Deductions: A Simple Guide – Deductible vs. Non-deductible
Taking advantage of the best tax deductions you’re entitled to is an easy way to reduce your tax bill and keep more money in your pocket. When taking deductions on your income tax return, be sure to keep sufficient backup documentation to substantiate your claims, should the IRS come calling.
The following is a list of the best and most commonly claimed tax deductions, and should be used only as a general guide. Certain deductions are subject to IRS limitations and/or conditions, therefore taxpayers are strongly encouraged to discuss their unique tax situation with a qualified tax professional.
Best Work Deductions
- Unreimbursed employee business expenses: travel, phone, meals
- Work-related education expenses
- Continuing professional education expenses
- Professional dues
- 50% of self-employment tax
- Health insurance premiums, if self-employed
- Special work clothing, such as uniforms
- Moving expenses
Best Home Deductions
- Mortgage interest
- Real estate taxes
- Home office expenses
- Job-related moving expenses
- Points paid on a new home loan or refinance
- Renting your home
- Interest expense
- Travel to manage investment property
- Capital losses
- Loss for worthless investments, bad debt
- Investment-related publication subscriptions
- Contribution to traditional IRA, Keogh, SEP, SIMPLE, or 401(k) plan
Best Personal Deductions
- Health insurance premiums
- Medical and dental expenses
- Fees for tax planning and preparation
- State and local income taxes
- Personal property taxes
- Foreign taxes paid
- Charitable Donations
- Mileage or expenses incurred for charitable work
- Casualty and theft losses
- Student loan interest
- Alimony paid
- Gambling losses
- Job search expenses
Best for Business
- Capital Expenses such as Startup Costs
- Cost of Goods Sold
- Employees Pay
- Rent Expense
- Repairs and Maintenance
- Charitable Contributions
- Retirement Plans
See: Itemized vs. Standard Deduction – How to Choose
Not only are we licensed Tax Relief Specialists, we are also former Senior IRS Agents that now serve the best interests of taxpayers like you – all we do is handle IRS Tax Relief matters, all day, every day. Speak to us for FREE at (949) 260-4770.
For more information on the best tax deductions, or another tax matter, contact us today at (949) 260-4770 for a CONFIDENTIAL consultation with our former IRS Agents.
We look forward to serving you.
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In all, I’m completely stunned by the level of service he gave to a random stranger who called in and wasn’t going to turn into any revenue for him. I have to imagine that his level of service for actual customers is unreal.
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We were very pleased with the expert assistance we received from Michael Raanan at Landmark Tax Group. In a matter of months we had a resolution to our IRS tax issue. He was very knowledgeable, professional, explained things in easy to understand terminology & was very easy to discuss our tax issues with. We called around to other tax groups & just felt the most comfortable speaking & working with Michael. We are happy to recommend him & his firm.
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Michael Raanan represents the highest level of professionalism, integrity, decency, and true concern for his clients. His advice every step of the way was right on target. The end result was a savings of $13,000 on my taxes.
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