Tax Deductible Items

Moving expenses incurred for a job related move are a tax deductible item.  There are certain tests to qualify for this deduction so be sure to consult your tax advisor.  Deductions include transportation and storage of household goods.  Travel including lodging from your old home to your new home is deductible.

Loans made to family and friends who have failed to repay you are deductible as worthless debts on Schedule D.  You are limited to $3,000 per year until the full loss is taken.  But if you have capital gains then the whole loss can be taken up to the amount of the capital gain plus $3,000.

Student loan interest paid on loans for education is deductible.  People often miss this one because a lot of changes take place after graduation and this deduction gets over looked.  With rising education costs the student loan interest really adds up.

Charitable donations are often overlooked since we do this out of the kindness of our hearts.  But when it comes tax time sit down and figure these up.  Include donations to Deseret Industries and vehicles donated to different foundations.

If you are self employed there are countless deductions but for the purpose of this article do not be afraid to take a loss on line 12 of your 1040 resulting from your Schedule C.  If I did not make any income from my self employed venture can I take a loss? Yes absolutely.

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