Landmark Tax Group

Tax Tips

Deductible vs. Non-deductible – A Simple Guide

Taking advantage of the tax deductions you’re entitled to is an easy way to reduce your tax bill and keep more money in your pocket. When taking deductions on your income tax return, be sure to keep sufficient backup documentation to substantiate your claims, should the IRS come calling.

The following is a list of the most commonly claimed tax deductions and should be used as a general guide, only. Certain deductions are subject to IRS limitations and/or conditions, therefore taxpayers are strongly encouraged to discuss their unique tax situation with a qualified tax professional.
(Not sure about a deduction? Submit your question here and we will get back to you right away.)

Work Deductions

Home Deductions

Investment Deductions

  • Interest expense
  • Travel to manage investment property
  • Capital losses
  • Loss for worthless investments, bad debt
  • Investment-related publication subscriptions
  • Contribution to traditional IRA, Keogh, SEP, SIMPLE, or 401(k) plan

Personal Deductions

Common Business Deductions

  • Capital Expenses such as Startup Costs
  • Cost of Goods Sold
  • Employees Pay
  • Rent Expense
  • Advertising
  • Repairs and Maintenance
  • Charitable Contributions
  • Retirement Plans
  • Taxes
  • Licenses
  • Interest
  • Insurance
(Not sure about a deduction? Submit your question here and we will get back to you right away.)

See: Itemized vs. Standard Deduction – How to Choose

See: Taxable vs. Non-taxable Income

“You appear to have moved mountains.  I could not have done any of this without you.  My sincere thanks.” - Patricia C.
(More Client Testimonials)

For more information on tax deductions, or another tax matter, contact us today at 1 (714) 382-6780 for a FREE and CONFIDENTIAL consultation with our CPAs and former IRS Agents. 

                         

We look forward to serving you.

More Tax Tips 

As Featured In