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Tax deductions fall into two main categories: those you can claim only if you itemize on Schedule A, and those you can take even if you opt for the standard deduction. To maximize your deductions each year, begin by reviewing your previous year’s tax return. Identify all the write-offs you claimed and assess whether you qualify for similar deductions this year.

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Don’t forget to consider any significant life events or unusual activities during the year, as these can often lead to additional deductions. For instance, you may qualify for extra write-offs if you bought or sold a home, refinanced a mortgage, or experienced a casualty loss in a federally declared disaster area. By staying proactive and thorough, you can ensure you're making the most of the deductions available to you.

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Safeguard your deductions by maintaining proper documentation to support them. This includes invoices, receipts, credit card statements, canceled checks, and similar records. Without adequate proof to substantiate a tax deduction, you risk losing it and potentially facing a higher tax bill as a result.

Personal Tax Guide

Tax Deductions

Click the arrows to view the slides for the list of deductions.

Tax Preparation Checklist

Personal Information (New Clients)

  • Social Security Numbers (SSN):

    • For yourself, your spouse, and any dependents.

  • Bank Account Information:

    • For direct deposit of your refund.​​

    • Name of the bank, account type (savings or checking), account & routing number. 

 

Deductions & Credits

  • Childcare Expenses:

    • Name and address of the childcare facility or babysitter

    • Tax ID/SSN

    • Amount paid in the fiscal year

  • Educational Expenses:

    • Form 1098-T (tuition)

    • And/or Form 1098-E (student loan interest)

    • Other related receipts to education 

      • Books, supplies, materials, uniforms, etc. ​

  • Medical Expenses:

    • Receipts for out-of-pocket expenses (insurance premiums, prescriptions, etc.)

  • Charitable Contributions:

    • Documentation of donations (cash and non-cash).

  • Mortgage Interest:

    • Form 1098 from your mortgage lender.

  • State & Local Taxes Paid:

    • Property taxes, estimated taxes, and prior year tax payments.

    • Vehicle registeration/license plate(s) renewal. 

  • Energy Credits

    • Receipts for energy-efficient home improvements (solar panels, energy-saving appliances, etc.) 

 

Investment & Retirement Accounts

  • Investment Statements:

    • Year-end summary from brokers.

  • Retirement Plan Contributions:

    • Documentations for 401(k), IRA,  HSA, or other retirement accounts.

  • Capital Gains/Losses:

    • Details on the purchase and sale of assets.

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Other Important Documents:

  • Previous Year’s Tax Return (For new clients)

    • For reference and carryovers.

  • Estimated Tax Payments

    • Dates and amounts paid during the year.

  • Identity Protection PIN (IP PIN)

    • If issued or requested by the IRS.

  • Health Insurance Coverage:

    • Form 1095-A (Healthcare Marketplace coverage)

    • Form 1095-B/1095-C (other coverage).

Income Documents

  • W-2 Forms:​

    • From all employers ​

  • 1099 Forms:​​​

    • 1099-NEC: Non-Employee Compensation 

    • 1099-DIV: Dividends and Distributions

    • 1099-INT: Interest Income

    • 1099-MISC: Miscellaneous Information (rent, royalties, prizes, awards, or legal settlements)

    • 1099-DA: Digital Asset Proceeds (Crytocurrency) 

    • 1099-B: Sale of Securities or Investments

    • 1099-K: Payment card and third-party network transactions

    • ​1099-S: Real Estate Transactions

    • 1099-R: Retirement plan distributions

    • 1099-G: Unemployment income

    • 1099-C: Cancellation of Debt â€‹â€‹

 

Other Income: 

  • Rental Income: 

    • Documentation of rental earnings and related expenses.

  • Other Income:

    • Any other income, such as alimony, scholarships, or jury duty payments

 

Home Repairs: 

  • Insulation

  • Exterior door(s)

  • Window(s)

  • Air conditioning

  • Furnace

  • Waterheater​

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* Only the cost of these new item(s) count, not the labor or installation costs. 

 

​Schedule C- Business & Self-Employment Income:

  • Profit and Loss Statement:

    • Total of income and expenses. 

  • Receipts for Business Expenses:

    • Supplies, travel, marketing, uniforms, tools, equipment, materials,depreciation, repairs/maintenance,  rent, utilities, employee benefits, advertising/promotion, etc.

  • Vehicle Mileage:

    • If you used a vehicle for business.

  • Home Office Expenses: ​

    • Square footage of your office and total home square footage.

    • Office supplies

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