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  2. Which Expenses are Deductible in 2020 | CPA Practice Advisor › tax-compliance › news

    Home; Tax; Which Expenses are Deductible in 2020. In our very long and complex tax code, tax deductions come in all shapes and sizes, and have a lot of sticky rules attached to them.

  3. What Can I Write Off on My Taxes? A Guide to Tax Deductions ... › common-tax-deductions
    • Gabrielle Olya
    • Medical and Dental Expenses. You can deduct medical and dental expenses for yourself, your spouse and your dependents. If you make improvements to your home for medical purposes — such as adding wheelchair ramps or lowering cabinets for better accessibility — you can deduct those renovations as medical expenses.
    • Self-Employed Health Insurance. Self-employed individuals with a net profit can deduct self-employed health and long-term care insurance without having to itemize deductions.
    • Local and State Sales Tax. Taxpayers have the option of deducting state and local general sales taxes or income taxes that they paid during the tax year, but not both.
    • State, Local and Foreign Taxes. You can claim certain taxes as itemized deductions. Apart from state and local sales taxes, you can also deduct: Local and state personal property taxes, if the tax amounts are based on the value of the property.
  4. A List of Items That Can Be Claimed on Income Taxes | Pocketsense › list-items-can-claimed-income

    Tax deductions ensure that you don't have to pay more in taxes than the tax code requires. Each deduction effectively reduces your taxable income for the year. Let's cover some specific deductions for your 2020 taxes.

  5. The 10 Most Overlooked Tax Deductions - TurboTax Tax Tips ... › tax-tips › fun-facts
    • State sales taxes. This write-off makes sense primarily for those who live in states that do not impose an income tax. We’re lookin’ at you, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
    • Reinvested dividends. This isn’t really a tax deduction, but it is a subtraction that can save you a lot of money. And it's one that many taxpayers miss.
    • Out-of-pocket charitable contributions. It’s hard to overlook the big charitable gifts you made during the year by check or payroll deduction. But the little things add up, too, and you can write off out-of-pocket costs you incur while doing good deeds.
    • Student loan interest paid by you or someone else. In the past, if parents or someone else paid back a student loan incurred by a student, no one got a tax break.
  6. 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.
  7. 9 Things You Didn't Know Were Tax Deductions - TurboTax Tax ... › tax-tips › fun-facts
    • Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver.
    • Health insurance premiums. Medical expenses can blow any budget, and the IRS is sympathetic to the cost of insurance premiums—at least in some cases. Deductible medical expenses have to exceed 7.5% of your adjusted gross income (AGI) to be claimed as an itemized deduction for 2020.
    • Tax savings for teacher. It’s the rare teacher who doesn’t have to reach into her own pocket every now and then to purchase items needed for the classroom.
    • Charitable gifts. Most taxpayers know they can deduct money or goods given to charitable organizations—but are you making the most of this benefit? Out-of-pocket expenses for charitable work also qualify.
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