55 Safe & Legal Deductions
To Save On Taxes
1. Accounting fees for tax preparation services and IRS audits
2. Dues to professional societies and subscriptions to professional journals
3. Medical insurance premiums
4. Union dues and expenses
5. Liquidated damages to a former employer, such as for a broken contract
6. Gambling losses. (However, winnings are taxable)
7. Money given to non-profit charities
8. Cost of uniforms and/or special clothing required on the job
9 Special shoes required for your job
10 Special tools, equipment and supplies necessary for your job
11 Credit for political contributions
12 Credit for care of a child or dependent
13 Earned income credit (for low income workers)
14 Energy tax credit, for making energy efficiency improvements to home
15 Charitable gifts such as clothing, furniture, real estate, etc
16 Doctor's, dentists, hospital bills
17 costs of prescriptions, drugs
18 Expenses for eyeglasses, hearing aids, dentures, contact lenses, etc
19 Employment agency fee when looking for work
20 Moving expenses, when necessary for business related reasons
21 Fees for books, newsletters, seminars, etc , that give tax advice
22 Upkeep expenses (including laundry, cleaning) for uniforms, work clothes
23 Protective clothing such as safety shoes & glasses, hard hats, etc
24 Appraisal fee to determine amount of loss for casualty or theft deduction
25 Appraisal fee to determine market value of property claimed as deduction
26 Home telephone expenses relating to your job, including long distance
27 Customer entertainment
28 Professional licenses
29 Malpractice insurance (as in case of nurses, doctors, etc )
30 Investment expenses for advice paid to banks, brokers, advisors, etc
31 Travel expenses to consult with broker, to do investment research, etc
32 Cost of safety deposit box rental
33 Commissions and closing costs on sale of property
34 Cleaning and laundering services when traveling for business purposes
35 Travel and transportation expenses necessary for finding new employment
36 Meal and lodging costs when necessary for finding a new job
37 Cost of education required by your employer for keeping your job
38 Cost of education to improve skills required in performing current work
39 Donations to churches, religious, non-profit organizations
40 Losses caused by accidents, storms, floods, thefts, etc
41 Special Diet when prescribed by a doctor, you can deduct the extra cost of
purchasing special food to alleviate a specific medical condition.
42 Acupuncture
43 Contraceptives, if bought with a prescription
44 Psychiatric and psychological care and treatment
45 Transportation to and from places for medical examinations, treatments, etc
46 Sales taxes, including big-ticket times such as car, boat, etc
47 Mortgage interest
48 Closing costs when selling home & moving
49 Capital gains and losses
50 Personal retirement plans such as IRA and Keogh plans
51 Personal property taxes, state and local taxes
52 Real estate taxes
53 Alimony
54 Donate your Car
55 Software for preparing your tax return
NOTICE: Contact nearest IRS office for current information and any recent
changes in tax laws
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