list of tax deductions
There are many items in the list of tax deductions that can save you hundreds of dollars in deductions. Many do not claim these through ignorance, but make sure you do, and stop paying taxes for things when you have a right to be exempted from them.
“Often there are many things you pay tax for that you do not have to. There are many items in the list of tax deductions that are unknown by a healthy per cent of the American population. In reality these laws are transparent and easy to understand. In fact, many of us frequently will fall into these categories, but very few of us ever claim a deduction. Make sure you get your finances in order, and check through this list to decrease taxable income or lessen tax liability.
Main list of tax deductions that are often ignored –
1 ) Research and Education
Of course, it is commonly known that any expense incurred in educating oneself so as to upgrade or maintain skills required for ones job is included in the list of tax deductions. However, how many of you knew that publications and books used to upgrade or maintain job skills in your profession are deductible items.
This is inclusive of –
Publications
Trade journals
Newspapers
Books
Expenses for educational purposes to that improves job skills
Research expenses.
2 ) Expenses Incurred in Seeking for a Job
If you are seeking a new job, you can claim for a deduction for any expense you have incurred in the way of finding a new job, right from phone calls, to printing up CVs. However, this is applicable only if you are searching for a job in the present field of employment, and not if you are changing your specialization or if you are a first time job seeker.
The main expenses that are covered in this section are –
Preparing your resume, right down to the cost of making it, printing it, as well as sending it to various places
Fees paid to employment agencies, executive recruiters and consultancies
Cost incurred in preparing a portfolio
Career counseling that helps in improving one’s position
Expenses incurred in accounting as well as legal procedures while negotiating for employment contract
Advertisements placed in various sources
Traveling expenses to job interviews
Phone calls made to potential employers
Cost of buying business publications and newspapers to check employment ads
Fifty per cent of the expenses incurred in any meals that was related to the job hunt
Gears and Uniform
Gears and uniform such as protective gear, uniforms other than armed forces uniforms, specialized clothing that can not be worn on the streets, safety equipment such as hard hats, gloves, boots and others.”
Guidetoriches.net is the best resource on the internet if you want to see your way to becoming rich. There are a number of blogs dealing with subjects as varied as the capital gains tax calculator, stock charts, list of tax deductions, put and hold options and a whole lot of others. The author is a VC.
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