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Common Tax Deductions
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Flashcards
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Work-Related Education Expenses
Education that maintains or improves job skills
Energy Efficient Improvements
Various credits for qualified home energy improvements
Contributions to Retirement Plans
Limits vary by type of retirement plan
Deductible Taxes
State income or sales taxes, real estate taxes, and personal property taxes
Investment Interest Expenses
Interest paid on loans to purchase taxable investments, up to investment income
Self-Employment Tax Deduction
50% of the self-employment tax paid
Alimony Payments
Deductible by the payer for divorce agreements executed before 2019
Legal Fees for Income Protection
Fees related to doing or keeping your job
Educational Expenses
Lifetime Learning Credit up to 2,500 per student
Gambling Loss Deduction
Losses up to the amount of gambling winnings
Adoption Expenses
Up to
Qualified Business Income Deduction
Up to 20% of qualified business income for pass-through entities
Moving Expenses for Military
Deductible moving expenses for active-duty military
Health Insurance Premiums for Self-Employed
100% of premiums for medical, dental, and long-term care insurance
Business Expenses for Self-Employed
Ordinary and necessary expenses for conducting a business
Casualty and Theft Losses
Losses due to theft, vandalism, fire, storm, or similar events, minus
Health Savings Account (HSA) Contributions
Up to 7,200 for family coverage in 2021
Job Search Expenses in Your Present Occupation
Employment agency fees, resume preparation, and travel expenses related to job search
Home Office Deduction
A portion of home expenses, based on the percentage of home used for business
Foreign Tax Credit
Credit for tax on income earned abroad
Transportation and Commuting Expenses
Expenses for transport between work locations, no regular workplace, or temporary work location
Standard Deduction
Preset deduction amount, varies by filing status
Dependent Care Expenses
Up to 6,000 for two or more
Mortgage Interest Deduction
Interest on mortgage debt up to
State and Local Taxes (SALT) Deduction
Up to 5,000 for married filing separately
Medical and Dental Expenses
Expenses that exceed 7.5% of AGI
Charitable Contributions
Cash contributions limited to 60% of AGI
Student Loan Interest Deduction
Up to
IRA Contributions
Up to 7,000 if age 50 or older)
Rental Property Expenses
Ordinary and necessary expenses related to rental activity, such as mortgage interest, property tax, maintenance, and depreciation
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