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 consultation with a tax professional. Most people do not take advantage of all the tax deductions for which they are eligible; This can make a big difference in how much money is left for you compared to 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 may have missed some valuable tax deductions.
This is by no means a complete list of deductions; they are just the most common deductions and that could apply to a wide range of people.
List of deductions:
Automatic registration fees
– Tip: If you don’t remember how much you paid, check your automatic registration card.
Real estate expenses
– Mortgage interest
– Penalties for prepayment of mortgages
– Penalties for early withdrawal
– Points paid for the mortgage of the principal residence
– Real estate taxes
Charitable contributions
– Cash contributions to US charities.
– Non-monetary contributions made to US charities (e.g. Red Cross, Salvation Army)
Investment expenses
– Tax preparation fees charged by the accountant.
– Online tax preparation fees (cost of tax preparation software or online tax fees)
– Brokerage fees
– Margin of interest paid in investment accounts.
– Investment rates
– Legal fees
– Safe deposit box rental
Taxes
– State and local income tax
– Property taxes for condominiums or cooperatives
– Disability insurance tax (certain states)
– Labor taxes
– Personal property tax
– Real estate tax
– State transfer tax
– Withholding taxes
Casualty and theft losses
– Loss of 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
– Fees to a professional organization for people of your profession.
– Union dues, initiation fees and evaluations for benefit payments to unemployed union members.
– Regulatory fees for your profession
– Fees to chambers of commerce and similar organizations
– Licenses paid to state or local governments
Education and Research
– Education expenses only if it is related to your current job that maintains or improves your skills.
– Research expenses
– Equipment and supplies
Commercial use of computers and the Internet at home
– It must be for the convenience of your employer and is required as a condition of your employment.
– Supplies and tools that you use in your work.
– The Internet connection must be for the convenience of your employer and necessary 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)
– Resume preparation (writing, typing, printing, mailing, faxing)
– Employment agency fees
– Recruiters’ fees
– Professional advice to help you improve your position.
– Legal and accounting fees that you pay in connection with the negotiations and preparation of the employment contract
– Job search advertising
– Transportation costs to job interviews.
– Long distance calls to potential employers
– Newspapers you buy to find classified sections.
– 50% of the meals you pay 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 your travel expenses incurred in your job search