Some common tax deductions are listed
below,check with your tax professional about these deductions.
Tax deduction information,
there are always some common tax deductions but the tax laws change
each year. Check for new tax deductions.
Common Tax Deductions
Use this quick, common tax deduction list to get your tax information together. Make sure you ask your tax accountant about each of the deductions below. Get a total figure to turn in to your accountant - they don't need a box full of papers.
* Medical deductions, doctor visits, prescriptions, mileage to and from doctors and to get prescriptions health insurance, eyeglasses, contact lens, hearing aids, etc.
* Church tithes, charitable contributions like cash or property, or other items.
* Damages or loss from a fire, theft, or storm that you did not receive a reimbursement.
* Expenses like safe deposit boxes, investments, tax preparation, and certain legal fees. Out-of-pocket expenses relating to a job may be deductable like travel expenses, uniforms, and moving expenses due to a new job location.
* Educational expenses like student loan interest, tuition, and fees.
* Military reservists may have deductions for unreimbursed travel for more than 100 miles from home and overnight stays.
* Contributions to IRA’s
* Contributions to Health Savings Accounts and Alimony paid.
* Contributions to retirement plans, such as SEPs and SIMPLE plans.
* Business owners expenses - any business expenses.
The best place to find current information about taxes is to visit the the website of the IRS.
