A List of Things You Can Claim on Your Taxes

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Itemized Deductions

Itemized deductions are all expenses that individual taxpayers may claim within the United States on their federal income tax returns. These expenses will decrease their taxable income. There exists a wide assortment of eligible expenses that can be put toward decreasing your taxable income. Most of them fall under the following categories:

Union dues Medical, dental, prescription drugs and other health care costs Real estate taxes State and local income taxes Interest paid on a home mortgage Personal property taxes Cash contributions to churches and charities Interest paid on investments Market value of non-cash contributions to churches and charities Personal losses due to theft or casualty Job-related

expenses you were not reimbursed for Home office expenses Job-related education and professional development Tax preparation fees Investment fees and expenses

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Common Missed Deductions

About 46 million Americans itemize deductions on their tax returns. Do these 46 million people flawlessly remember all of their deductibles? Probably not. The following items are some of the more commonly forgotten:

Gambling losses to the extent of gambling winnings Cost of purchasing or cleaning uniforms Making a contribution to your retirement account Improvements on your home if for medical purposes. State taxes on personal property, such as boats and cars Contraceptives, if bought with a prescription Fertility enhancement procedures. Safe deposit boxes

Source: ehow.com

Category: Taxes

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