Deductions and Write-Offs

Common deductions are:
Employee business expenses including travel, 50% of meals & entertainment, phone, small tools, supplies, professional subscriptions and books, home office deductions, depreciation on business use of auto's and equipment, small tools
Safety equipment such as hard hats, gloves, steel tipped boots, goggles,
Educational expenses not claimed as a credit
Educational expenses not claimed as a credit
Tax preparation and tax assistance fees
Union and professional dues
Job hunting
Tax preparation and tax assistance fees
Educational expenses not claimed as a credit
Seminar and Conferences that are business related
Appraisal fees on charitable donations
Credit card convenience fee for maintaining investments
Investment expenses
SEP,Simple,IRA custodial fees paid with funds outside the account
Legal fees for collecting taxable income
Loss on deposits in a bankrupt financial institution
Medical exams required by employers
Safe deposit box fees
Trust administration fees
Uniform purchase and maintenance if required and not suitable for street wear

Common fully deductible deductions not subject to the 2% AGI limitation are:
Amortizable premium on taxable bonds
Casualty and theft loss from income producing property
Estate taxes on income in respect of a decedent
Gambling losses, up to the amount of gambling winnings
Special job related expenses of the handicapped
Unrecovered cost of annuities on a decedent's final return

For qualified property acquired and placed in service in 2016, a 50% bonus first-year depreciation allowance applies under Code Sec. 168(k).,

Every taxpayer is entitled to this deduction for themselves, spouse and each of their dependents. For the year 2016 there is a phase-out of this deduction.
The Phase-outs are:Single $259,400 to $381,900
MFJ and surviving spouses $311,300 to $433,800
MFS $155,650 to $216,900
Head of Households $285,350 to 407,850.

Business       56.5 cents per mile
Charitable       14 cents per mile
Medical and Moving     24 cents per mile

Generally you may deduct on Form 1040 Schedule A qualifying mortgage interest on up to 2 residences as well as premiums paid for mortgage insurance.
A residence may be a coop unit, condominium, mobile home, houseboat, that has cooking, sleeping and toilet facilities.
Interest on debt secured on more than 2 residences may still be deductible if you use the proceeds for investment or business purposes.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The 2013 maximum deduction is $500,000 with a $2,000,000 Investment based celing.
The 2012 maximum deduction was the same amounts.
ATRA, extends the amounts deductible by a taxpayer for 2010 and 2011 under Code Sec. 179 to2013
Generally, qualifying property is: Tangible personal property (such as machines, equipment, furniture).
Certain other tangible property used for specific purposes. Single-purpose agricultural or horticultural structures. Certain storage facilities. Railroad grading’s or tunnel bores.