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55 Safe & Legal Deductions To Save On Taxes
- Cost of having a tax return prepared the previous year.
- Dues to professional societies and subscriptions to professional journals.
- Medical insurance premiums.
- Union dues and expenses.
- Liquidated damages to a former employer, such as for a broken contract.
- Gambling losses. (However, winnings are taxable).
- Money given to non-profit charities.
- Cost of uniforms and/or special clothing required on the job.
- Special shoes required for your job.
- Special tools, equipment and supplies necessary for your job.
- Credit for political contributions.
- Credit for care of a child or dependent.
- Earned income credit (for low income workers).
- Energy tax credit, for making energy efficiency improvements to home.
- Charitable gifts such as clothing, furniture, real estate, etc.
- Doctor's, dentists, hospital bills.
- costs of prescriptions, drugs.
- Expenses for eyeglasses, hearing aids, dentures, contact lenses, etc.
- Employment agency fee when looking for work.
- Moving expenses, when necessary for business related reasons.
- Fees for books, newsletters, seminars, etc., that give tax advice.
- Upkeep expenses (including laundry, cleaning) for uniforms, work clothes.
- Protective clothing such as safety shoes & glasses, hard hats, etc.
- Appraisal fee to determine amount of loss for casualty or theft deduction.
- Appraisal fee to determine market value of property claimed as deduction.
- Home telephone expenses relating to your job, including long distance.
- Customer entertainment.
- Professional licenses.
- Malpractice insurance (as in case of nurses, doctors, etc.)
- Investment expenses for advice paid to banks, brokers, advisors, etc.
- Travel expenses to consult with broker, to do investment research, etc.
- Cost of safety deposit box rental.
- cost of preparing, typing, printing, mailing, etc., job resumes.
- Cost of seminars, books, classes, etc., on how to write a job resume.
- Travel and transportation expenses necessary for finding new employment.
- Meal and lodging costs when necessary for finding a new job.
- Cost of education required by your employer for keeping your job.
- Cost of education to improve skills required in performing current work.
- Donations to churches, religious, non-profit organizations.
- Losses caused by accidents, storms, floods, thefts, etc.
- Elective surgery such as face-lifts, breast implants, thigh-tapering, etc.
- Laetrile, in states where it is legal.
- Psychiatric and psychological care and treatment.
- Transportation to and from places for medical examinations, treatments, etc.
- Sales taxes, including big-ticket times such as car, boat, etc.
- Mortgage interest.
- Interest on credit card and department store charges.
- Interest on loan purchases, such as automobile.
- Closing costs when selling home & moving, for business related reasons.
- Capital gains and losses.
- Personal retirement plans such as IRA and Keogh plans.
- Personal property taxes, state and local taxes.
- Real estate taxes.
NOTICE: This list was accurate at time of publication.
Contact nearest IRS office for current information and any
recent changes in tax laws.
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