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1 Apr 2011 By Bibey

List of Tax Deductions You Can Claim

4 Feb

Don't lose out on tax deductions this tax year. Check this easy list of tax deductions that you can claim.

As tax software continues to diversify, the number and nature of tax deductions you can claim continues to grow and broaden in scope. The best thing, however, about the increasing power of tax software from publishers like Intuit is that users do not need to know anything about filing a claim in order to maximize their return from the tax office.

More and more, the heartbeat of tax software's success is in its ability to guide users every step of the way through filing a tax return, asking users the questions an accountant would ask (but in simple English) in order to uncover every possible avenue for deductions. From the simplest software such as TurboTax Basic - which helps users establish factors such as their taxable income and the most common (or uncommon) deductions that are available but rarely claimed in their lifestyle or line of work - to the Premier range, which gives users a host of customizable preferences for the heavy investor or property owner.

H&R Block provide a similar range of software with varying features, but again from their most basic tax software to the At Home Premier option there are built-in help wizards and extremely streamlined processes that allow you to take a load off when doing tax and simply follow the lead.

Tax Deductions You Can Claim

Home Owning - Home Mortgage Interest Deductions, Real Estate taxes, Private Mortgage Insurance.
Federal, State and local taxes
Medical expense deductions
Union fees
Work related subscriptions (to magazines etc.)
Work related expenses (clothing, protective gear, tools etc.)
Tuition pertaining to your current job
Expenses you incur while looking for a job in the same line of work you normally do (for example, résumé costs, career counseling and employment agency fees)
Safe deposit box costs in some cases
What you pay to get your taxes done
Certain legal fees
Amortizable bond premium
State sales taxes
Reinvested dividends
Out-of-pocket charitable contributions
Student loan interest paid by Mom and Dad
Moving expense to take first job
Child care credit
Earned Income Tax Credit
State tax you paid last spring
Refinancing points
Jury pay paid to employer
Alimony paid
Advertising and promotional costs
Depreciation