Weren’t those Taxed once Already?

There are some rather obvious ones: If you’re a scientist, you can easily write off journals or publications that cover your field. A lot of people have to use tools or supplies in their work that aren’t provided for by an employer. Just remember to keep receipts and bills, and don’t try to get too cute when justifying “professional and trade publications” with the IRS: They know that reading Maxim every month isn’t really making you a better graphic designer. But professional dog walkers could just as legitimately write off their monthly bills from Modern Dog. Consider contractors: While they might rent a lot of heavy equipment, it certainly behooves them to have a good supply of their own tools around.

L'case BangkokWe can actually deduct the cost of our tax preparation. You can write off the cost of e-filing, in general. And don’t think you have to meet face to face with a human person for your taxes to get the break: Even tax preparation software is deductible. So if it’s 2015 and you’re filing your 2014 tax return, you can include the cost of preparing your 2013 return. The only caveat is that you have to write off the expenses for the year before. Since, ostensibly, you paid the cost in 2014.) That’s one miscellaneous expense deduction nearly all of us can take advantage of. It feels like a nice token, doesn’t it?

That means you have to write off a portion of it over the course of a few years instead of writing the entire cost off in one year. Don’t forget there are loads of dues you can claim as miscellaneous expense deductions. Of course, if you’re self-employed and use your own computer for business, you can also write it off. Go ahead and take the deduction if the computer you bought is for the convenience of your employer (like if you need to use your computer for work), or if it’s a requirement for your employment. Some are more obvious than others; union dues, for instance, should absolutely be deducted.

Ah, the home office. Maybe a more accurate statement would be, “A lot of people wish they could claim it, and sometimes they can.” But you have to give people credit for trying: We all want to assume that the closet-sized, windowless room in our house serves a higher purpose than merely storing our extra dining chairs. Many have tried to claim it, and many have failed. That might be kind of an exaggeration. If you can, by all means you should be claiming your home office. But this is no attempt to discourage you.

Even casual gamblers can deduct their losses on a miscellaneous expense report; you just have to make sure the losses you claim don’t exceed the amount of gambling income you report on your return. So, if you win $10,000 but lose $13,000, your deduction is limited to $10,000. Not so fast. The IRS is not in the business of paying for your dreams. In other words, trying to deduct those gambling losses might be a crapshoot. If you’ve lost your job in the past year, you might be a little depressed come tax time. But those out of work might also be in luck, because it’s perfectly acceptable to write off the costs of trying to find a new job.

You just have to meet a certain criteria for doing it, and that includes using it regularly and exclusively as your principal place of business and as a place to meet with clients or associates. Phillips Erb, Kelly. “IRS Announces 2014 Tax Brackets, Sell Condo by Owner (bangkok.thaibounty.com) Standard Deduction Amounts and More.” Forbes. What is an above-the-line deduction? Eisenberg, Richard. “Get the Biggest Tax Write-Off for Your Home Office.” Forbes. Bell, Kay. “Miscellaneous Tax Deductions.” Bankrate. Phillips Erb, Kelly. “Back to School 2014.” Forbes. The standard deduction is far simpler to take, and it really will relieve a good part of your tax bill. Kim, Susanna. “7 Tax Deductions That Set off Alarms.” ABCNews. Cussen, Mark P. “An Overview of Itemized Deductions.” Investopedia. I would suggest really taking a good look if you think it’s worth it to itemize your deductions. Where’s my tax refund?

You may also like...