I found an interesting article on the Kiplinger web site that has a lot of deductions you may qualify for on your income tax return. It’s categorized by things like business expenses, education, investments. Some interesting items you might want to check out before getting your taxes done! Here are a few examples:
A taxpayer under age 59½ can avoid the 10% penalty on IRA distributions used to pay higher education expenses for his or herself, a spouse or a dependent. However, the payout from a traditional IRA and any earnings that come out of a Roth IRA before age 59½ would still be taxable.
You can deduct tax preparation fees -- including the cost of tax software -- in the year you pay them. The deduction is treated as a miscellaneous itemized deduction on Schedule A that is allowable to the extent that it and your other miscellaneous deductions exceed 2% of your adjusted gross income.
If you a travel more than 100 miles away from home in connection with Armed Forces reserve duties that require an overnight stay, you can deduct food, lodging and transportation costs as an adjustment to gross income rather than as an itemized deduction. This deduction is not subject to the 2% % rule, nor do you have to itemize to benefit from it.
If your employer requires you to have a cell phone to perform your duties -- but doesn't pay for it -- you can depreciate the cost as an employee business expense.
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