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
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deductions, and, that could apply to a wide range of individuals.
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Tip: If you don't remember how much you paid, see your auto registration card.
Charitable contributions
- Cash contributions to US charities
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- Non- cash contributions made to U.S. charities (eg. Red cross, Salvation Army)
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Investment expenses
- Tax Preparation fees charged by accountant.
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- 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
Taxes
- State & Local Income tax
- Property taxes for Condo or Coops
- Disability insurance tax (certain states)
- Occupational taxes
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- 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
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- Licenses paid to state or local governments
- Research expenses
- Equipment and Supplies
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your employment.
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An increasing number of people are preparing their taxes using tax preparation
software or using online tax preparation services, either of these methods will
walk you through most of these deductions and pick only the valid deductions for
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your tax situation.
About:
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Ron Robson is a freelance writer. Visit his site for Tax Filing Resources This
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article may be freely re-published or distributed as long as the links contained in
this article is intact.
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