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Tax Tips Two

Original Article Written by Lynn Richardson for Global Grind…

It’s that time of year again — tax season — and depending on how well you are informed and how well you keep records, this can bring anxiety if you owe money to the IRS or joy if you are getting money back. Previously, I shared a few tips on how to get some of your money back at tax time if you operate a home-based business and itemize your expenses on Schedule C of your 1040 tax return.  If you’re an employee however, you can deduct unreimbursed employee business expenses if you itemize your deductions on Schedule A of your 1040 tax return.  Please contact your CPA, tax professional, or the IRS to determine if any information herein applies to you.

1.  Dues to professional societies or a chamber of commerce.

2.  Subscriptions to professional journals or trade magazines.

3.  Work related education expense.

4.  Job-search expenses:  you can deduct expenses you incur while searching for a new job in your current occupation – even if you don’t find one.

5.  Unreimbursed uniforms and protective equipment.

6.  Licenses, regulatory fees, and occupational taxes.

The following are a few miscellaneous deductions you can claim on Schedule A of your 1040 tax return and credits you may be able to receive.  Please contact your CPA, tax professional, or the IRS to determine if any information herein applies to you.

1.  Charitable contributions to your church and other non-profit organizations.

2.  Real Estate taxes and mortgage points and interest.

3.  Certain health expenses that exceed a certain percentage of your income.

4.  Job-related moving expenses:  if your employer requires you to move to another city and/or if your new job location increases your existing commute by more than 50 miles and you decide to move, you may be able to deduct all of your moving expenses.

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2 comments

  1. I love your advice, however, to our SURPRISE, most people can no longer take the unreimbursed business expenses on their Federal taxes. That hurt us tremendously this year.

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