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Tax Tips

50 SAFE & LEGAL DEDUCTIONS TO HELP SAVE ON TAXES

1. Cost of having a tax return prepared the previous year.
2. Credit for political contributions.
3. Union dues and expenses.
4. Gambling losses. (However, winnings are taxable).
5. Money given to non-profit charities.
6. Cost of uniforms and/or special clothing required on the job.
7. Special tools, equipment and supplies necessary for your job.
8. Credit for care of a child or dependent.
9. Dues to professional societies and subscriptions to professional journals.
10. Earned income credit (for low income workers).
11. Energy tax credit, for making energy efficiency improvements to home.
12. Charitable gifts such as clothing, furniture, real estate, etc.
13. Costs of prescriptions, drugs.
14. Expenses for eyeglasses, hearing aids, dentures, contact lenses, etc.
15. Employment agency fee when looking for work.
16. Moving expenses, when necessary for business related reasons.
17. Doctor's, dentists, hospital bills.
18. Upkeep expenses (including laundry, cleaning) for uniforms, work clothes.
19. Cost of safety deposit box rental.
20. Special shoes required for your job.
21. Protective clothing such as safety shoes & glasses, hard hats, etc.
22. Appraisal fee to determine amount of loss for casualty or theft deduction.
23. Appraisal fee to determine market value of property claimed as deduction.
24. Home telephone expenses relating to your job, including long distance.
25. Customer entertainment.
26. Professional licenses.
27. Fees for books, newsletters, seminars, etc., that gives tax advice.
28. Investment expenses for advice paid to banks, brokers, advisors, etc.
29. Travel expenses to consult with broker, to do investment research, etc.
30. Interest on credit card and department store charges.
31. Cost of preparing, typing, printing, mailing, etc., job resumes.
32. Cost of seminars, books, classes, etc., on how to write a job resume.
33. Travel and transportation expenses necessary for finding new employment.
34. Meal and lodging costs when necessary for finding a new job.
35. Cost of education required by your employer for keeping your job.
36. Donations to churches, religious, non-profit organizations.
37. Losses caused by accidents, storms, floods, thefts, etc.
38. Psychiatric and psychological care and treatment.
39. Transportation to and from places for medical examinations, treatments, etc.
40. Sales taxes, including big-ticket times such as car, boat, etc.
41. Mortgage interest.
42. Interest on loan purchases, such as automobile.
43. Closing costs when selling home & moving, for business related reasons.
44. Capital gains and losses.
45. Personal retirement plans such as IRA and Keogh plans.
46. Cost of education to improve skills required in performing current work.
47. Personal property taxes, state and local taxes.
48. Real estate taxes.
49. Alimony.

NOTICE: This list was accurate at time of publication.

Contact nearest IRS office for current information and any recent changes in tax laws.