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    What are some examples of tax deductible items?

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  2. Complete list of small business tax deductions (2021 ... › r › taxes
    • (2)
    • Erin Osterhaus
    • Business meals. Business meals for employees and clients can be considered tax-deductible. Qualifiable purchases depend on the purpose of the meal and who benefits from it.
    • Business insurance. Business insurance can be completely deducted from your taxes if it is considered both ordinary and necessary to your company’s operation.
    • Business interest. Loans taken out for business purposes, including mortgages on business real estate or lines of credit obtained for business purchases, may qualify for tax deduction.
    • Advertising and marketing. In the eyes of the federal government, small business advertising and marketing efforts qualify as fully tax-deductible. As long as the actual expenses are considered ordinary, reasonable, and necessary, business owners can count on this deduction to lower their liability.
  3. List of 14 Commonly Overlooked Personal Tax Deductions ... › list-common-overlooked
    • Tax Preparation Fees. (Schedule C, E, or F) You used to be able to deduct the costs of preparing your taxes as a miscellaneous deduction on Schedule A. Unfortunately, the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated most miscellaneous itemized deductions, including tax prep fees, so the cost of preparing your personal tax return is no longer deductible.
    • Personal Legal Bills. (Schedule C, E, or F) Personal legal bills are another miscellaneous itemized deduction that went away thanks to the TCJA, so they’re no longer deductible.
    • Educator Expenses. (Schedule 1, Line 10) If you’re an eligible educator, you can deduct up to $250 of unreimbursed expenses for professional development courses, books, supplies, computer equipment, related software or services, other equipment, and supplemental materials for classroom use.
    • Charitable Miles. (Schedule A, Line 12) Most people know that cash or goods donated to charities can generate a tax deduction if you itemize. Yet many overlook the fact that the miles they drive to do charitable work are also deductible at a rate of $0.14 per mile for 2020 and 2021.
    • Deducting Business Expenses. Reminder. Deduction for qualified business income. For tax years beginning after 2017, you may be entitled to take a deduction of up to 20% of your qualified business income from your qualified trade or business, plus 20% of the aggregate amount of qualified real estate investment trust (REIT), and qualified publicly traded partnership income.
    • Employees' Pay. What's New. Coronavirus (COVID-19) related employment tax credits. The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, provides certain employers with tax credits that reimburse them for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
    • Rent Expense. Reminder. Small business taxpayers. P.L. 115-97, Tax Cuts and Jobs Act, made changes to uniform capitalization rules for small business taxpayers.
    • Interest. Introduction. This chapter discusses the tax treatment of business interest expense. Business interest expense is an amount charged for the use of money you borrowed for business activities.
  4. The Ultimate List of Itemized Deductions - The Dough Roller › taxes › itemized-deductions
    • Charitable Donations. Were you generous last tax year? Did you tithe to your church, contribute to a worthy cause, or donate your gently used household items to those in need?
    • Home Mortgage Interest. If you have a home (or two), you’re eligible to deduct the interest paid on that mortgage as an itemized deduction. Depending on where you are on your mortgage term, this is likely a substantial amount, too.
    • Investment Expenses. Investing often brings with it a slew of expenses, including legal and professional fees, financial advice, and more. Luckily, many of the expenses involved with these “income-producing activities” are tax-deductible, if you itemize.
    • Medical Expenses. These are a bit trickier, from a tax-deductible standpoint, but you can claim medical expenses on your itemized deduction. The caveat is that you can only claim that which exceeds 7.5% of your AGI.
  5. 28 Tax Deductions You Didn't Know You Could Write Off › tax-deductions

    Tax day is coming up fast, and you want to to take advantages of as many tax deductions as you can. You know the typical write-offs, but we found 28 tax deductions you didn’t know you could write off. These are tax deductions that most people will be eligible for. If you have a business, you can check out the episode we did on LLCs and S Corps.

  6. Publication 502 (2020), Medical and Dental Expenses ... › publications › p502

    Mar 04, 2021 · Comments and suggestions. We welcome your comments about this publication and suggestions for future editions. You can send us comments through, you can write to the Internal Revenue Service, Tax Forms and Publications, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224.

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