Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsLife Insurance Premiums
Asked Tuesday, February 21, 2012 by an anonymous user
You cannot deduct the costs of Life Insurance Premiums.
Maternity Clothes
Asked Tuesday, February 21, 2012 by an anonymous user
You cannot deduct the costs of Maternity clothes.
Psychiatric, Psychoanalysis or Psychologist payments
Asked Tuesday, February 21, 2012 by an anonymous user
You can deduct as a medical itemized deduction subject to the 10% / 7.5% limitation the costs you paid for Psychiatric, Psychoanalysis or Psychologist for medical care.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
Political contributions
Asked Thursday, February 09, 2012 by an anonymous user
Political contributions are not deductible.
Nondeductible expenses
Asked Thursday, February 09, 2012 by an anonymous user
Common nondeductible expenses are:
Work clothes suitable for street wear
Commuting expenses
Credit card fees or Interest
Club dues
Divorce Legal fees
Political contributions
Cost of entertaining friends
Telephone expenses of first main line
Tax exempt income expenses
Funeral expenses
Gambling losses in excess of gambling winnings
Hobby expenses in excess of hobby income
Homeowner's association assessments
Pet and animal expenses
Residence repairs and improvements
Residence Loss on Sale
Life Insurance
Parking tickets and fines
Work clothes suitable for street wear
Commuting expenses
Credit card fees or Interest
Club dues
Divorce Legal fees
Political contributions
Cost of entertaining friends
Telephone expenses of first main line
Tax exempt income expenses
Funeral expenses
Gambling losses in excess of gambling winnings
Hobby expenses in excess of hobby income
Homeowner's association assessments
Pet and animal expenses
Residence repairs and improvements
Residence Loss on Sale
Life Insurance
Parking tickets and fines
Dry cleaning costs of Suits and Dresses
Asked Thursday, February 09, 2012 by an anonymous user
The dry cleaning and maintenance costs of your work clothes such as suits and dresses are not deductible. To be deductible the clothing must be not be adaptable to everyday wear and be required as a condition of employment. The dry cleaning and maintenance costs of uniforms and special clothing such as for nurse’s, police, and fireman are deductible.
Gambling losses
Asked Thursday, February 09, 2012 by an anonymous user
Gambling losses are allowed as a fully deductible itemized deduction up to the amount of gambling winnings.
Job hunting
Asked Thursday, February 09, 2012 by an anonymous user
Job hunting expenses looking for a new job in your present line of work is deductible as an itemized deduction subject to the 2% of AGI limitation.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.
Divorce - Lawyer fees
Asked Thursday, February 09, 2012 by an anonymous user
Generally, you may not deduct legal fees paid for arranging a divorce, separation agreement or for defending your spouse's demand for alimony.
Only the fees to collect alimony or for tax advice are deductible as a miscellaneous itemized deduction subject to the 2% AGI limitation.
Legal fees relating to child support are not deductible.
Only the fees to collect alimony or for tax advice are deductible as a miscellaneous itemized deduction subject to the 2% AGI limitation.
Legal fees relating to child support are not deductible.
