List Of Things You Can Deduct On Your Taxes

Deduct work related educational expenses

It is possible to deduct expenses incurred from job related education if it's education that enhances your ability to do your job or is dependent on keeping your job or present salary.

Deduct medical expenses

You can possibly deduct medical expenses for yourself, spouse and dependents. Doctors fees, dentist fees, surgeons fees, psychiatrist fees, and most medical professional's fees. Some deductions can also include prescribed medication for stopping smoking or weight loss programs that are for medical reasons. You can also deduct many health related products like, wheelchairs, prescription eyeglasses, crutches, false teeth and items of that nature. You can also deduct travel expenses, to and from your medical care facilities or professionals.

Deduct losses due to theft and scams

There are new changes where you can possibly deduct some losses incurred from ponzi schemes.(bogus financial schemes). You can also deduct money or property that has been stolen from you, if it isn't covered by insurance. If the items aren't completely covered by insurance you may be able to deduct the difference.

More commonly known deductions

If you use your home for business. Some expenses incurred from operating a business from your home can be deducted. It's basically based on only the expenses incurred for that particular area of your home that is used for business. It also has to be the main place that you conduct your business from. For more information click here. some work related expenses incurred as an employee can also be deducted.

The business use of you auto. Some deductions on your taxes can include expenses incurred if you use your automobile strictly for your business.

Some travel expenses can be deducted if they are exclusively related to your job. If part of your job requires you to travel there are many possibly deductions, such as lodging, meals and transportation costs.

There are many other things you can deduct from your taxes. Charitable organizations, mortgage points and some non-business taxes, to name a few.

The best thing to do is familiarize yourself with taxes and deductions, by going to the IRS website and learning more about the different deductions available. It can seem a little overwhelming at first, but it just takes a little time, to be more at ease at learning about our tax options.

5 Most Overlooked Tax Deductions

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oceansnsunsets 18 months ago from The Midwest, USA

Thanks for sharing this important information on tax deductions.

PhoenixV profile image

PhoenixV 8 months ago from USA Author

Thanks for the comment.

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