A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Types of tax Deductions

Charitable Contributions
Charitable Contributions

A deduction for a contribution to a Canadian organization is not allowed if the contributor reports no taxable income from Canadian sources on the United States income tax return, as described in Publication 597.

source: irs.gov
Charitable Gifts
Charitable Gifts

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

source: irs.gov
Child and Dependent Care Tax Credit
Child and Dependent Care Tax Credit

IRS Tax Tip 2011-46, March 7, 2011. If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses.

source: irs.gov
Earned Income Tax Credit (EITC)
Earned Income Tax Credit (EITC)

What is EITC, Earned Income Tax Credit? EITC, Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund. EITC is also called EIC or Earned Income Credit ...

source: irs.gov
Health Insurance Premiums
Health Insurance Premiums

https://www.insurance.com/health-insurance/health-insurance-basics/are-health-insurance-premiums-tax-deductible.html No one wants to be ill, but at least Uncle Sam gives Americans a little relief in the form of federal income-tax deductions for medical expenses.

source: insurance.com
Home Mortgage Interest
Home Mortgage Interest

The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence. If you're a homeowner, you probably qualify for a deduction on your home mortgage interest.

Investment Interest Expense
Investment Interest Expense

If your expenses are less than your net investment income, the entire investment interest expense is deductible. If the interest expenses are more than the net investment income, you can deduct the expenses up the net investment income amount.

source: schwab.com
Lifetime Learning
Lifetime Learning

The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses--including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

source: irs.gov
Looking for Work
Looking for Work

If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job: Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation. Résumé Costs.

source: irs.gov
Medical Expenses
Medical Expenses

Medical expenses can take a bite out of your budget, especially if you have unforeseen emergencies that are not fully covered by your insurance. The Internal Revenue Service allows taxpayers some relief, making some of these expenses partly tax-deductible.

image: bankrate.com
Miscellaneous Deductions
Miscellaneous Deductions

Miscellaneous deductions are all the deductions that don’t fit into other categories of the tax code. There are two types of miscellaneous deductions, deductions subject to the 2% limit and those that are not. The 2% limit allows you to deduct only the amount of expense that is over 2% of your adjusted gross income.

source: efile.com
Moving Expense to Take First job
Moving Expense to Take First job

A move generally relates closely in place if the distance from your new home to the new job location isn't more than the distance from your former home to the new job location. For exceptions to these requirements, see Publication 521, Moving Expenses.

source: irs.gov
image: bankrate.com
Out-of-Pocket Charitable Contributions
Out-of-Pocket Charitable Contributions

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

source: irs.gov
image: popsugar.com
Paying the Babysitter
Paying the Babysitter

One tax that may catch a self-employed babysitter by surprise is the IRS self-employment tax. This tax is charged as a replacement for the Social Security and Medicare taxes that are usually paid by the sitter and his employer when the baby sitter is considered a household employee.

Property, State, and Local Income Taxes
Property, State, and Local Income Taxes

What is the state and local tax deduction? Taxpayers who itemize their taxes can deduct state and local property and real estate taxes, and either state and local income or sales taxes. The ability to deduct nearly all state and local taxes was part of the federal income tax code when it was created in 1913.

source: factcheck.org
Reinvested Dividends
Reinvested Dividends

If you reinvest your dividends, you still pay taxes as though you received the cash. Stock dividends are generally not taxable until the stock is sold. If you reinvest your dividends, you still pay taxes as though you received the cash.

Sales Taxes
Sales Taxes

The Sales Tax Deduction Calculator can help you determine the amount of optional state and local sales tax you can claim on Schedule A of Form 1040.

source: irs.gov
State Sales Taxes
State Sales Taxes

The Sales Tax Deduction Calculator can help you determine the amount of optional state and local sales tax you can claim on Schedule A of Form 1040.

source: irs.gov
State tax you Paid Last Spring
State tax you Paid Last Spring

Include any taxes you paid for your state return last tax season in this year's state-tax deduction.

source: popsugar.com
Tax Savings for Teacher
Tax Savings for Teacher

Take a tax deduction for student loan interest. After finishing up all of your classes to get your teaching credentials you may have racked up a big student loan bill, but don’t worry. You can take the student loan interest deduction worth up to $2,500 of your student loan interest paid during the year to lower your tax bill.

Unusual Business Expenses
Unusual Business Expenses

Unusual Tax Breaks, Tax Deductions, and Tax Exemptions . The United States tax code allows for many unusual but legitimate tax deductions, tax credits, and exemptions.Here is a sampling of some of the more noteworthy unusual tax breaks that have been successfully claimed.

source: efile.com