Tax Service Blog


55 personal tax deductions

Posted on January 5, 2013 at 11:27 PM
55 personal tax deductions to itemize on your 2012 tax return
1. Clothing only required for work that is not appropriate for everyday wear (clothing cleaning expense)
2. Accounting fees for tax preparation services and IRS audits
3. Alcoholism and drug abuse treatment
4. Amortization of premium on taxable bonds
5. Appraisal fees for charitable donations or casualty losses
6. Appreciation on property donated to a charity
7. Casualty or theft losses of personal property
8. Cleaning and laundering services when traveling
9. Commissions and closing costs on sale of property
10. Contact lenses, eyeglasses, and hearing devices
11. Contraceptives, if bought with a prescription
12. Costs associated with looking for a new job in your present occupation, including fees for résumé preparation and employment of outplacement agencies
13. Depreciation of home computers
14. Dues to labor unions
15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills
16. Employee contributions to a state disability fund
17. Employee’s moving expenses
18. Federal state tax on income with respect to a decedent
19. Fees for a safe-deposit box to hold investments (e. g., stock certificate)
20. Drug test and physical fee associated with employment
21. Fees paid for childbirth preparation classes if instruction relates to obstetrical care
22. Foreign taxes paid
23. Foster child care expenditures
24. Gambling losses to the extent of gambling winnings
25. Hospital services fees (laboratory work, therapy, nursing services, and surgery)
26. Impairment-related work expenses for a disabled individual
27. Repairs to your home
28. Investment advisory fees
29. IRA trustee’s administrative fees billed separately
30. Lead paint removal
31. Legal fees incurred in connection with obtaining or collecting alimony
32. Long-term care insurance premiums
33. Margin account interest expense
34. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home
35. Mortgage prepayment penalties and late fees
36. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
37. Health insurance premiums is self-employed
38. Penalty on early withdrawal on savings
39. Personal liability insurance for wrongful acts as an employee
40. Points on a home mortgage and certain refinancing
41. Protective clothing required at work
42. Real estate taxes associated with the purchase or sale of property
43. Seller-paid points on the purchase of a home
44. Special equipment for the disabled
45. Special schools and separately stated fees for medical care included in tuition
46. State personal property taxes on cars and boats
47. Subscriptions to professional journals
48. Theft or embezzlement losses
49. Trade or business related tools with life of 1 year or less
50. Worthless stock or securities
51. Mortgage loan interest paid
52. College expenses (Books, supplies, tuition Etc.)
53. Out-of-pocket expense for work related training program and seminars
54. Co-payment from a doctor’s visit.
55. Home office expenses

Categories: General questions

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