Deductions and Write-Offs

Expenses that result from looking for a new job in a taxpayers's present line of work are tax deductible even if a new job is not found.
However, expenses of looking for a new job in a new trade or business, even if a job is found, are not deductible. Also, expenses incurred for a recent college graduate looking for his/hers first job are not deductible.

The standard deduction is $12,600 for married couples filing a joint return and qualifying widow's plus $1,250 once they reach age 65
$6,300 for singles and married individuals filing separately plus 1,550 once they reach age 65,
$9,300 for heads of household plus $1,550 once they reach 65,
Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions with expenses such as mortgage interest, real estate taxes, charitable contributions, medical expenses and state and local taxes.

The 2013 Personal Exemption amount is $3,900 per exemption.
The 2012 Personal Exemption amount is $3,800 per exemption.

Taxpayers have an option for this write-off. It is claimed primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes or state and local sales taxes. For most citizens of income tax states, the income tax is a bigger paid amount than the sales tax, so the income-tax deduction is a better deal.
The IRS has tables that show how much residents of various states can deduct, based on their income and state and local sales tax rates. But if you purchased a vehicle, boat or airplane, you get to add the sales tax you paid to the amount shown in the IRS table for your state.
Taxpayers can elect to deduct state and local general sales taxes, instead of state and local income taxes, as an itemized deduction on Schedule A (Form 1040), Itemized Deductions.

No. Under current law these withholding deductions are not deductible.

No. Credit card interest and other personal interest, such as interest on car loans, personal purchases and home equity debt over $100,000, are not deductible.

The $2,500 maximum deduction for interest paid on student loans begins to phase out for a married taxpayers filing a joint returns at $125,000 and phases out completely at $155,000,
For single taxpayers, the phase out range is between $60,000-$75,000 .
If the following 5 criteria apply, then up to $2500 is deductible, Your filing status is not "married filing separately";
You are not claimed as a dependent on someone else's return such as your parents;
You paid interest on a qualified student loan; The payments were during the first 60 months that payments were required to be made;
Your modified income was less than the specific amounts ($150,000 filing status married filing joint and $75,000 single, H of H and qualifying widower). For filing status married filing joint MAGI of $120,000 through $150,000, a phase-out occurs and more than $150,000 no deduction is allowed.
For filing status not married filing joint MAGI of $60,000 through $75,000, a phase-out occurs and more than $75,000 no deduction is allowed.

When certain criteria are met, Interest on a boat loan are deductible as a second home subject to the mortgage interest rules.
The boat must have basic living accomodations, such as toilet facilities, sleeping space and cooking facilities.

For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.