sam.
Here is a list of cuts for reference – use it as a starting point for further investigation. Only your tax professional or tax professional can tell you with certainty if any of these deductions apply to you. You can use this list of deductions to see if you might be missing out on some valuable tax deductions.
This is by no means an exhaustive list of deductions – these are just the most common deductions, and, they can apply to a wide range of individuals.
Piece List:
Automatic registration fee
– Tip: If you don’t remember how much you paid, take a look at your auto-registration card.
Real estate costs
– Mortgage interest
– Mortgage repayment fines
– Early withdrawal penalty
– Points paid for the mortgage on the main residence
– Real estate tax
Charitable contribution
– Cash contributions to US charities
– Non-cash contributions to US charities (e.g. Red Cross, Salvation Army)
Investment cost
– Tax Preparation Fee is charged by the accountant.
– Online tax preparation fees (tax preparation software fees or online tax fees)
– Brokerage fees
– Margin interest paid in investment accounts.
– Investment costs
– Legal fees
– Safe rental
Tax
– State & Local Income Tax
– Property tax for Condo or Coops
– Disability insurance tax (select states)
– Job tax
– Personal property tax
– Real property tax
– Country transfer tax
– Tax cuts
Victim Loss and Theft
– Loss of your home or property due to Theft or acts of nature
Books and Publications
– Books, trade journals, newspapers and publications that you pay for used in your profession.
Fees and Fees
– Dues to professional organizations for people in your profession
– Union fees, initiation fees, and assessments for payment of benefits to unemployed union members.
– Regulatory fees for your profession
– Dues to chambers of commerce and similar organizations
– License paid to state or local government
Education and Research
– Tuition fees only if related to your current job which maintains or enhances your skills.
– Research fees
– Equipment and Supplies
Home & Internet computer business use
– Must be for the convenience of your employer and required as a condition of your employment.
– Equipment and tools you use in your work
– Internet connection must be for the convenience of your employer and is required as a condition of your employment.
Job search costs
– To reduce job search costs, you should look for a job in your current line of work (not for a new job)
– Resume preparation (draft, typing, printing, mailing, faxing)
– Labor agency fees
– Recruiter fee
– Career counseling to help you improve your position
– Legal and accounting fees you pay in connection with negotiating and preparing employment contracts
– Ads for job search
– Transportation costs for job interviews
– Long distance calls to potential employers
– Newspapers you buy to search for classified sections
– 50% of the food you pay for is directly related to your job search
– Travel expenses if you are traveling while looking for work, lodging, meals (50% of the cost), etc. deductible only if the main purpose of your trip is to find work
– Keep a log of your travel expenses incurred on your job search