Tax Reducers Organizer - Deductions/Adjustments

Tax Law allows you to lower the income on which your tax is computed by subtracting certain kinds of expenses. Just because you "had to pay it" does NOT make it deductible. Only specific expenses that have been designated by the Tax Law can be deducted.

Some items among the following can be used to adjust your income even if you do not itemize your deductions . We will examine what you have and make a decision as to whether you will pay less by using the standard deduction or by itemizing.

Make sure you keep proper records of supporting information for all your deductions. If your return is questioned by the IRS, you may need to show this documentation.

Look over the following list and provide us with any items that apply to you:

Unreimbursed Employee Business Expenses required by your job

Expenses for Business Use of your Home

Adoption Expenses

Medical & Dental Expenses (unreimbursed)

Excludable Foreign Earned Income
Alimony Paid

Interest Paid (Include COPIES of 1098-INT forms)

Interest Paid on your Home Mortgage(s)

Interest Paid on Home Equity Lines of Credit

Carryover of Points paid on a mortgage refinance

Investment-related interest paid

Medical Savings Account payments

Individual Retirement Acount (IRA) payments

Keogh and self-employed SEP and SIMPLE plan payments

Student Loans interest paid (may be deductible even if you don't itemize)

If you bought a home this year, COPY of Escrow papers from purchase

Taxes Paid

Real Estate Taxes paid this tax year on your primary residence

Real Estate Taxes paid this tax year on a vacation residence

Personal Property Taxes including amounts in auto license fees

State Income Taxes paid or withheld

City/Local Income Taxes paid or withheld

State Disability Insurance (taxing authority name)

Contributions

Cash contributions to churches & recognized charities

Non-cash gifts to recognized charities (provide list with fair market values)

Mileage driven for charitable organizations

Unreimbursed Casualty Losses

Miscellaneous

Union Dues

Uniforms (not business suits) plus uniform cleaning

Tools

Tax Preparation & Tax Books purchased

Employment Service fees

Work-related books & magazines

Gambling Losses if you have gambling winnings shown as income

Expenses related to income-producing investments

Safe deposit boxes for income or tax matters

Any other expenses which you think may be deductible

Identify each item in detail