Landmark Tax Group

Tax Tips

Deductible vs. Non-deductible – A Simple Guide

Taking advantage of the best 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 best and most commonly claimed tax deductions, and should be used only as a general guide. 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.)

Best Work Deductions

Best Home Deductions

Best 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

Best Personal Deductions

Best 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

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For more information on the best 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. 


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