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55 personal tax deductions
| Posted on January 5, 2013 at 11:27 PM |
 55 personal tax deductions to itemize on your 2012 tax return1. 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 |
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54 Comments
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8:28 AM on January 18, 2013
Wow! I am really impressed by the way you detailed out everything and itemize some 55 issues regarding the tax returns. It is really going to help me a lot. Thanks for sharing your thoughts so clearly.
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2:24 PM on January 18, 2013
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