Tax Deductions: Some Helpful Information

Personal Deductions

Schedule A Expenses

Taxes You Paid

State and Local Income Taxes or General Sales Tax
Foreign Income Tax
Estimated Tax Payments
Prior Year's State and Local Income Tax You Paid During the Tax Year
Real Estate Tax
Personal Property Tax Based on Value

Interest You Paid

Mortgage Interest
Mortgage Prepayment Penalties
Points on Principal Residence Financing
Mortgage Insurance Premiums
Investment Interest

Gifts to Charity

Charitable Contributions (Cash and Non-cash) Made to Qualified Charities
Mileage to Donate Goods to Charity or to Perform Charitable Services

Medical Expenses

Health Insurance Premiums
Long-term Care Premiums
Out-of-pocket Doctors, Labs, Dentists, Hospital Costs, Eyes Exams, Glasses, Prescriptions, Etc.
Medical Mileage

Casualty and Theft Losses

Personal Property not reimbursed by insurance for

Home
Household Items
Vehicles

..which is the result of any sudden, unexpected or unusual event such as

Theft
Flood
Hurricane
Tornado
Fire
Earthquake
Sinkholes
Volcanic Eruptions

Business Deductions

It is not an all-inclusive list, and all items are not deductible all the time. So please keep your receipts for three years in case of an audit.

Advertising
Answering Service
Auto Expenses
Bank Charges
Business Cards
Business Publications
Cell Phone
Clerical Help
Client Gifts
Commissions Paid
Computer Expenses
Continuing Education
Courier Service
Customer Refreshments
Dues & Subscriptions
E & 0 Insurance
Business Meals
Internet Costs
Insurance — Liability, Bond, Errors & Omissions
Legal and Professional Fees
Licenses & Permits
Materials and Supplies
Memberships Miscellaneous Taxes
Office Expenses and Supplies
Office Furniture & Fixtures
Outside Contractors
Parking and Tolls
Payroll Taxes
Postage and Shipping
Printing
Promotional Items
Referrals
Repairs & Maintenance
Rent
Safety Equipment
Seminars
Signs, Flags, Banners
Software
Stationery
Storage Fees
Telephone
Tools
Travel
Uniforms
Wages Paid
Website

Home Office

Expenses for an office in your home are deductible IF part of the home is used regularly and exclusively for self-employment. Please provide square footage of office, entire home, and related expenses if not using Safe Harbor method.

For further assistance or additional information, contact us at your convenience.

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