Business Deductions
Information
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Not with everything included list and some of the deductions are not deductible all time.
always save all your receipts up to 3 Years.
always save all your receipts up to 3 Years.
Individual/Business
Documents Needed to File
Must Have: U.S ID or Passport, Social Security, ITIN, Business Tax ID
- W-2 Wages
- W-2G Gambling Income
- Gain or Lost Statement
- 1099-MISC Miscellaneous Income
- 1099-SSA Social Security Statement
- 1099-G Unemployment Benefits
- 1099-DIV Dividend Statement
- 1099-INT Interest Statement
- 1099-R Retirement Distributions
- 1099-B Brokerage Statements
- K-1 Statements for partnerships, trusts, and small businesses
- Income and Expenses for Rental Properties
- Income and Expenses for Self-Employment
- Income and Expenses for Alimony
Individual/Business
Documents Needed to File
Must Have: U.S ID or Passport, Social Security, ITIN, Business Tax ID
- W-2 Wages
- W-2G Gambling Income
- Gain or Lost Statement
- 1099-MISC Miscellaneous Income
- 1099-SSA Social Security Statement
- 1099-G Unemployment Benefits
- 1099-DIV Dividend Statement
- 1099-INT Interest Statement
- 1099-R Retirement Distributions
- 1099-B Brokerage Statements
- K-1 Statements for partnerships, trusts, and small businesses
- Income and Expenses for Rental Properties
- Income and Expenses for Self-Employment
- Income and Expenses for Alimony
EIC, EITC. CTC Credits
Documents Needed
Personal Deductions
- State and local income taxes or general sales tax
- Foreign income tax
- Estimated tax payments
- Prior year’s state and local income tax you paid during the tax year
- Real estate tax
- Personal property tax based on value.
- Mortgage Interest
- Mortgage prepayment penalties
- Points on principal residence financing
- Mortgage insurance premiums
- Investment interest
- Charitable contributions (cash and non-cash) made to qualified charities
- Mileage to donate goods to charity or to perform charitable services
- Health insurance premiums
- Long term care premiums
- Out of pocket doctors, labs, dentist, hospital costs, eyes exams, glasses, prescriptions, etc.
- Medical mileage
- Employee non-reimbursed business expense
- Job hunting expenses
- Casualty and theft Losses
- Investment expenses
- Fees for tax return preparation
- Investment counsel and advisory fees
- Certain legal fees
- Safe deposit box rental
Individual
Documents Needed
Personal Deductions
- State and local income taxes or general sales tax
- Foreign income tax
- Estimated tax payments
- Prior year’s state and local income tax you paid during the tax year
- Real estate tax
- Personal property tax based on value.
- Mortgage Interest
- Mortgage prepayment penalties
- Points on principal residence financing
- Mortgage insurance premiums
- Investment interest
- Charitable contributions (cash and non-cash) made to qualified charities
- Mileage to donate goods to charity or to perform charitable services
- Health insurance premiums
- Long term care premiums
- Out of pocket doctors, labs, dentist, hospital costs, eyes exams, glasses, prescriptions, etc.
- Medical mileage
- Employee non-reimbursed business expense
- Job hunting expenses
- Casualty and theft Losses
- Investment expenses
- Fees for tax return preparation
- Investment counsel and advisory fees
- Certain legal fees
- Safe deposit box rental
Business/Self-Employer
Documents Needed
- Advertising
- Answering Service
- Auto Expenses
- Bank Charges
- Business Cards
- Business Publications
- Cell Phone
- Clerical Help
- Client Gifts
- Commissions Paid
- Computer Expenses
- Continuing Education
- Courier Service
- Customer Refreshments
- Dues & Subscriptions
- E & 0 Insurance
- Business Meals
- Internet Costs
- Insurance — Liability, Bond, Errors & Omissions
- Legal and Professional Fees
- Licenses & Permits
- Materials and Supplies
- Memberships Miscellaneous Taxes
- Office Expense and Supplies
- Office Furniture & Fixtures
- Outside Contractors
- Parking and Tolls
- Payroll Taxes
- Postage and Shipping
- Printing
- Promotional Items
- Referrals
- Repairs & Maintenance
- Rent
- Safety Equipment
- Seminars
- Signs, Flag, Banners
- Software
- Stationery
- Storage Fees
- Telephone
- Tools
- Travel
- Uniforms
- Wages Paid
- Website
Earned Income Tax Credit (EITC)
The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may give you a refund.
Who Qualifies, Do I Qualify for EITC?
To qualify for EITC you must have earned income from working for someone or from running or owning a business or farm and meet basic rules. And, you must either meet additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you.
You can use Publication 5334, Do I Qualify for EITC? to seek more informations.
You can use Publication 5334, Do I Qualify for EITC? to seek more informations.
How Do I Claim EITC?
You need to file a tax return to claim EITC. Find out:
- the documents you need
- the common errors to watch for
- the consequences of filing an EITC return with an error
- how to get help preparing your return
- what you need to do if your EITC was denied in a previous year
- how to claim the credit for earlier tax years
Important Notes
- You cannot use any income received for work performed while an inmate to claim EITC. This includes amounts for work performed while incarcerated, in a work release program, or while in a halfway house.
- If the IRS audited you and disallowed the EITC, you may have special filing requirements and limitations.
- You can’t claim EITC unless the Social Security number you, your spouse (if married filing a joint return) or a qualifying child is issued before the due date of the return including any valid extensions.