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DEDUCTIBLE VS. NON-DEDUCTIBLE A SIMPLE GUIDE

Taking advantage of the tax deductions youre entitled to is an easy way to reduce your tax bill and keep more money in your pocket. When taking deductions on your income tax return, be sure to keep sufficient backup documentation to substantiate your claims. The following is a list of the most commonly claimed tax deductions and should be used as a general guide, only. Certain deductions are subject to IRS limitations and/or conditions, therefore taxpayers are strongly encouraged to discuss their unique tax situation with a qualified tax professional.

Work Deductions Unreimbursed employee business expenses: travel, phone, meals Work-related education expenses Continuing professional education expenses Professional dues 50% of self-employment tax Health insurance premiums, if self-employed Special work clothing, such as uniforms Home Deductions Mortgage interest Real estate taxes Home office expenses Job-related moving expenses Points paid on a new home loan or refinance Investment Deductions Interest expense Travel to manage investment property Capital losses Loss for worthless investments, bad debt
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Investment-related publication subscriptions Contribution to traditional IRA, Keogh, SEP, SIMPLE, or 401(k) plan

Personal Deductions Health insurance premiums Fees for tax planning and preparation State and local income taxes Personal property taxes Foreign taxes paid Charitable contributions Mileage or expenses incurred for charitable work Casualty and theft losses Student loan interest Alimony paid For more information on Tax Deductions, see IRS Publication 529 or Contact Us now at 1-714382-6780 or www.LandmarkTaxGroup.com

For more information on achieving a tax resolution to your IRS problems, visit www.LandmarkTaxGroup.com or call us at 1-714-382-6780 for a FREE and CONFIDENTIAL consultation with former IRS Personnel. Landmark Tax Group is licensed by the IRS to help individuals and small businesses resolve their IRS problems with tax liens, unfiled tax returns, back taxes, offers in compromise, wage garnishment, bank levies, installment agreements/payment plans, innocent spouse claims, audits, payroll taxes, bankruptcy, and more. Contact: Michael Raanan, MBA, EA President Former IRS Revenue Officer

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Copyright 2012 Landmark Tax Group. All rights reserved.