Now we are in an economic downturn. Many people have their salaries cut back or even got laid off. If opportunities are not there. A dollar saved is a dollar earned. I hope I can help you in saving some money. One of the area we can cut expense is tax. Many people do not know fully what items they can claim for tax deduction and end up paying more tax they should pay. Here is the items we can claim tax deductions in our US individual federal income tax return. Follow them you may end up in paying less tax. I am not engaged in rendering legal or accounting service and here I disclaim any liability caused by utilization of any information presented in here. The following methods are the methods I learned while I was in business school. If you have any doubt you should consult your accountant.
1. Cost of having a tax return prepared the previous
year.
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. cost of preparing, typing, printing, mailing, etc.,
job resumes.
34. Cost of seminars, books, classes, etc., on how to
write a job resume.
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. Elective surgery such as face-lifts, breast implants,
thigh-tapering, etc.
42. Acupuncture.
43. Laetrile, in states where it is legal.
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. Interest on credit card and department store charges.
49. Interest on loan purchases, such as automobile.
50. Closing costs when selling home & moving, for
business related reasons.
51. Capital gains and losses.
52. Personal retirement plans such as IRA and Keogh
plans.
53. Personal property taxes, state and local taxes.
54. Real estate taxes.
55. Alimony.
