If you itemize your deductions when you file your tax return, you may have wondered where you can find a list of tax deductions. You can visit the IRS website or sit down for an hour with a tax professional. Most people don’t take all of the tax deductions they’re eligible for; this can make a big difference in how much of your money stays for you versus paying taxes to Uncle Sam.
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’ve missed out on any valuable tax deductions.
This is by no means a complete list of deductions, these are just the most common deductions and could apply to a wide range of people.
List of deductions:
– Tip: If you don’t remember how much you paid, check your car registration card.
real estate expenses
– Mortgage interest
– Penalties for prepayment of mortgage
– Penalties for early withdrawal
– Points paid for mortgage on habitual residence
– Real estate taxes
– Cash contributions to US charities
– Non-monetary contributions made to US 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
– Interest margin paid on investment accounts.
– Investment commissions
– Legal fees
– Rental of safes
– State and local income tax
– Property taxes for condominiums or cooperatives
– Disability insurance tax (certain states)
– Tax on work
– Tax on personal property
– Real estate tax
– Property 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, specialized magazines, newspapers and publications that you paid for and that are used in your profession.
Fees and fees
– Due 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
– Due to chambers of commerce and similar organizations
– Licenses paid to state or local governments
Education and Research
– Educational expenses only if related to your current job that maintains or improves your skills.
– Research expenses
– Equipment and supplies
Business use of home computer and Internet
– It must be for the convenience of your employer and required as a condition of your employment.
– Supplies and tools you use in your job
– 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 current line of work (not for a new job)
– Curriculum preparation (writing, typing, printing, mailing, faxing)
– Employment agency fees
– Recruiter fees
– Professional advice to help you improve your position
– Legal and accounting fees you pay in connection with the negotiations and preparation of the employment contract
– Advertising for job search
– Transportation expenses to job interviews.
– Long distance calls to prospective employers
– Newspapers you buy to search for classified sections
– 50% of your meals that you pay for that are directly related to your job search
– Travel expenses if you traveled looking for work, accommodation, meals (50% of the cost), etc. are deductible only if the main purpose of your trip is to look for work
– Keep track of travel expenses incurred in your job search