List of Tax Deductions

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.

Auto registration fees

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Tip: If you don't remember how much you paid, see your auto registration card.

Real estate expenses

- Mortgage interest
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- Mortgage prepayment penalties
- Early withdrawal Penalties
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- Points paid for mortgage on primary residence

- Real estate taxes
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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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- 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

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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

Education and Research x.

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- Educational expenses only if its related to your present work that maintains or
improves your skills.
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- Research expenses
- Equipment and Supplies
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Business use of Home computer & Internet

- Must be for the convenience of your employer and required as a condition of
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your employment.
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- Supplies and tools you use in your work

- Internet connection must be for the convenience of your employer and required
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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

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- 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

Standard disclaimer: This list of deductions is not to be construed as tax advice.

Tax laws change every year, always consult the IRS and a qualified tax pro for up
to date changes in tax laws and tax advice.

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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