Tax Deductions: Income, Business, Self-employment...
 

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The United States' tax code is filled with many tax deductions; some deductions are aimed at individuals, while others are aimed at businesses.

Here are some common examples of tax deductions for individuals. It is important to remember that these deductions may or may not be appropriate depending on your filing status and that erroneous deductions are a surefire way to receive an IRS Audit. Be careful to check both Federal Tax and State Tax Laws before writing deductions:

* An initial exemption amount for the taxpayer, spouse, children, and any other qualified dependents, as well as certain disabilities;

* Line of Credit or Equity loan interest;

* Any interest on Mortgage one's primary residence;

* Charitable contributions;

* Business startup and operation cost, and farming expenses (including travel, meals, etc), cannot exceed business income;

* Professional and Union dues;

* Removal of architectural barriers to the disabled and elderly;

* Moving expenses, in certain cases;

* Certain business deductions as they relate to an individual's expenses to that employment;

* Medical expenses above a certain % of the individual's adjusted gross income;

* Depreciation of any business assets;

* The cost of tax advice, books, and software;

* Work uniforms and clothing and accessories;

* Job search expenses for someone looking in the same industry;

* Casualty (fire, theft) losses not covered by your insurance;

* Educational expense (assuming it does not prepare someone for an entirely new career);

* State and local taxes (i.e., income tax or property tax, but not sales or use taxes);

* Gambling losses (not in excess of winnings);

* Capital losses (to a limit);