50 Tax Deductions You Should Remember

The tax code is so complex and the list of things one can claim as deduction or tax credit are endless. Here are a list of deductions and credits that you can claim. Ensure that your accountant or tax preparer is aware of these deductions and credits

1. Accounting fees for tax preparation services and IRS audits

2. Alcoholism and drug abuse treatment

3. Amortization of premium on taxable bonds

4. Appraisal fees for charitable donations or casualty losses

5. Appreciation on property donated to a charity

6. Casualty or theft losses

7. Cellular telephones - if used for business

8. Cleaning and laundering services when traveling

9. Commissions and closing costs on sale of property

10. Contact lenses, eyeglasses, and hearing devices

11. Contraceptives, if bought with a prescription

12. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies

13. Depreciation of home computers (if used for home business)

14. Dues to labor unions

15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills

16. Employee contributions to a state disability fund

17. Employee’s moving expenses

18. Federal state tax on income with respect to a decedent

19. Fees for a safe-deposit box to hold investments (e. g., stock certificate)

20. Fees paid for childbirth preparation classes if instruction relates to obstetrical care

21. 50% of self-employment tax

22. Foreign taxes paid

23. Foster child care expenditures

24. Gambling losses to the extent of gambling winnings

25. Hospital services fees (laboratory work, therapy, nursing services, and surgery)

26. Impairment-related work expenses for a disabled individual

27. Improvements to your home

28. Investment advisory fees

29. IRA trustee’s administrative fees billed separately

30. Lead paint removal

31. Legal fees incurred in connection with obtaining or collecting alimony

32. Long-term care insurance premiums

33. Margin account interest expense

34. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home

35. Mortgage prepayment penalties and late fees

36. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction

37. Health insurance premiums is self-employed

38. Penalty on early withdrawal on savings

39. Personal liability insurance for wrongful acts as an employee

40. Points on a home mortgage and certain refinancing

41. Protective clothing required at work

42. Real estate taxes associated with the purchase or sale of property

43. Seller-paid points on the purchase of a home

44. Special equipment for the disabled

45. Special schools and separately stated fees for medical care included in tuition

46. State personal property taxes on cars and boats

47. Subscriptions to professional journals

48. Theft or embezzlement losses

49. Trade or business tools with life of 1 year or less

50. Worthless stock or securities

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