Tax Deductions

Common Deductions and Nontaxable Income

Welcome to the Tax Deduction Checklist. These updates are critical and could help you reduce your taxes.

Common Deductions

• Alimony paid (in most cases)
• Burglary losses
• Business Expenses
• Business use of Car
• Capital losses
• Casualty losses
• Charitable contributions
• Clothing and uniforms (and cleaning of)
• Depreciation of business property and equipment
• Education
• Employment agency fees
• Gambling losses to extent of gains
• Half of self-employment tax
• Health care insurance premiums
• Home-office
• Home mortgage interest
• Income tax return preparation fees
• IRA contributions (within limits)
• Job-related magazine subscriptions
• Job-search expenses
• Medical and dental expenses (within limits)
• Moving expenses to new job location
• Points paid on purchase of home
• Real estate taxes
• State income taxes (or deductible sales taxes paid if higher)
• Travel expenses for business
• Vehicle license tax
• Volunteer related expenses

Nontaxable Income

• Casualty insurance reimbursement (within limits)
• Child support
• Damages resulting from lawsuits (in some cases)
• Death benefits (limitations apply)
• Dependent care assistance (in many cases)
• Education assistance under employer plans
• Employer contributions to a pension plan
• Employer paid health insurance
• Foreign earned income up to $92,900.00
• Gifts
• Government disability pensions
• Home sale profit (if qualify)
• Inherited money or property
• Interest on some Series EE Bonds
• IRA Distributions timely rolled over
• Job placement assistance (within limits)
• Life insurance proceeds
• Mileage allowance from employer (up to IRS limits)
• Moving expense reimbursements (in some cases)
• Refund of state income tax (in some cases)
• Reimbursed business-related expenses
• Scholarship awards
• Social security benefits (if under base amount)
• Stock dividends and stock options
• Worker's Compensation benefits