If you itemize your deductions when you file your tax return, you might have wondered where can you can find a list of tax deductions. You can go through the IRS website or sit for an hour long consultation with a Tax pro. Most people do not take advantage of all the Tax Deductions that they are eligible for – this can make a huge difference in how much of your money you keep for yourself versus paying Uncle Sam in taxes.
Here is a list of deductions for reference – use it as a starting point for further investigation. Only your tax preparer or tax professional can tell you for sure if any of these deductions apply to you. You can use this list of deductions to see if you might have missed out on some valuable tax deductions.
This is by no means a complete list of deductions- its only the most common deductions, and, that could apply to a wide range of individuals.
List of Deductions:
Auto registration fees
– Tip: If you don’t remember how much you paid, see your auto registration card.
Real estate expenses
– Mortgage interest
– Mortgage prepayment penalties
– Early withdrawal Penalties
– Points paid for mortgage on primary residence
– Real estate taxes
– Cash contributions to US charities
– Non- cash contributions made to U.S. charities (eg. Red cross, Salvation Army)
– Tax Preparation fees charged by accountant.
– Online tax Preparation fees (cost of tax preparation software or online tax fees)
– Brokerage fees
– Margin interest paid in investment accounts.
– Investment fees
– Legal fees
– Safe deposit box rental
– State & Local Income tax
– Property taxes for Condo or Coops
– Disability insurance tax (certain states)
– Occupational taxes
– Personal property tax
– Real property tax
– State transfer tax
– Withholding taxes
Casualty and Theft Losses
– Losses to your home or property due to Theft or acts of nature
Books and Publications
– Books, trade journals, newspapers and publications you paid for that is used in your profession.
Dues and Fees
– Dues to a professional organization for people in your profession
– Union dues, initiation fees, and assessments for benefit payments to unemployed union members.
– Regulatory fees for your profession
– Dues to chambers of commerce and similar organizations
– Licenses paid to state or local governments
Education and Research
– Educational expenses only if its related to your present work that maintains or improves your skills.
– Research expenses
– Equipment and Supplies
Business use of Home computer & Internet
– Must be for the convenience of your employer and required as a condition of your employment.
– Supplies and tools you use in your work
– Internet connection must be for the convenience of your employer and required as a condition of your employment.
Job search expenses
– To deduct job search expenses, you must be looking for a job in your present line of work (not for a new job)
– Resume preparation (drafting, typing, printing, mailing, faxing)
– Employment agency fees
– Recruiters’ fees
– Career counseling to assist you in improving your position
– Legal and accounting fees you pay in connection with employment contract negotiations and preparation
– Advertising for job search
– Transportation costs to job interviews
– Long distance calls to prospective employers
– Newspapers you purchase for searching classifed sections
– 50% of your meals you pay for that are directly related to your job search
– Travel expenses if you traveled while looking for a job lodging, meals (50% of the cost), etc. are deductible only if the primary purpose of your trip is to look for a job
– Keep a log for your travel expenses incurred on your job search