List Of Tax Deductions

List Of Tax Deductions

List Of Tax Deductions

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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