Tax Deductible Items

Tax Deductible Items for your Job – Keep Accurate Records

Use all tax deductible itemsMost individuals who are employed, and earn W-2 wages, usually don’t have on the job expenses. However, many others do have various tax deductible items that can be used on their tax return to reduce their taxable income.

Various professions, such as law enforcement, outside sales, and construction workers, to name a few, incur expenses in the performance of their job that are not reimbursed by their employer.

These could include tools, uniforms, use of personal auto, uniform cleaning, and many others. The important thing to remember is that these employee business expenses can be deductible if you personally paid for them and you were not reimbursed by your employer.

Where do you claim and deduct these tax deductible items?

As an individual employee, you can deduct these items if you use the itemized deduction method on Schedule A, and are not using the standard deduction.

On the Schedule A, the employee View full post…

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Moving Expenses Deduction * Form 1040

 How to Use Moving Expenses Deduction to Lower Your Taxes

 Deduct the moving expenses deductionThere are a number of tests that the IRS says you must satisfy to qualify for the moving expenses deduction. The primary test is that your move must be work related in order to deduct any relocation costs. There’s also tests for time and distance that will be explained shortly.

To claim the relocation expenses deduction, you’ll have to use the long Form 1040, but there is no requirement for you to itemize any other deductions on a Schedule A. The IRS Form 3903 is used to list the various allowable expenses, and it’s quite easy to complete.

Once that is done, the total is transferred to the front of the Form 1040, and listed as an adjustment (subtraction) from your gross income. View full post…

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Medical Expense Deduction for Home Improvements?

Home Renovations as a Medical Expense Deduction?

A medical expense deduction qualifiesHow in the world can I deduct renovations to my home as a medical expense deduction? Won’t the Internal Revenue Service audit my return and penalize me for doing something like this?

Well, the truth of the matter is yes, you can deduct these expenses, within certain limits, and subject to certain conditions. There are many individuals that live with chronic disease or some other condition that leaves them disabled.

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