Tax Reduction
Below is a short list of deductions we use to our client’s benefit:
| 50% of the Self-Employment Tax | Gambling losses to the extent of gambling winnings |
| Accident Insurance | Greeting Cards |
| Accountants | Grooming |
| Accounting fees | Group Health |
| Additional Standard Deduction | Guard Dog |
| Adjustments to Income - Preparing Your 1040 Step 5 | Guns |
| Adoption Credit - Form 1040 Line 52 | Health Benefits |
| Adoption Tax Credit: How to Claim the Adoption Credit | Health insurance premiums if self-employed |
| Advances | Health Savings Account Deduction |
| Advertising | Heating |
| Aircraft | HOA Fees |
| Alarms | Home Mortgage Interest |
| Alcoholism and drug abuse treatment | Home Office |
| Alimony Paid Deduction | Hospital services fees |
| Alimony Paid Tax Deduction | Housing Allowances |
| Allowance for Bad Debt | HR 10 Plan |
| Amortization | Hybrid Car Tax Credit |
| Amortization of Bonds | Hybrid Car Tax Deduction Clean Burning Fuel Deduction |
| Answering Service | Impairment-related work expenses |
| Appraisal Fees | Importing |
| Appraisal for charitable donations | Improvements to your home |
| Appreciation on property donated to a charity | Income Taxes |
| Assessments | Incorporation Fees |
| Association Dues | Insurance |
| Attorney’s Fees | Intangibles |
| Audits | Intellectual Property |
| Automobiles | Interest Expense |
| Awards | Internet Access |
| Bad Debt | Inventory |
| Bank Charges | Investment advisory fees |
| Bankruptcy | Investment Expense |
| Benefits | IRA |
| Blue Sky | IRA trustee administrative fees |
| Boats | Itemized Deductions |
| Bodyguards | Job Search |
| Bonuses | Keogh Plan |
| Bookkeeping | Late Charges |
| Books | Lead paint removal |
| Bounced Checks | Leases |
| Boxes | Legal Fees |
| Bribes | Legal fees to obtain or collect alimony |
| Broker Fees | Life Insurance |
| Buildings | Loans |
| Business Assets | Lodging |
| Business Cards | Long Term Care Insurance |
| Business Gifts | Losses |
| Business Licenses | Magazines |
| Business Trips | Mail Supplies and Expenses |
| Busses | Mailing Lists |
| Buying a Business | Making Work Pay Tax Credit75. Margin Account Interest |
| Cafeteria | Market Research |
| Campaign Contributions | Marketing |
| Capital Assets | Materials and Supplies |
| Car and Truck Expenses | Meals |
| Carrying Charges | Medical transportation, includes mileage and lodging expenses |
| Cartons | Meetings |
| Casualty & Theft Losses | Mileage Allowances |
| Casualty Losses | Mortgage Insurance Premium |
| Casualty or theft losses | Mortgage Prepayment Penalties late fees |
| Cellular telephones | Moving Expenses |
| Charity | OASDI |
| Chauffeur | Office |
| Child Care | Office Equipment |
| Child Care Tax Credit & Dependent Care Expenses | Office Supplies |
| Child Care Tax Credit & Dependent Care Expenses | Out-of-pocket expenses for charitable activities |
| Child Tax Credit | Owner’s Draw |
| Child Tax Credit | Paralegal |
| Children on Payroll | Parents |
| Classes | Parking Lots |
| Classroom Expenses Deduction | Parties |
| Cleaning and laundering services while traveling | Patents |
| Cleaning Services | Paying Yourself |
| Closing Costs | Payroll |
| Clothing | Penalty For Early Withdrawal |
| Clubs | Pension Plans |
| Coffee Service | Per Diem |
| Commissions | Personal Exemptions |
| Commissions and closing costs on sale of property | Personal liability insurance for employee wrongful acts |
| Commuting | Points on a home mortgage |
| Compensation | Profit Sharing Plans |
| Computers | Protective Clothing |
| Condominiums | Qualified Performing Artist |
| Consignment | Real Estate Taxes |
| Construction | Refunds |
| Consultants | Rent |
| Contact lenses, eyeglasses, and hearing devices | Research |
| Contamination Cleanup | Retirement Plans |
| Contraceptives bought with an Rx | Retirement Savings Credit |
| Contractors | Returned Checks |
| Contracts | Returned Goods |
| Conventions | Rewards |
| Copyrights | Safe Deposit Box |
| Costs associated with looking for a new job in your present occupation | Salaries |
| Courier Service | Sales Tax |
| Credit Cards | Sales Tax Deduction |
| Credit for the Elderly or Disabled | Section 179 Deduction |
| Credit for the Elderly or Disabled | Self Employment Tax |
| Decorating | Seller-paid points on the purchase of a home |
| Delivery Charges | Seminars |
| Dependent Care | SEP & SIMPLE Retirement Plans |
| Depreciation | Service Contracts |
| Depreciation of home computers | Shipping |
| Design Costs | Shipping Supplies |
| Disability Insurance | Showroom |
| Domestic Production Activities Deduction | Sick Pay |
| Donations | Signs |
| Drilling | Social Security Tax |
| Dues | Software |
| Dues to labor unions | Special schools and fees for medical care |
| Early Withdrawal Penalty Deduction | Spouse |
| Earned Income Credit: Qualifying for the Earned Income Tax Credit | Standard Deduction |
| Education Credits - Hope and Lifetime Learning Tax Credits | Standard Meal Allowance |
| Education Expenses required by law or employer to improve your skills | Start-Up Costs |
| Educational Expenses | State Personal Property Taxes for cars and boats |
| Educator ExpensesElectricity | State Taxes |
| Employee contributions to state disability fund | Stationary |
| Employee’s moving expenses | Stereo System |
| Employees | Store |
| Energy Tax CreditsEntertainment | Storm Losses |
| Equipment | Student Loan Interest |
| Estimated Taxes | Studio |
| Excise Taxes | Subscriptions for Professional |
| Expense Accounts | Journals |
| Exporting | Tax Credits |
| Family | Tax Deduction to Charity |
| Federal state tax on IRD | Telephone |
| Fees for a safe-deposit box to hold investments | Theft or embezzlement losses |
| Fees paid for childbirth prep classes for obstetrical care | Tickets |
| FICA Tax | Tips |
| Finance Charges | Tolls |
| Finder’s Fees | Tools |
| Fines | Tractors |
| First Aid | Trade Associations |
| First-Time Homebuyer Tax Credit | Trade or business tools with life of one year or less |
| Fixed Assets | Traditional IRA |
| Fixed Costs | Travel |
| Fixing up Expenses | Tuition and Fees Tax Deduction |
| Fixtures | Uncashed Checks |
| Flowers | Vehicle Sales Tax Deduction |
| Food | |
| Foreign Tax Credit | |
| Foreign taxes paid | |
| Foster child care expenditures | |
| Franchise Fees | |
| Fuel |
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