The 40 Simple Tax Deductions You Probably Don’t Know About

Business Accounting, Financial Planning

Everybody seems to know what tax deductions are but, if you were to ask them what deductions they qualify you’ll more than likely be met with silence. With the constant shift of government legislation year after year it can be difficult to define what you qualify for (unless you’ve been following that legislation throughout the year and that can be time-consuming). We’re guessing you’re already busy enough as is so, we’ve put together a list of the 40 simple tax deductions you could qualify for this year. Simple tax deductions that, we hope, will help save you quite a lot of money.

40 Simple Tax Deductions You Need to Take Advantage of This Tax Season

Business Expenses

Baggage fees (if you’re self-employed and traveling for business)
Bonus depreciation for equipment
Cell phones (designated business only)
Cleaning services used while traveling for business
Employment agency fees
Expenses for job-seeking
Home office expenses (if you work from home)
Job-related professional journals and newspapers
Military Reservist travel expenses
Required uniforms
Union dues

Charitable Donations and Expenses

Cost of meals, accommodations, public transportations – if you pay for them out of pocket
Donated goods
Mileage incurred performing charitable activities

Educational Loans and Credits

Hope and Lifetime Learning credits (a type of federal financial aid for college tuition that gives tax credit instead of tuition payment)
Student loan interest (even if it’s being paid by Mom and Dad)

Finances and Investments

Accounting or legal fees involved with taxes
Alimony
Cost of safe deposit box (investments or business)
Investment-related expenses (i.e. reinvested dividends)
Penalty on early withdrawal of savings
Refinancing points on a mortgage
State sales tax deduction (check out the IRS Sales Tax Deduction calculator)

Home Improvements and Moving Expenses

Casualty and theft losses
Clean fuel credit (if you buy a hybrid or electric car)
Commissions for the sale of your home
Home services needed for a qualifying dependent during work hours
Jury duty pay
Moving expenses
Personal property taxes on cars, boats, etc.
Tax credit for sustainable home improvements (i.e wind turbines, solar panels, etc.)

Medical Expenses

Care provided for disabled children or spouse
Crutches, orthopedic shoes, hearing aids, eyeglasses, contact lenses
Drug abuse programs
Equipment for disabled individuals
Health insurance premiums (for self-employed people, 100% deductible from gross income)
Nurses’ fees
Nursing home medical expenses
Transportation expenses for tips to medical facilities/doctors’ offices
Weight-loss programs prescribed by a doctor

Hopefully our 40 simple tax deductions can help you save this tax season. And, if you noticed that you qualified for quite a few tax deductions we would like to wish you congratulations! Just be sure to check with your accountant to make sure that you do indeed qualify. For any further questions about simple tax deductions (either for individual tax planning or business tax planning and preparation) please feel free to give us a call at 516.746.6322. We look forward to hearing from you!