Checklist-of-Common-Tax-Deductions

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					Checklist of Common Tax Deductions
The purpose of this checklist is to provide you with an easy-to-use checklist to begin the process of
itemizing your deductions.

This tool is designed to be used for you to easily gather facts in conjunction with a professional
consultation. To request a consultation from a recommended CPA specializing in tax preparation, please
contact us for Free Tax Consultation with an accountant.

To use this checklist, simply enter the dollar amounts next to the corresponding “Deductible Expense,”
including Estimated Amount (when you are uncertain of the Actual Amount). If you are certain of the
expense, enter the dollar total into the Actual Amount column.

To calculate, start by using our worksheet to itemize all your deductions. Add those figures up to arrive
at a total dollar amount of your deductions. If that amount does not exceed $5,800, there is no need for
you to itemize this year and you would claim the Standard Deduction.

For an explanation of deductible and nondeductible expenses refer to IRS Publication 529 -
Miscellaneous Deductions.

Certain unreimbursed employee expenses are deductible as miscellaneous itemized deductions on Form
1040, Schedule A. To be deductible, the expense must be:

       Paid or incurred in the tax year
       For carrying on your trade or business of being an employee, and
       Ordinary and necessary

For additional information, the IRS prescribes that taxpayers refer to the IRS Form 1040, Schedule A
Instructions, IRS Tax Topic 508 - Miscellaneous Deductions, or IRS Publication 946 - How To Depreciate
Property. If you want more in-depth information about educational expenses, refer to Tax Topic 513.

For further information on employee business expenses, refer to the sections in this guide or IRS Tax
Topic 511, and IRS Tax Topic 512.
    DEDUCTIBLE EXPENSE          ESTIMATE DOLLAR AMOUNT      ACTUAL DOLLAR AMOUNT

Medical Expenses
Accommodations for             $_____________________    $_____________________
Medical Visits Away From
Home
Contraceptives (purchased      $_____________________    $_____________________
with prescription)
Equipment Required by          $_____________________    $_____________________
Disabled
Eyeglasses, Contact Lenses,    $_____________________    $_____________________
Hearing Aides
Health Insurance Premiums      $_____________________    $_____________________
(Self-employed)
Hospital Services fees (i.e.   $_____________________    $_____________________
lab work, nurse services,
surgery, therapy services)
Impairment-related             $_____________________    $_____________________
Expenses for Disabled
Insurance Premiums for         $_____________________    $_____________________
Long-term Care Services &
Facilities
Medical-related Visit          $_____________________    $_____________________
Transportation Fees
Nursing Homes Medical          $_____________________    $_____________________
Costs
Removal of Lead Paint          $_____________________    $_____________________
Special Equipment for the      $_____________________    $_____________________
Disabled
Substance Abuse Treatment      $_____________________    $_____________________

Business Expenses
Computer Software (off-the-    $_____________________    $_____________________
shelf)
Depreciation of Computer       $_____________________    $_____________________
Equipment
Education Expenses             $_____________________    $_____________________
Equipment/Business Tools       $_____________________    $_____________________
(use for > one year)
Job Seeking (in your current   $_____________________    $_____________________
filed)
Journal/Publication            $_____________________    $_____________________
Subscriptions
Labor Union Fees               $_____________________    $_____________________
Laundering Fees While          $_____________________    $_____________________
Traveling for Business
Mobile Phones and Pagers       $_____________________   $_____________________
Moving Expenses Related to     $_____________________   $_____________________
Business
National Guard/Reservist       $_____________________   $_____________________
Travel Costs
Personal Liability Insurance   $_____________________   $_____________________
Professional Training Fees     $_____________________   $_____________________
Self-Employment Tax            $_____________________   $_____________________
State Disability Fund          $_____________________   $_____________________
Employee Contribution
Uniforms/Protective            $_____________________   $_____________________
Clothing


Home Expenses

Appraisal Fees (Casualty       $_____________________   $_____________________
Losses / Charitable
Donations
Appreciation on Donated        $_____________________   $_____________________
Property
Cars/Boats State Personal      $_____________________   $_____________________
Property Taxes
Casualty/Theft Losses          $_____________________   $_____________________
Charitable Tax Deductions      $_____________________   $_____________________
Charity-related Out-of-        $_____________________   $_____________________
Pocket Expenses
Charitable Contributions       $_____________________   $_____________________
Closing Costs/Commissions      $_____________________   $_____________________
for Property Sale
Commissions/ Management        $_____________________   $_____________________
Fees for Rentals
Home Improvements              $_____________________   $_____________________
Home                           $_____________________   $_____________________
Mortgage/Refinancing
Points
Penalties and Late Fees for    $_____________________   $_____________________
Mortgage Prepayment
Real-Estate Taxes for          $_____________________   $_____________________
Property Purchase
Home Purchaser Seller-paid     $_____________________   $_____________________
Points

Financial Expenses
Alimony                        $_____________________   $_____________________
Alimony-related Legal Fees     $_____________________   $_____________________
Amortization of Taxable        $_____________________   $_____________________
Bonds Premiums
Devalued Securities and        $_____________________   $_____________________
Stock Investments
Federal Estate Taxes on        $_____________________   $_____________________
Income
Foreign Taxes Paid             $_____________________   $_____________________
Interest Expenses for Margin   $_____________________   $_____________________
Accounts
Investment Advisory            $_____________________   $_____________________
Services
Losses Due to Fraud,           $_____________________   $_____________________
Embezzlement, or Theft
Penalties for Savings          $_____________________   $_____________________
Account Early Withdrawals
Safe-Deposit Box Rental        $_____________________   $_____________________
Fees
Separately Billed              $_____________________   $_____________________
Administrative Fees for IRA
Trustee
Tax Preparation/Accounting     $_____________________   $_____________________
Fees

				
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