IRS Deudctions

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  • There are many federal, IRS deductions that a taxpayer can claim. The IRS has made much effort to educate taxpayers to properly deduct all tax deductions that they are eligible to deduct.
  • There are many IRS tax deductions that will help taxpayers lower their income taxes owed to the IRS. The more IRS tax deductions a taxpayer can claim on his or her tax return, the lower his or her tax bill.
  • The Section 179 deduction is very useful and interesting. Also called the first year expense allowance, the section 179 deduction dollar limits have increased year after year allowing taxpayer to take larger tax deduction. Business owners often benefit greatly from Section 179 tax deductions.
  • A tax deduction checklist is very useful for any taxpayers wanting to claim as many IRS tax deductions as possible. By using a tax deduction checklist, a taxpayer can ensure that he or she will be able to lower the amount of taxes owed to the IRS.
  • A car donation tax deduction can be claimed when a car is donated to an eligible organization and proper proof of the car donation is obtained. The IRS has a few publications dedicated to explaining to taxpayers how to claim a car donation tax deduction.
  • Casualty and theft losses are reported on Schedule A line 19. Casualty and theft losses reported on Schedule A on line 19 relate only to damages to personal use property.
  • Once it is determined that you have suffered a casualty or theft, you next must determine the amount of your loss.
  • To figure the decrease in fair market value or FMV because of a casualty or theft, you generally need an appraisal. However, there are often measures you can use to establish certain decreases.
  • You must reduce the amount of your loss by any reimbursement you receive or expect to receive even if you will not receive the reimbursement until a later tax year.
  • Generally, events closely related in origin cause a single casualty or theft event.
  • Once you have figured out the amount of your loss, you must apply two limits to the loss to determine the amount you can deduct.
  • In figuring out the tax deductions for casualty and theft losses, use Section A of Form 4684.