Here is a partial list of many of the items that the Internal Revenue Service allows us to deduct as itemized deductions. Please scan through them and make sure you're not overlooking any. We will discuss them more when we review your tax information. If you have any question as to the deductibility of an item, do not hesitate to call.
• State income taxes
• Real property taxes
• Personal property taxes e.g. DMV excise tax
• Home mortgage interest
• Points paid on purchase or refinance
• Investment interest (limited to net investment income)
• Charitable contributions
• Casualty losses
• Theft losses
• Tax return preparation fees
• Safe deposit box fees
• Works clothes not suitable for normal wear
• Expenses related to tax planning
• Professional dues
• Union dues
• Moving expenses
• Certain unreimbursed employee expenses
• Subscriptions to professional magazines
• Continuing professional education
• Occupational licensing fees
• IRA custodian fees & investment advisor fees
• Job hunting costs
• Medical exams required by the employer
• Gambling losses to the extent of winnings
In addition to the above, self-employed individuals may deduct the costs associated with their business including:
• Business insurance
• 100% medical insurance premiums in 2003 and thereafter
• Actual vehicle expenses or applicable mileage rate
IRS
Mileage Rate
(Cents/Mile)
Tax Year
|
Business
|
Moving
or
Medical
|
Volunteer/
Charitable
|
2006
|
44.5
|
18
|
14
|
2007
|
48.5
|
20
|
14
|
2008(Jan-Jun)
2008(Jul-Dec)
|
50.5
58.5
|
19
27
|
14
14
|
2009
|
55
|
24
|
14
|
2010
|
50
|
16.5
|
14
|
2011(Jan-Jun)
2011(Jul-Dec)
|
51
55.5
|
19
23.5
|
14
14
|
2012
|
55.5
|
23
|
14
|
2013
|
56.5
|
24
|
14
|
2014
|
56
|
23.5
|
14
|
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