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Helpful Deductions

  • Expenses attributable to a trade or business carried on by the taxpayer.  A trade or business does not include the performance of services by the taxpayer as an employee.
  • Expenses incurred by a taxpayer in connection with the performance of services as an employee if the expenses are reimbursed and other conditions are satisfied.
  • Deductions that result from losses on the sale or exchange of property by the taxpayer.
  • Deductions attributable to property held for the production of rents and royalties.
  • The deduction for payment of alimony.
  • The deduction for one-half of the self-employment tax paid by a self-employed taxpayer.
  • The deduction for 100 percent of the medical insurance premiums paid by a self-employed taxpayer for coverage of the taxpayer, spouse, and any dependents.
  • Certain contributions to pension, profit sharing, and annuity plans of self-employed individuals.
  • The deduction for certain retirement savings allowed by § 219 (e.g., traditional IRAs).
  • The penalty imposed on premature withdrawal of funds from time savings accounts or deposits.
  • The deduction for moving expenses.
  • The deduction for interest paid on student loans.
  • The deduction for qualified tuition and related expenses under § 222.
  • The deduction for up to $250 for teacher supplies for elementary and secondary school teachers.
  • Other basic deductions such as real estate property taxes and mortgage interest of US property, state income taxes withheld from your paycheck, sales tax on big ticket items (car, furniture, etc.), and charity contributions.