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
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.
Very good experience and glad I made the decision to use this company. Michael was professional and courteous in all of my dealings with him. My tax dilemma was quickly resolved and Michael even waived much of his normal fee. Where else have you heard of a business doing that? Without question, I would recommend Landmark Tax Group for anyone seeking a fair resolution for a tax problem.
Michael was fantastic! He understood my case very quickly, got right to work and was super prompt with communications. His professionalism and his friendly demeanor immediately put me at ease. I whole heartedly recommend contacting them if you’re in need of advice and assistance.
I received great advice in how to deal with the FTB, i don’t review often, but when someone is honest and legitimate, they do deserve a review. My questions were answered, and if i didn’t quite understand, Micheal was more than willing to give me follow-up answers to better help me. I highly recommend Landmark Tax Group, just for the mere fact that they treat you as a human being, Not a cash cow.
I had some returns from previous years to complete after receiving a hefty bill from the California Franchise Tax Board. Michael was prompt in answering my questions and very helpful and reassuring. We had several back and forth communications and this was all done for free since they do not prepare tax returns. He gave me some contacts and advice and now I’m on my way to getting my situation resolved. I’m very thankful for his advice and guidance.
While Michael’s scope of practice meant that we ultimately could not work directly to resolve the issue I was having, he was very prompt, professional, generous and kind in taking time out of his schedule to consult with me, refer me to his network of colleagues- not just once, but a second time even months after. Some professionals are just after services and compensations but Michael strikes me as someone who genuinely cares about your situation and wants to see to it that it gets resolved. These other reviews speak to that as well. You never want to be in a situation where you need to be looking up tax help, but God forbid you ever are, Michael is the person you want in your corner!
Michael and Landmark Tax Group were simply awesome. I like so many others had a year’s old tax issue arise with California FTB. I no longer live there which compounded the stress of the situation. The state had seized monies and filed a lien. After a call to an online tax relief place and some sketchy phone calls I was so happy to find Michael and immediately felt in good hands… at a time of considerable panic.
Fast forward to today and with his help I am totally debt free. He saved me $23,000
I highly recommend Michael and Landmark Tax Group
Michael Raanan is an angel! Michael went above and beyond for me. He was very knowledgeable, professional and very thorough! He is easy to talk to and amazing at what he does. I have a feeling that everyone at landmark tax group shares this way of professionalism! I highly recommend coming here for any and all of your tax help. They will help you and you will be more than pleased with them. 🙂
After calling the other highly advertised tax assistant agency’s and being disappointed with how they responded to my tax matter, I feel fortunate to have found out about the Landmark Tax Group. Michael was very understanding of my situation, and I felt very comfortable dealing with him. He was very knowledgeable and professional in handling our tax issue in a timely manner. I would highly recommend The Landmark Tax Group to anyone who needs assistance in dealing with the IRS.
Wow, just wow. I called Michael today to ask about some major tax issues I had with a defunct corporation I’d started years ago. Michael talked to me for about half an hour, walking me through options and generally helping me understand my options.
Because of him, I’m going to rest nicely tonight for the first time in weeks. It was great to hear that he used to work in IRS collections for 8 years too… which made me feel a lot more secure in his answer.
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.
Fast, dependable, reliable, full transparency. Michael Raanan of Landmark Tax Group allayed my fears spending the rest of my senior years paying my tax debt. As a result of his extensive knowledge of the tax code, the right questions to ask, and his dedication to my case, I had information, resolution and a plan of action within 24 hours, start to finish. Amazing! I highly recommend Landmark Tax Group!
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.
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.
I have already referred him to the other members of my financial team and have complete confidence in referring any clients to him. He is a shining star in his field.
Oh, did I mention how reasonable his fees are? Exceptional considering the amount of attention he provides.