Trying to get your taxes done? Paperwork ready for the accountant?
I’ve listed below a few items that you can deduct on your taxes that you may not be aware of and few that you likely need before you file that 1020. Be sure to consult tax professional about any of the items listed below.
Surprise Deductions:
• Zoo memberships. (Who knew? But our zo is considered a donation to a non-profit organization and is therefore a membership is tax deductable. Be sure to ask your local zoo and/or your accountant.)
• Donations made to your child’s school and/or PTA. (We all write checks out of guilt to help out our kid’s schools and now you can deduct it on your taxes, too.)
• Magazine subscriptions. (If you order these publications as a work-related expense then you can deduct these from your annual tax bill.)
• Your accountant. (Make sure you keep your receipt from your accountant for preparing last year’s taxes or for any software you purchase if you prefer to DIY. It’s also a deduction.)
My Annual Checklist:
• 1099s and W2s
• Interest loans statements
• Mileage (You can also include any mileage that you do for charity/volunteer work)
• Property tax
• HOA fees
• Homeowners/renters insurance
• Mortgage interest
• Student loan interest
• Charitable donations – monetary or supplies
If you own your own home business or work from home you may be able to deduct these items:
• Business supplies (business cards, paper, equipment, tables, desks, etc.)
• Gifts (Items you buy for clients)
• Business trips
• Business meals (You’re allowed a certain amount for each meal while you are on a trip, and you can also count meals you have with clients and potential clients)
• Mileage (You can also include any mileage that you do for charity/volunteer work)
• Postage (stamps, shipping packages, etc.)
• Membership fees
• Tax preparation fees and bookkeeping fees
• Vehicle registration fees
• Union dues
• Home office space expenses (that percentage of your home that is dedicated to your office)
• Home phone
• Cell phone (that percentage of your calls that are business related)
• Internet
• Cable
• Water/sewer/trash bills to the city
