10 Common Tax Write Offs | Tax Preparation Phoenixville, PA

10 Common Tax Write Offs

10 Common Tax Write Offs

Posted on February 4, 2011

Remembering those important deductions can seriously help you come tax time.  Here’s a list of 10 Common Tax Write Offs that you shouldn’t forget.

  1. Educational Expenses – These are eligible in the case of career advancement or job improvement. 
  2. Student Loans & Home Loan Interest
  3. Casualty & Theft Losses – Keep in mind that these cannot be deducted if the items are already covered by your insurance.
  4. Deductible Taxes –  The most common being Personal Property Taxes, Real Estate, State and Local taxes.
  5. Home Business – If part of the residence is being used to meet clients, or run your business. There are guideline & limitations.
  6. Green Energy Home Improvement – Adding this type of home improvement is a deductible and a good way to benefit the planet.
  7. Charitable Gifts – Itemizing your gifts to charity can be a deductible.
  8. Medical & Dental Expenses – It can be deducted up to 7 1/2% of your gross income for the year.
  9. Tax Preparation Fees – within a 3% limit of gross income.
  10.  Interest Points Paid from Refinancing – The incurred points that were paid are deductible.

  Information source: http://www.biblemoneymatters.com/2010/01/handy-list-of-common-tax-deductions.html

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