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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